Estate Planning in Canada 2020: Social Media, Cryptocurrency, & Digital Assets

estate planning in canada in 2020 - erassure

Every year brings new technology to make our lives easier and more efficient, but as we all sign up for electronic billing, social media accounts, and financial planning apps, it makes estate planning in Canada more complex.

If you or a loved one were to pass away suddenly, consider these questions:

  • Does anyone have your social media passwords?
  • Does your significant other know all of the apps and accounts you use for online banking, investing, taxes, and budgeting?
  • Does anyone have access to your subscription services like Netflix, Spotify, or Disney+?
  • Is there a record of any cryptocurrency you may own, like Bitcoin?
  • Do you own an eCommerce store like Etsy or Shopify? Does anyone have access and is there a succession plan for managing it?

Some people are beginning to plan ahead by using password storage solutions such as Passpack, but many Canadians are still not even considering the fact that their Executor could be locked out of very pivotal accounts with essential information.


Cryptocurrency Creates A New Role: The Electronic Estate Executor

Many Canadians wish they had bought cryptocurrency as the value of a single BitCoin rose from $1,229 to $17,618 throughout 2017 (in Canadian dollars). Everyday investors have begun to dive into the Bitcoin craze to make their fortunes even though the cryptocurrency has received criticism financial experts around the globe.


Should Executors Have Unlimited Liability While Grieving?

Should Executors Have Unlimited Liability

Canadians who plan for the day when they must pass on their estates face a quiet fear that many of us don’t acknowledge for most of our lives. It takes courage to follow the necessary steps to ensure that their legacies survive as intended.

That leaves us asking the question should Executors have unlimited liability while grieving?


The 725 Days After Your Funeral

the 725 days after your funeral - what happens?

Have you ever considered the amount of time and attention many people spend organizing, pre-planning, or writing down their preferences for their funeral?

It’s a very important statement for some people, but for many others, it is done simply to minimize the emotional discomfort and potential tension that final arrangements can create within the family.

But you can’t help but wonder, what will happen after my funeral is over? Is my family prepared to handle the rest of the job closing my estate?


What are my Executor Duties in Canada?

what are my executor duties?

So you’ve been made an Executor, but what does that actually mean?

Your Executor duties are quite extensive (it takes about two years to close an estate in Canada) but not to worry, we have a free Executor Guide that can help you every step of the way.

Want a sneak peek?

You can see the complete** list of your responsibilities below.

**This is a complete list of basic executor tasks only. Each estate is different and may require different actions. For example, one testator could be a small business owner and an organ donor while another is not. Be sure to review your duties and their timeline for completion with a legal professional. Don’t have a legal professional? You can find one here.


Can You Include Pets in Your Will?

Can you include pets in your will?

A growing number of pet-owning Canadians are revising their Wills to include their four-legged family members.

Though the idea may seem a bit bizarre, the reasons for including pets in your will are quite the same as including a child:

  • As a safety precaution should the owners pass away before the pet.
  • To avoid the care of your pet being left to a family member who is not financially capable, especially if your pet has medical requirements.
  • To avoid the future of your pet being unknown and them potentially being put up for adoption or sent to a shelter upon your passing.

Passing of Accounts: The Under Utilized Release for Trustees

by Sarah Shipley
Wills and Estates Lawyer since 2011

The passing of accounts refers to the formal process by which a personal representative, whether Estate Trustee, Trustee, Attorney or Guardian collectively referred to herein as a “Trustee”, presents the estate or trust accounts in the court approved format to the beneficiaries and the court.


Who Should Be My Executor?

who should be my executor?

“Who should be my executor?” is one of the first and most important questions to ask yourself when you’re making your estate plan or Will.

Planning an estate or preparing a will involves important decision making. Every year, Canadians consider which items to include in their will. Some of these items include choosing a guardian for their children and who will obtain their assets.

However, one of the most important choices Canadians should consider is who they name as the executor to their will or estate plans. After all, this person will be responsible for all financial obligations.

who should be my executor?

The Cottage Co-Ownership Predicament: Who Will Inherit our Family Cottage?

Relaxing lake-side at the cottage is a classic Canadian past-time, but at the end of the day it leaves many families with the same cottage co-ownership challenge: who’s going to inherit it?

Unfortunately, the sentimental value intertwined with many cottages makes them a common target for estate disputes and conflicts.

So how can Canadians prepare their estate to make sure fond cottage memories don’t fuel a heated legal battle?