When you buy a house with one (or more) other people, there are two main options for how to go on title. For most couples, the best plan is joint tenancy. This means that you both own the whole property, which allows the survivor to take over ownership of the property...
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cesia@wall-arm.ca
What marriage means for estate planning
I am on a mission: to make people understand that, as far as estate planning goes, marriage and common law are two entirely different things. In our society, there is not a huge amount of difference between couples who live together unmarried and couples who have...
Tips for first-time buyers
When you decide to buy your first home, there is a lot to think about, Here are some good tips to make the process a whole lot better: Start saving now. The earlier you start saving, the more likely you are to get over that magic 20% threshold. Less than 20% down and,...
A will that was contrary to public interest
A while ago, there was a lot in the news about a will that was being contested because it was contrary to public interest. In a nutshell, Robert McCorkill had willed his coin and artifact collection valued at $250,000 to the National Alliance, an American white...
Choosing the right mortgage
A lot of people talk about the best mortgage solely in terms of the best rate. However, there are other considerations you should keep in mind when shopping for a mortgage. First, how long is the term? A shorter term means you have the flexibility to easily get out of...
What exactly is probate and do I need it?
In Ontario, “probate” is legally known as Estate Administration With (or Without) a Will. It is, essentially, proof by the courts that the will you are using is valid and is the last one that was signed, or, if there is no will, that you are the right person to be...
How much home can you actually afford?
Often, when people go house hunting, they think about what they need or want in a house, or what the neighbourhood is like, or how close they will be to a particular school or to family. Something else that you should always consider is how much house you can afford,...
Passing on the family cottage
Cottages can be among the most contentious of all estate assets. There is so much emotion tied up in them that they are not just another thing – they are family memories and refuges from daily life. This is why, when it comes time to pass on the family cottage, it can...
How to find the perfect home
A few years ago, a friend of mine was planning to look for a home. He was initially focused on condos, until we had a long conversation about what he ideally would love in a home. Digging a bit deeper, I helped him to realize that the main thing he truly wanted was to...
Why a Power of Attorney is even more important than a will
I have many clients come to me to have wills drafted, and decide to get only wills and not powers of attorney. While I go ahead with whatever their wish is, ultimately, my view is that powers of attorney are even more important than wills and if you’re only going to...