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
NON-CONTINUING POWER OF ATTORNEY FOR PROPERTY
If your Power of Attorney does not specifically indicate that it is a Continuing Power of Attorney for Property or say that it allows the people you name to continue to act for you in the event of mental incapacity, the Power of Attorney will be valid only so long as you are mentally capable.
CONTACT US
Feel free to contact us at any point for assistance or advice with respect to Estate Law, Estate Planning, Estate Administration or Estate Litigation. We may be reached at 705-435-4339 / 1-877-85LEGAL (1-877-855-3425) or contact us via email.
ESTATE PLANNING – DOES YOUR LAST WILL AND TESTAMENT PREDATE 1978?
Was your Last Will and Testament made before March 31 1978? Then read THIS!
If your Will:
a. Was made before March 31, 1978;
b. provides for some of your estate to ‘flow through’ to children or other descendants of named beneficiaries; and
c. does not specifically include children born out of wedlock (e.g. children of a common law couple)
“UNVESTING” REAL ESTATE NOT TRANSFERRED WITHIN 3 YEARS OF DEATH
If property has vested because it has not been dealt with by the Executor / Estate Trustee within 3 years of the date of death there are options available to an Executor. Continue reading
WHY USE MEDIATION INSTEAD OF LITIGATION?
Estate litigation is becoming increasingly popular in Ontario. Estate litigation relates to many different aspects of an estate including:
IT IS IMPORTANT TO ENSURE YOU HAVE A GIFT CLAUSE IN YOUR WILL
If your Will leaves specific items to someone, you should ensure a gift clause says what is to happen if that person should predecease you. If you do not, there are some complicated rules within the area of Estate Law, that determine which heirs of the person the gift was intended for will receive the gift.
Continue reading
HOW CAN I PAY PROBATE TAX?
When a probate application is filed with the Superior Court in Ontario, Estate Administration Tax (Probate Tax) has to be paid on the value of the estate. Often there are no funds available to pay the Probate Tax as the deceased person’s money is in bank accounts that have been frozen because of the death. Continue reading
ESTATE ADMINISTRATION – WHAT TO DO WITH ALL OF THE DECEASED’S CARDS?
There are different requirements and recommendations relating to the various cards when someone dies – credit cards, health card, Social Insurance Card, etc. – once those cards are no longer needed.
To reduce the risk of identity theft (it does still occur after a person has died), cards should be physically destroyed. The Executor / Estate Trustee should also ensure the cards are returned to the issuer, so identity theft does not result in liability to the estate. Some issuers have forms that need to be submitted with the pieces of the card, although most do not. Continue reading
POWER OF ATTORNEY FOR PROPERTY WITH ONLY ONE WITNESS
Prior to 1995 the law did not require 2 witnesses to a Power of Attorney for Property. The law was changed in 1995 to require 2 witnesses.
Provided a pre-1995 Power of Attorney for Property otherwise complies with the Rules which existed at the time, it is not invalid because it only has 1 witness.
CONTACT US
Feel free to contact us at any point for assistance or advice with respect to Estate Law, Estate Planning, Estate Administration or Estate Litigation. We may be reached at 705-435-4339 / 1-877-85LEGAL (1-877-855-3425) or contact us via email.
WRITING YOUR OWN WILL IS REFERRED TO AS A HOLOGRAPH WILL
Contrary to popular belief, an Ontario Will may be valid even if there are no witnesses to the Will.
If a Will is made entirely in the handwriting of the testator (person making the Will) and signed by that person, no witnesses are required to sign the Will. Such a Will is called a Holograph Will. Continue reading
