Wills Articles | All About Estates

Taxable Income of an Estate: Can it be Distributed?

Steven Frye • December 20, 2016

Suppose a straightforward will with very simple instructions to the executor: The executor is to pay the debts and expenses of the deceased, execute certain specific bequests of property and with some general instructions, distribute the residue of the estate to the named beneficiaries. During the administration of an estate, taxable income is generated during the course of paying all the debts and executing the specific bequests. Because it might….

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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, Trusts, Wills

MULTIPLE WILLS: PART 2

Darren Lund • December 16, 2016

In my first blog on multiple wills, I briefly discussed the rationale for using multiple wills as a tool for managing estate administration tax and then turned to drafting considerations, specifically the introductory clause and the revocation clause. In this blog I will focus on provisions where there is potential for an unintended double payment…..

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Estate Planning, Wills

The Case of the $30,000 Scrapbooks

Diane Vieira • December 14, 2016

In what the judge referred to as a “noble gesture”, the deceased ordered that his two scrapbooks setting out his life story be copied and distributed to his family. These instructions were set out in a Codicil to his Will. However, disagreement amongst family members regarding the copying of the scrapbooks and delivery of the books led to court proceedings and over $30,000 in legal fees claimed by the three….

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Estate Litigation, Wills

Charitable Donation Tax Credits – When Can They Be Utilized?

Brittany Sud • December 2, 2016 • 1 Comment

Many individuals make donations to charities in their Wills. Not only does this fulfill philanthropic goals, but it also provides a tax benefit. Making a charitable gift by will provides donation tax credits which can be used to offset the deemed disposition of capital property that occurs on death…..

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Estate Planning, In the News, Wills

Court of Appeal Confirms New Approach to Costs in Estate Litigation

Diane Vieira • October 5, 2016

In a recent court of appeal decision, the court upheld the trial judge’s costs award and reiterated the deference allotted to trial judges when exercising discretion to fix costs. In Prelorentzos v. Havaris, the court dismissed the appellant’s appeal. At trial, the appellant was found to be the deceased’s common law spouse and was awarded $30,000 from his estate. However, the trial judge was frustrated with the lack of disclosure….

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Contested wills, Wills

Where do you look for an original Will and what do you do if you cannot find it??

Paul Fensom • September 19, 2016

A couple of years ago a survey revealed that only 18% of first time executors were aware of the first step in the administration of an Estate – locate the Will….

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Estate Planning, Executors, Wills