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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Intestacy
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 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,...
Some thoughts for the not-quite-married
In Canada, for the most part, there is little day-to-day difference between couples who are legally married and couples who are common law. You can get benefits at work, get a family membership at the gym, and generally live as if you are married. One significant...
Your family may have changed. Has your will?
Last week, I wrote about updating your will for your own benefit. Today, I want to talk about updating your will for the benefit of others. Last month, Elizabeth O’Brien wrote this article on MarketWatch. She mentions a vast number of reasons why it can be disastrous...
You’re going to die. Be prepared.
I regularly read the blog Lifehacker, which is basically a collection of tips for making life easier. A few weeks ago, I came across this article on what you need to do now to prepare for death. As the author observes, none of us likes to think about death. It will...
Where do you keep your estate plan?
Having a properly drafted will and powers of attorney is important. Making sure that your executor and/or beneficiaries know where they are? Almost equally important. Probably at least every other week, every lawyer who is a member of the Simcoe County Law Association...
Do you want Prince Charles to inherit your estate?
Here’s a reason to have a will if you live in Cornwall: there, if you die without a will, your entire estate goes to the Prince of Wales. No joke: in the last six years, he has received over one million pounds from intestate estates. Get a will. Now.
Protect your assets – and your body
It's a very poorly known fact, but in Ontario, your executor becomes the owner of your body at the moment of your death. Morbid, yes. But that is how it is here. I speak to so many people who don't see the need to have their wills done because they don't have...
Predatory marriages
There is a very well-known case in Ontario called Banton v. Banton. In that case, an elderly man married a waitress in his long-term care facility and subsequently redid his will, cutting out his children from his first marriage and leaving his new wife his entire...