Total 466 Posts
If someone has a second will pertaining to foreign assets, and the domestic executors either do not know about this second will, or cannot deal with the foreign executors on a timely basis, would the status of the estate as a graduated rate estate (GRE) be invalidated if only the domestic executors elected for the estate to be a GRE?
….
More on Graduated Rate Estates Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, WillsOver the course of my practice I’ve had clients, family and friends all make pronouncements with respect to matters related to Wills and estate planning as if the statements are fact, when in reality they are often myth. Being someone whose profession operates on fact, I will try to set the record straight. From time to time though, the prosthelizer is so certain in his or her “cocktail party advice”, that attempting to set the record straight is challenging. In today’s blog I’d like to debunk some of the myths…..
MYTHS, MYTHS AND MORE MYTHS – WHAT’S THE REALITY? Continue Reading »
Power of Attorney, Probate Tax, Spouse, WillsDuring the June 10, 2016 Toronto STEP Conference Roundtable, the CRA was asked to provide its views on paragraph 8 of IT-3054, which states: Once a trust qualifies as a spouse trust under the terms of subsection 70(6), it remains a spouse trust and is subject to the provisions affecting such trusts (for example, paragraph 104(4)(a)) even if its terms are varied by agreement, legal action or breach of trust…..
Where a will is drafted to create a testamentary spousal trust and the will provides that the final distribution date of the trust is three years after the death of the surviving spouse, would the trust be precluded from being a spousal trust.
….
Delay in final distribution from spousal trust Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, WillsA Trust Company is the only legal entity that can act as a trustee by holding property in trust for such functions as executors, trustees, and administrators of estates and personal trusts…..
Will Drafting Ideas From a Different Perspective Continue Reading »
Estate Administration, Estate Planning, Executors, Trustee, WillsTwo witnesses are sometimes hard to find. In a pinch, could an individual who is appointed as an executor under a Will act as a witness to that Will? In Ontario, the rules governing the formalities of Wills, including the eligibility of witnesses, are set out in the Succession Law Reform Act, R.S.O. 1990, c. S.26 (the “SLRA”). Section 14 of the SLRA states that an executor can be a….
Can an executor act as a witness to a Will? Continue Reading »
Estate Planning, Executors, Wills