Executors

Total 348 Posts

Executor on the Case: Becoming a Detective for Missing Assets

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Much has been written on All About Estates on the topic of missing heirs – how to find them, and what to do if you can’t. But what happens if you have missing assets? Perhaps you’ve been appointed as an executor of an estate where you have very little information about the deceased’s assets. Or maybe you have an understanding that there’s a bank account at one of the big….

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Estate Administration, Estate Administration and Probate Applications, Executors, Probate Tax, Wills

Key Considerations When Drafting a Will with International Assets

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If you have clients with assets outside Canada, they likely look to you for guidance to support drafting of testamentary documents. In a previous article we explored the considerations that should be kept in mind when assets are owned outside of Quebec, within Canada – given the civil law and common law differences. However, even if the testator has assets in multiple common law or civil law jurisdictions, estate and….

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Estate Planning, Executors, International, Property, Real Estate

The Foreign Corporation on Death – Where Do We Start?

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A hand holds a red puzzle piece over grey pieces on a table.

When an entrepreneur dies owning shares or an interest in a foreign corporation, the executor is faced with a challenging situation.  An estate with ownership or an interest in a foreign corporation raises specific and complex tax rules that leave the executor and family members hoping the deceased has a well-organized tax and estate plan in place. Where to start? The executor needs to be proactive. First, it needs to….

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Estate Administration, Estate Planning, Executors, International, Tax Issues

Simplifying Estate Vehicle Transfers in Ontario: What You Need to Know

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Today’s blog was written by Jessica Butler, Law Clerk at Fasken LLP. When administering an estate, certain assets frequently come into play: bank accounts, a home, and often, at least one personal vehicle. While a Will typically outlines the transfer of a vehicle to a specific beneficiary, there are instances where the vehicle becomes part of the estate’s residue. There is a wealth of information available online about this topic,….

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Costs, Estate Administration, Executors, Property

The Interpretation of Wills

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Tangled Ropes Photo by Malcolm Burrows

Mohapel v. Young, 2024 ONSC 1332 is a recent case which addresses the issue of will interpretation. The applicant, Iva Mohapel (“Iva”), sought an order that the respondent estate trustee, Doulgas Michael Charles Young (the “ET”), distribute the residue of the estate in four equal shares to her and each of the respondents (children of the deceased). Paragraphs 4(e) and (f) of the deceased’s November 3, 2022 last will and….

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Estate Litigation, Executors, Family Conflict, Uncategorized, Wills

Shareholder Loan on Death

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There are several ways to extract funds from a business; salary, dividend, bonus or a shareholder loan. When a shareholder withdraws corporate funds by way of a shareholder loan, it will be recorded in the business financial statements and comes with tax implications to the shareholder.  This is because, a shareholder loan that is outstanding for more than one (1) tax year from the end of the tax year in….

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Estate Administration, Estate Planning, Executors, Loans, Tax Issues
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