Estate Planning

The answer to this question depends on (i) the legal requirements regarding the formalities for making a Will and, (ii) when those requirements are not met, whether the court with jurisdiction over the Will is able to follow the doctrine of “substantial compliance”. In Ontario, in order for a Will to be valid it must either be a holographic Will or a formal Will. A holographic Will is one that….

There is a growing industry that provides relocation assistance to older adults and their families. A lot of seniors are turning to professionals to make informed decisions to avoid the costly mistakes and remorse that can accompany major lifestyle transitions. The guidance that is available covers such things as whether to move, where to live, potential financial implications, sorting personal items, assisting with decluttering, working with a realtor and mover….

The rock star Sting recently announced that his six children will not receive his US$300 million estate. Although he was a bit vague about the ultimate destination he intimated it would be charity. We’ve seen versions of this story before. In the tradition of Warren Buffett — “I want to give my kids just enough so that they would feel that they could do anything, but not so much that….

The Canada Revenue Agency was asked in a technical interpretation whether changes may be made to a loss application after the end of the normal reassessment period where a nil assessment was issued. The Agency’s response gives hope to executor’s with an interest in making adjustments to the prior year tax filings of a deceased person. In general terms, the Income Tax Act provides that the Minister may not reassess….

As a lawyer whose area of expertise is estate planning I am often asked about “simple” strategies to avoid or reduce the amount of probate taxes that may be payable on an individual’s death. (Probate is the process to confirm the validity of an individual’s Will. It is not always needed in order for an executor to be able to administer the assets of an individual’s estate. If it is….