January 2016

Are unequal bequests in wills becoming more common?

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Research in the United States has consistently shown that the vast majority of parents intend to divide their estates equally among their children (there appears to be far less research on the topic in Canada). Intriguingly, this is in contrast with inter vivos transfers – research has shown that children are less likely to be treated equally by their parents while they are still alive. The theory for this discrepancy is….

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Estate Administration, Estate Litigation, Estate Planning, Family Conflict, Wills

DYING INTESTATE AND TAX FILINGS

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If you have been a regular reader of our blogs, then I am hoping you have learnt more than a few things about estates and trusts. At the very least, I expect that you now have a will if you didn’t before with executor(s) appointed and beneficiary (ies) designated and so on. What if someone you know or know of dies intestate i.e. without a will and you are asked….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Tax Issues, Trustee, Wills

Estate Donations of Art

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Fine art is an asset class that has been growing in importance among the affluent and is beginning to be a significant part of certain estate plans.   One estimate pegged the international art market at €51 billion in 2014, and Canada has seen record prices at auction.   Many collectors are contemplating donating their art at death, but the process has its challenges. The top-of-mind recipients of art are galleries and….

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Charitable Giving, Estate Donations, Estate Planning, Philanthropy/Charitable Giving

Is it time to review your Will?

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It’s a new year, and for many, with that comes new resolutions! My fellow blogger, Elaine Blades, recently encouraged those readers who are among the 50% of Canadians without a Will to add “making a Will” to their goals for 2016. If you have a Will, you may also wish to consider adding “reviewing your Will” to your resolution list if: You or your intended beneficiaries have experienced significant family….

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Estate Planning, Wills

Where there’s 41 million wills, there’s a way

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“41 million wills available to search online for the first time,” a press release from the UK’s Ministry of Justice trumpeted. The truth is somewhat more prosaic, but still reflects an excellent initiative that should be emulated by Ontario. The UK government, in partnership with Iron Mountain, has electronically archived 41 million wills dating back to 1858, including those of “Charles Dickens, Winston Churchill, Alan Turing and Beatrix Potter.” However,….

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Estate Planning, Executors, In the News

Charitable Donations by Graduated Rate Estates – Substituted Property

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The new Canadian tax rules concerning charitable donations of graduated rate estates restrict those donations to gifts of properties acquired by an estate as a result of the death of an individual or of properties substituted for those properties.
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Canada Revenue Agency, Charitable Giving, Estate Planning, Executors, Property, Tax Issues, Wills
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