Here are some tips to minimize the pain to your finances and your loved ones if something happens to you: Have powers of attorney. Do you know what would happen if you were seriously injured in a car accident, had a stroke, or had to suddenly leave the country in an...
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cesia@wall-arm.ca
Severing ties
What happens when you own a property jointly with someone, and don’t want to share any more? Your kindergarten teacher probably wouldn’t be happy, but technically, you can sever a joint tenancy without any notice to the other parties. Basically, you do a transfer from...
If you change your mind, be sure to change your will too
I see it all too often – a beneficiary confirms that the deceased had changed their mind about leaving money to a particular charity, or even a person, and wants to know if anything can be done after the fact. The short answer is, emphatically, no. Once you die, your...
Can you cancel the closing?
As a follow up to my post last week, what happens if you’re the one who doesn’t want to close? Generally, if you refuse to close, you must have a legitimate reason. As a buyer, if something is uncovered that would severely affect your enjoyment or use of the house, or...
An executor’s checklist
You’ve been chosen as an executor. Now what? When you act as an executor of a will, there is a lot to do. From arranging for the burial and funeral, to applying for probate if necessary, to paying taxes, to managing assets, being an executor is a proper job. If you...
Specific performance
You put in an offer and it was accepted, but some time before the closing date, the seller decided not to complete the deal. Can you sue to make them sell you the property? In Ontario, there is a concept called “specific performance” which, essentially, means that you...
Choose
Choosing who will administer your estate is among the more difficult decisions you will make when drafting your will. However, it is also one of the most important, because it will determine how quickly your estate is distributed, as well as how well everyone gets...
Do you have to pay HST?
Barrie always has a lot of new construction going on. New homes in Ontario are subject to HST on the purchase price. Usually, this is built into the offer price, so that you don’t end up having to pay extra, but that always factors in that you’ll qualify for the...
The pooled trust: an equitable solution, rather than an equal one
I have a lot of clients who have young children, and often, they are spaced a few years apart. When this is the case, a great solution might be a pooled trust. A pooled trust keeps everything in your estate in one big trust, with money available for all of your...
Left behind
I have had many occasions where purchaser clients arrived at their new home to find it full of items that the vendor left behind; most recently, a buyer client of mine agreed to allow the seller to leave behind a boat that couldn’t be moved because of the weather,...