Gamers are Letting off Some “Steam” After Learning that Purchased Games are Not Transferrable on Death

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Pictured: A screenshot of a discussion between a Steam user and a Steam Support representative that has taken the internet by storm. Usually, I get my trusts and estates-related news from legal blogs, LinkedIn or emails from colleagues. So, you can imagine my surprise when I stumbled upon a pretty big story in the world of trusts and estates as I was scrolling through the front page of Reddit. For….

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Contracts, Estate Administration, Estate Planning, In the News, Property, Succession Planning, Wills

There’s no better time than the present

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An older woman is packing boxes in her living room.

Six reasons to start estate planning early! Estate planning is a part of life that, despite best intentions, is often moved to the back burner. It’s not surprising; many individuals struggle to consider or discuss their own mortality and that of their closest loved ones. Nobody is excited to review what happens if their functioning declines, or worse, if they suddenly pass away. However, if these discussions are avoided for….

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Estate Planning

The substantial compliance rules in action

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Last summer I wrote a number of blog posts that touched on the then- new “substantial compliance” rules found at Section 21.1 of the Succession Law Reform Act that came into effect at the beginning of 2022. As a quick refresher, the crux of this provision is that the Court has the authority to validate wills and codicils that are invalid due to issues with their form or execution. In….

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Uncategorized

Taxation at Death & Capital Losses

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Advisors understand that on death, a Canadian resident is deemed to dispose of their assets at fair market value, often resulting in capital gains being triggered.  However, in some instances, capital losses may result. The legal representative of the estate should seek tax advice early if capital losses are triggered on death or if the deceased has capital losses from previous tax years.  There may be a strategic opportunity to….

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Estate Planning, Tax Issues

Still Feeling Shook Up – Presley Family Back in the News

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Last year, I wrote about the death of Lisa Marie Presley (“Lisa Marie”) and the resulting court battle between Riley Keough (“Riley”), Lisa Marie’s daughter and Priscilla Presley, Lisa Marie’s mother[1]. Thankfully, that matter was resolved relatively quickly with Priscilla resigning as a trustee of Lisa Marie’s irrevocable trust, The Promenade Trust (the “Trust”) in exchange for (i) $1M lump sum payment, (ii) the right to be buried beside Elvis….

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In the News, Trustee, Uncategorized

Court of Appeal Upholds Purchase Money Resulting Trust Decision

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Ontario’s Court of Appeal (“COA”) recently released a decision clarifying the legal requirements for finding a purchase money resulting trust.  The COA upheld the trial judge’s decision and dismissed the appeal on several grounds. The Appellant sought to appeal the trial judge’s finding that his mother’s estate held a 26% beneficial interest in a property his corporation owned.  In 1980, the Appellant purchased a home for $38,500.  He made a….

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Estate Litigation
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