If you ask most people, they would prefer that none of their hard-earned assets end up wasted on taxes or professional fees, or simply squandered, when they are passing them on to the next generation. Unfortunately, however, these things often happen, especially as...
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Estate Administration
Foreign executors
I have many clients with children who live abroad. This makes things complicated when they want to have their child who lives in England or the United States act as the executor of their estate, because the courts in Ontario have broad powers to require what is called...
Inheriting a house
Sometimes, instead of a share of an estate, a person could be left a specific asset; sometimes, this is a house or cottage. If you do inherit, keep in mind that the executors will likely have to wait to transfer it to you until they have gone through the probate...
Choose the right executor
The person you choose as executor of your estate can either make it go smoothly or make it incredibly difficult, and expensive. Choosing a person who is in serious debt, or has addictions, or doesn’t get along with any of the other beneficiaries, or wants to please...
Prince, and the lack of a will
By now, everyone knows that pop and rock superstar Prince died on April 21. He died suddenly, and it has now been confirmed that he died without a will. Prince had been married, but was single at the time of his death. His only child died at one week old, and his...
The importance of multiple death certificates
When you are acting as executor, you will need many copies of the deceased person’s death certificate. The lawyer, bank, and government agencies will all want to see one, but keep in mind that you may also need one for online services such as email or social...
Tips for executors
I talk a lot about planning, and getting your documents in order. Today, I’m going to talk about what executors need to do to best protect themselves when administering an estate. Don’t give out the estate money too early. You will have taxes, and there may be debts....
Notifying creditors of a debtor’s death
In Ontario, an executor has a duty to pay all debts of the deceased. This duty applies regardless of whether the executor is aware of the debt, unless there is not enough money in the estate to cover the debt.If the executor distributes estate assets to the...