beneficiary

Part II: Taxation of Trusts in Canada – The Flow-Through Nature of Trusts

• • 1 Comment

This blog has been written by Pritika Deepak, Associate at Fasken LLP. As we leave another year behind, it’s a fitting time to reflect on what tax and trust practitioners may often perceive as a period that often raises questions about the distribution of income from trusts to beneficiaries. To better understand this, it’s helpful to review the role trusts play as conduits or flow-through entities. Part I of this….

Part II: Taxation of Trusts in Canada – The Flow-Through Nature of Trusts Continue Reading »

Trusts

Navigating Bequests of Real Estate Under Your Will: Language Matters

• • 0 Comments

  Are you planning to leave real estate to a loved one under your Will? Do you want that property to be transferred free of debt or other claims? If you’re making a specific gift of your interest in freehold or leasehold property that is subject to a mortgage, as defined in Ontario’s Succession Law Reform Act (RSO 1990, c S.26) (“SLRA”), at the date of your death (the “Property”),….

Navigating Bequests of Real Estate Under Your Will: Language Matters Continue Reading »

Estate Planning, Property, Real Estate, Succession Planning, Wills

Inheritance Tax – Why should you care?

• • 0 Comments

The Canadian concept of taxing the deceased by deeming a disposition at death is contrary to many countries where the inheritance tax is paid by the heirs upon receiving money or properties from a deceased person. In other words, while Canada taxes the deceased on death, most countries – notably most countries in the European Union (EU) – tax the beneficiaries. Therefore, any proceeds received as a consequence of death….

Inheritance Tax – Why should you care? Continue Reading »

Estate Administration, International, Tax Issues

All About The Disappointed Beneficiary Claim

• • 0 Comments

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

When Does a Class of Beneficiaries Close?

• • 0 Comments

“To my grandchildren…” Sometimes, a testator will leave testamentary gifts to an undefined class of people, rather than to beneficiaries by name. Gifts might be left to “my children” or “my grandchildren” or even “the children of my niece” without any further specifications in the will[1]. This practice raises a question. Who are the precise members of this type of undefined class? Is the testator referring to people who fit….

When Does a Class of Beneficiaries Close? Continue Reading »

Estate Administration, Estate Litigation, Estate Planning
Scroll to Top