GETTING OUT OF A REAL ESTATE DEAL
The decision to purchase or sell a home is not one that should be taken lightly. An Agreement of Purchase and Sale, the standard agreement entered into during a real estate transaction, is a legal and binding contract. Its terms can be subject to conditions that need to be met in order for the transaction to close, but it should not be interpreted as something that one can just “get out of” if they change their minds. Continue reading
ESTATE ADMINISTRATION – INVESTMENTS UNDER POWER OF ATTORNEY
An Attorney acting under a Power of Attorney for Property is required to be careful with investments. If the Power of Attorney for Property of the incapacitated person gives specific authority to make certain types of investments, an attorney can make those investments. Otherwise, an attorney should assume that they will be held liable by the incapacitated person or the beneficiaries of their estate when they die (even though they may not actually be liable) for any losses and invest conservatively.
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EQUALIZATION AFTER DEATH OF SPOUSE IS AN OPTION
A Spouse has options to ensure that they receive appropriate financial support from the Estate of their deceased Spouse. When a spouse dies, the surviving spouse does not necessarily have to accept whatever the deceased spouse has left them in their Will, particularly if the amount appears unfair. Continue reading
ARE YOU AN ESTATE TRUSTEE THAT NEEDS PROBATE?
Gilmore and Gilmore offers a straight forward, and cost effective Probate Application service for Estate Trustees / Executors who are otherwise willing and able to administer the Estate they are charged with overseeing. Continue reading
PROBATE TAX – WHAT IS IT AND HOW MUCH DOES IT COST?
What is Probate tax? It is a provincial tax imposed on the deceased’s estate under the control of an executor or administrator.
How much will the probate tax be on an estate? Here is a simple approach to calculating the tax. Continue reading
NO WILL AND NO OBVIOUS HEIRS? NOW WHAT?
Contrary to popular belief, the government does not automatically take the assets of a person who dies without a will leaving no spouse or children to inherit. The Succession Law Reform Act provides for parents, siblings, nieces and nephews to inherit if no spouse or children survived the deceased. Even if a person dies leaving no parents, siblings, nieces, or nephews, the government would not be next in line for a deceased’s assets. Continue reading
BUYER FAILS TO CLOSE REAL ESTATE PURCHASE
The Ontario real estate market experienced a significant correction in the spring of 2017 with the foreign buyer 15% tax imposed by the provincial government for GTA properties and the new Mortgage Stress Test rules. Consequently, many Buyers in the GTA did not close on their transactions because they could not or because they chose not to because of the decline in sale price.
ESTATE ADMINISTRATION – CPP SURVIVOR’S PENSION
If your spouse contributed to CPP, you may be eligible to receive a CPP survivor’s pension. To qualify you must be the legal or common law spouse of the deceased.
The amount of the pension can be a bit confusing to determine. The following link to the Service Canada Website will help you figure it out.
https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/amount.html
ESTATE PROPERTY MAY “VEST” 3 YEARS AFTER THE DATE OF DEATH
As a general rule, real estate that has not been transferred by an Executor / Estate Trustee of the Estate will “vest” in the beneficiaries of the Estate 3 years after the date of death. There are some exceptions: Continue reading
WHAT TO DO WHEN THERE ARE MORE DEBTS THAN ASSETS IN AN ESTATE
What does an executor do if the debts of the estate exceed the assets?
First of all, the executor (estate trustee) is not required to assume the executor role. Dealing with an insolvent estate can be complicated and time consuming. However, many estate trustees (executors) named in a Will seem reluctant to not tie up the loose ends of their loved one. Continue reading
