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A note on Crypto Currency

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Wikipedia defines cryptocurrency (or crypto currency) as a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, In the News, Investments, Trusts, Uncategorized, Wills

Initial Issues Encountered When Dealing With a Possible Insolvent Estate

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Today’s blog is written by guest bloggers, Krista Brown and Tracy Parkinson, law clerks in the Private Client Services group of Fasken LLP. As estate law professionals, when we hear the words “possibly insolvent estate” most of us immediately see a giant STOP sign. A named estate trustee in a Will, or prospective estate trustee where the deceased died intestate (in either case, hereinafter referred to as a “prospective estate….

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Challenge Accepted: Court Challenges to Wills and Claims Against Estates

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This blog was written by Isabelle Cadotte – Estate and Trust Consultant with Scotia Wealth Management As lawyers, we routinely field questions from testators about how to avoid challenges to their wills, especially where they’ve decided to leave a family member less than what they might have expected. On the other side of the coin, we’re also asked to help executors facing court challenges commenced by the jilted family member….

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Contested wills, Estate Litigation, Uncategorized, Undue influence, Wills

Secret Trusts

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Secret and trusts are essentially trust arrangements made between a testator and a trustee, without written disclosure or agreement of the terms of the arrangement, but where an understanding exists between the parties. Based on precedent in case law, the essential elements of a secret trust are: • An intent by the testator to subject the trustee to an obligation in favour of a beneficiary; • Communication of that intent….

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Estate Administration, Estate Litigation, Liability, Resulting Trust, Trustee, Trusts, Uncategorized, Wills

Registered Education Savings Plans: Back to Basics

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Registered Education Savings Plans (RESPs) are tax-deferred education savings vehicles designed to assist parents (or other family members and friends) to save towards a beneficiary’s post-secondary education.  A contract is entered into between a subscriber (i.e., parents) and a promoter (i.e., bank or trust company), whereby the subscriber contributes funds for one or more beneficiaries, and the promoter manages and invests the contributions. There are specific requirements under the Income….

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Fiduciary Investing Series – Don’t REIT around the bush

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This blog has been written by Robert Boyd, Director, Scotiatrust Real Estate Investment Trusts, or REITs as they are commonly referred to, are companies that own real estate which generate an income. They can be a useful investment vehicle as they are often well diversified and can allow an individual to invest in the real estate market without purchasing a property, while avoiding the ongoing maintenance that comes with outsight….

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