If you’re a frequent reader of this blog, then by now it you should know that acting as a trustee comes with a minefield of obligations and duties. Sorry folks, but I’m adding one more to the pile. The Case In Galea v. Tybel et al., a trustee of a trust located in Ontario sought to wind up the trust and distribute the funds, held for the benefit of a….
The Incapable Foreign Beneficiary Continue Reading »
Guardianship, Trustee, Trusts, Uncategorized
Reposted: My fellow bloggers and I write frequently about Powers of Attorney, however my concerns are often focused on the lack of planning when it comes to making Powers of Attorney for both Personal Care and Property. More specifically, although I do not have any statistical data, my subject matter experience tells me that people are more likely to have an attorney named solely for property than having both or….
November is (Please) Make A Will Month Continue Reading »
Power of AttorneyToday’s blog was written by Pritika Deepak, Associate at Fasken LLP. Several tax practitioners and professionals alike breathed a sigh of relief on November 3rd, 2022, when Parliament confirmed that the enhanced tax reporting obligations for trusts shall be postponed once more. As per draft legislation published on August 9, 2022, the application of such enhanced rules was expected to apply to taxation years ending after December 30, 2022. Fortunately,….
New Trust Reporting Requirements Postponed Yet Again! Continue Reading »
Canada Revenue Agency, Tax Issues, Trusts, UncategorizedThis Blog was written by: Alicia Mossington (Godin), Estate and Trust Consultant, Scotia Wealth Management A trustee is responsible for carrying out the terms of a trust. Choosing the right trustee is essential to the success of any estate plan but it is also incredibly helpful to give them tools and instructions to assist them in carrying out their role. Trustees have a number of powers as well as fiduciary duties….
Can a trustee demand financial information from a beneficiary? Continue Reading »
Uncategorized
What happens when a lawyer is retained by a testator to make a will, but that will is never made? While the testator (or their estate) may have a claim against the lawyer, do the beneficiaries of that unmade will also have a claim? The Historical Origin of “Disappointed Beneficiaries”: White v. Jones In this 1995 UK case by the House of Lords, the testator wished to revoke a prior….
All About The Disappointed Beneficiary Claim Continue Reading »
Contested wills, Estate Litigation
and most importantly, this is a story with a happy ending 🙂 I would like to tell you about a friend of mine, who I’ll call D. D’s father developed signs of dementia in his late 70’s. Her mother began showing signs in her mid-80’s, and was formally diagnosed with Alzheimer’s a short while later. D grew up in a home of planners. Meals were planned. Expenses were controlled. Spontaneity….
Thoughtful Planning is Never a Waste of Time Continue Reading »
Elder Care, Uncategorized