Succession Planning

Total 154 Posts

Reviving a revoked will

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It is quite common for a will to begin with a statement that all previous wills and codicils are revoked. This is done to ensure that only the will being executed at that time remains the valid will of the testator, and any prior testamentary instruments no longer desired will not end up being inadvertently  relied upon by a future estate trustee. Less well-known is that a previously revoked will….

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Estate Litigation, Estate Planning, Succession Planning, Trustee, Wills

Facts, Mistakes, and Probate

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Today’s blog was written by Christopher Cook, Student-At-Law at de VRIES LITIGATION LLP In some common law jurisdictions, there exists a fascinating (but rarely applied) legal doctrine called “patent mistake.” This doctrine applies in the context of applications for probate. When asked to probate a will, the court’s task is to determine whether the will in question really is the deceased’s last will and testament. Naturally, this inquiry requires the….

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Contested wills, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Executors, Fiduciary Professions, Succession Planning, Wills

Intergenerational business transfers

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Since the introduction of the draft legislation for intergenerational business transfers (IBT) on March 28, 2023, the National tax services team at Baker Tilly Canada has reviewed the IBT rules in detail.  For a convenient summary of the proposed IBT rules, please refer to the following document prepared by the team – Genuine intergenerational transfers – comparison of the rules.  The objective of this blog is to provide an analysis….

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Business Succession Planning, Estate Planning, Succession Planning

Genuine intergenerational transfers

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For many years, non-arm’s length intergenerational transfers of corporate businesses were treated inequitably under the Income Tax Act (ITA).  A transfer of a corporate business between non-arm’s length parties[1] resulted in dividend treatment to the vendor instead of capital gains treatment, precluding the ability to claim the capital gains deduction.  With the inability to claim the capital gains deduction and the loss of the preferential tax treatment for capital gains,….

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Succession Planning

Revisiting the importance of language when using multiple wills

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This blog contributed by Mohena Singh, Associate @ Fasken LLP A long-time practice of estate planners has been preparing multiple wills for clients to minimize the amount of estate administration tax an estate must pay. The general idea of a primary and secondary will is to exclude property that does not require probate from the primary will so that the total value of assets requiring probate is reduced. However, if….

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Credibility, Estate Planning, Executors, Property, Real Estate, Succession Planning, Uncategorized, Wills

Gotta Catch ‘Em All: Pokémon Cards and Personalty Clauses

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Just under six years ago, I bought a Pokémon Trading Card Game (TCG) Venusaur Ex Red and Blue Collection Box. I was feeling stressed about studying for my law school exams and, being a massive Pokémon fan, I went for a walk to my local hobby store and decided to engage in some retail therapy. For those of you who are not TCG players, it’s hard to explain the wonderful….

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Contested wills, Estate Litigation, Estate Planning, Succession Planning, Wills
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