Stripping Assets Out of Corporations; Will Drafting Considerations

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Imagine you have an interest in a privately held corporation, which corporation’s underlying assets include a valuable art collection. Perhaps on your death you would like the art collection, or certain pieces, to be given to your closest friend, with the remaining assets (represented by the shares in the corporation) being given to your family. From an estate planning perspective, you have to consider whether the art collection can be….

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Estate Planning, Wills

The Sale Must Close

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In a Will challenge proceeding, the Court in Lugarich v. Fabris, 2021 ONSC 7294, considered the interlocutory issue of whether to authorize the estate trustee appointed pursuant to the challenged Will to complete the sale of a residential property, or whether an estate trustee during litigation should be appointed to close the transaction. The Facts:  The Deceased died on December 6, 2019, leaving a Last Will and Testament dated November….

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Uncategorized

November is Falls Prevention Month

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“Which is the deadliest room in the house?”  Of course, falls can occur anywhere and at any time, so the best approach is prevention. Accreditation Canada  requires organizations that provide home care services to incorporate falls prevention as part of their staff training. Generally, safety proofing the home includes identifying and then correcting tripping hazards such as improving poor lighting, removing or taping down scatter rugs, and removing telephone/electric cords….

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Caregiving

TIPS ON BRINGING A PASSING OF ACCOUNTS APPLICATION – PART 5 (FINAL THOUGHTS)

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Today’s blog will wrap up my series of blogs related to bringing an application to pass accounts (the “Passing Application”).[1]  We will look at how an Executor/Trustee completes the Passing Application and obtains a judgment on passing of accounts. A Passing Application will either proceed without a court hearing, if no notices of objection to the accounts were filed or if objections were filed but were formally withdrawn OR with….

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Estate Administration, Estate Litigation

Just a “Simple will” Please

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This Blog was written by Emily Racine, Estate and Trust Consultant with Scotia Wealth Management  As estate planners, we often hear from our clients that they just want a “simple” will. They tell us that they have a “simple” estate and so don’t need any complicated estate planning. Personally, every time I hear this, I begin to tense up. Take it from an estate planner – a simple will does….

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Estate Planning, Wills

Potential Cost of Witnessing a Will

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Across Canada, the provinces have built safeguards against undue influence into their law regulating wills: if the witness or the witness’ spouse receives a gift of property under the will, that gift is void. Unfortunately, this rule has the potential to disinherit innocent beneficiaries who unwittingly agree to act as witnesses to the will. This was the situation before the Supreme Court of British Columbia in Wolk v Wolk, 2021 BCSC 1881…..

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Contested wills, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Family Conflict, Wills
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