September 2016

I was recently asked how RESPs effect the calculation of a spouse’s net family property (“NFP”) for purposes of Ontario’s Family Law Act. Because a RESP is considered the property of the subscriber, and not a trust, it generally forms part of the subscriber’s estate on his or her death. As a result, this question is relevant not only on marriage breakdown but also when a spouse elects to receive….

The use of multiple wills for probate planning purposes has been part of the estate planning toolbox in Ontario for many years. The basic concept is straightforward. A separate will is prepared that governs those assets of the deceased for which the executors should not, based on current law and practice, require probate to administer (I will use the term “Secondary Will” for this will and “Primary Will” for the….