Executors

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The Risk and (Potential) Reward for Acting as an Executor [1]

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  For those engaged in thoughtful Will planning there comes a point in the discussion with clients about who should be an executor, what the job of an executor is and whether and how much they should be paid. More often clients want to start the Will planning dialogue by telling me who they want to name as their executor.  Sometimes the choice is coupled with the explanation that “He….

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Estate Planning, Executors, Family Conflict, Wills

Politicians and executors: two sides of the same coin

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This Blog was written by Liz Bozek, The recent claim filed by Renata Ford challenging the executors of the estate of her late husband, Rob Ford, and the subsequent election of her former brother-in-law (and the subject of that claim), Doug Ford, got me thinking about some of the similarities between being a politician and acting as an estate trustee. Credentials – interestingly, there are no mandatory credentials for either….

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Executors, In the News, Uncategorized

TFSA and the Non-resident

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[caption id="attachment_6317" align="alignnone" width="300"] Muskoka Chairs[/caption] With mobility on the rise, it is expected that a person leaving Canada will have to visit the rules on tax-free savings accounts (TFSA) and Canadian tax residency.   Executors may have to consider the TFSA rules if a deceased’s will calls for the transfer of a TFSA account to a non-resident will beneficiary. If a Canadian tax resident has a TFSA and leaves Canada,….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

The Cost of Winning, Sort of….

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In my practice, I have been engaged on valuation matters which, on occasion despite the efforts of all those involved, go to trial to have a trial judge settle for the parties. Most trials are expensive and the actual outcome is not always certain, no matter how strong one side of the matter or case might be. It has been my experience that even if one happens to be on….

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Costs, Estate Administration, Estate Litigation, Executors, Joint Tenancy, Property, Uncategorized, Undue influence, Wills

Gift of securities by executors of a will (continued)

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The Canada Revenue Agency provided its views regarding the income tax implications of a gift made by executors of an estate of a deceased individual.  The information that follows is based on a revised set of facts The taxpayer died in 2016.  His Will named his three sons as equal beneficiaries and co-executors, with no designation of amounts to be given to charitable organizations but giving the co-executors the flexibility….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

Executors Remuneration

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Occasionally, I (like many of fellow bloggers for sure) get asked – what is appropriate remuneration for an executor or executrix to administer an estate – often in circumstances where remuneration is not specified or even referred in the deceased’s will or otherwise. Bottom line, what are the guidelines and how much is enough? A recent court case in the Supreme Court of British Columbia Le Gallais Estate (re) 2108….

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Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Executors, Passing Of Trustees’ and Executors’ Accounts, Trustee Compensation, Uncategorized, Wills
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