Powers of attorney are like wills; if you do a new one, it automatically revokes the old one. Today I have a quick tip to avoid accidentally revoking your old power of attorney: if you have a professionally drafted POA, don’t sign a bank POA. It may look completely...
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cesia@wall-arm.ca
Guaranteeing a mortgage
With house prices on the rise and interest rates remaining historically low, it has become very common for young homebuyers to jump into the market while they can still afford to buy, but require a family member, often a parent, to co-sign or guarantee the mortgage in...
Common law, again
Sometimes I feel like a broken record here, but I find it so important to keep going over this point: if you are common law, you have no inheritance rights whatsoever. None. I am in the process of helping a client work through her mother’s estate. Her mother died late...
What is UFFI?
UFFI, or urea-formaldehyde foam insulation, is a synthetic type of insulation that is injected into the walls of a house. It was used extensively in homes in the 1970s, until it was discovered that it produced some adverse health effects from formaldehyde vapour...
Power of attorney tips for snowbirds
There are a lot of Canadians who head to the southern United States every winter. Tax and residency issues aside, there is another issue that many don’t think about: ensuring they have a valid power of attorney that will work in both jurisdictions. I recently attended...
Getting required work done before closing
I see it all the time – a buyer puts in an offer that is accepted, the home inspector finds some deficiencies, and the seller agrees to have the work completed “on or before closing.” I hate that wording. On or before closing means that it can be done any time before...
A time to remember
Today is Remembrance Day in Canada, where we take at least a few moments to remember those brave men and women who fought to keep Canada, and the world, free and safe. I will be pausing at 11 this morning to remember my grandfathers, who were part of the war effort...
A wave of estate litigation may be coming. Be ready.
There have been several articles over the past several years indicating that we are heading toward one of the greatest intergenerational wealth transfers that we have ever seen. Canadian seniors have unprecedented wealth, and plan to leave the vast majority of it to...
What is an interest adjustment date?
It’s quite common to make your mortgage payments weekly, biweekly or semi-monthly. Sometimes, this works out with the date that you close your mortgage – closing date is a Tuesday, and you want your payments to come out on Tuesdays. Sometimes, you want a different day...
The tragedy of not having an estate plan
I talk about this all the time, but today I’m going to simply link to a story about a man who left behind a wife and five children from two marriages when he died suddenly at age 46. His estate was left in a complete mess, and his family put through extreme chaos,...