by Sarah ShipleyWills 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?” 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…
“A surprising 51% of Canadians have an estate without a Will.” Angus Reid Institute Why are so many of us neglecting this important part of planning for our future? And what happens to an estate when it doesn’t have a Will or Executor to direct it?
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…
When preparing your estate plan or will, it’s important to include all of your possessions and finances – but what happens to your rewards points after death? Some of the first assets that Canadians include in their estate plans and will include savings accounts, TFSA’s, credit cards, property, and debt, but many will overlook the…
Spending time at the family cottage is one of the greatest perks of Canadian living, yet along with all of those great memories comes the potential for an inheritance debate. Every family who owns a cottage will one day have to ask themselves, “how do we pass it on?” Unfortunately, there is no single answer…
Canadians are embracing new digital technology and tools to help them in all aspects of their lives, including financial management. Estate planning must evolve in the 21st century to accommodate this new trend or else face leaving behind a frustrating digital maze for executors and beneficiaries to navigate. “86% of Canadians use at least one…
The modern Canadian family looks very different than it did 50 years ago. Family dynamics are more complex and it makes inheritance planning a difficult task for most people. “In Canada, 12.6% of all families with children aged 24 or less – more than 460,000 Canadian families – are stepfamilies.” – Estate planning for complex…
Everyone should have the right to make alterations to their own will, but this seemingly simple request becomes more complicated as you age. An excellent article by Charles Ticker from The Sibling Fight tells the story of Eva Rova Barnes, a 95-year-old women living in Bremerton, Washington, who is the perfect example of the difficulties…
Assisting your clients with estate planning is a complicated task wrought with challenges both legal and client-related. This is especially true when it comes to late-life will changes. Lawyers need to be aware of the risks that are involved in assisting clients with their late-life will updates – and most importantly, how to reduce those…
