Executors

Total 348 Posts

The Advisor as Executor: Risks and Rewards Part 2

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Last week, I discussed some of the risks for a professional advisor that may arise in the administration of the estate that are associated with the assets of the estate. This week’s blog considers risks which arise from the beneficiaries (or would-be beneficiaries) of the estate, as well as steps the professional advisor can take to mitigate the risks associated with being appointed as executor of an estate. [1] Interpersonal….

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Executors

Preservation Orders in Estate Litigation

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Estate litigators are very familiar with unique and interesting fact patterns and it is helpful to be reminded that unusual circumstances may warrant the use of somewhat uncommon remedies. Rule 45 of the Rules of Civil Procedure is one such remedy, which provides for the interim preservation of property and can be utilized in an estate proceeding to preserve and even seize property. Rule 45 reads as follows: 45.01 (1)….

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Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Executors, Family Conflict

Trust Claiming a Capital Gain Reserve

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The Canada Revenue Agency (CRA) answered several questions regarding a scenario in which a trust claims a capital gains reserve. When a trust claims a capital gains reserve, and the amount of the reserve is included in income in the subsequent year and flows through the trust to a beneficiary, does the gain retain all of its attributes? The reserve amount which the trust claims is included in calculating its capital….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

CRA Keeps A-Knockin’ (and Can Come In)

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Estate trustees be warned: you may be held personally liable for failure to pay the estate’s taxes and/or the tax arrears of the deceased. When estate trustees are advised of this fact by their lawyers, pains are taken to soften the blow. CRA tends to be more blunt. Following the death of a taxpayer, CRA may write directly to the estate trustee setting out the amount of arrears owing and….

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Canada Revenue Agency, Estate Administration, Executors, Liability, Tax Issues

A Roadblock for Multiple Wills

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Today’s blog was written by Justin W. de Vries and Jacob Kaufman A will need not be probated. The power of an estate trustee derives from the will itself. However, in certain cases, a grant of probate (now awkwardly called a certificate of appointment of estate trustee with a will) is needed and the estate trustee will have no choice but to apply for probate and to pay the accompanying….

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Contested wills, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Executors, In the News, Succession Planning, Wills

Where’s There is a Will (and a Clear One), There is a Way!

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In Campbell v Evert 2018 ONSC 593, the deceased had, in the decade prior to her passing, transferred to Mr. Evert (one of the “kids”) the family cottage valued at $145,000. In her will later that year,  she made a specific bequest of $145,000 to Ms. Campbell, the other “kid’, which was consistent with the value of the cottage at that time. Several years later and prior to her passing,….

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Contested wills, Estate Administration, Estate Administration and Probate Applications, Executors, Property, Real Estate, Testamentary Capacity, Trusts, Uncategorized, Wills
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