There is a very common tax-planning method called an estate freeze. The tactic is endorsed by the Canada Revenue Agency — as “garden-variety tax planning,” The following is an example of an estate freeze. Ms. Successful has built a company, now worth $30 million. She expects it will grow significantly in value by the time […]
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How to fix a will after death rectification
In rare circumstances, the court can repair a Will improperly drafted by a lawyer. The law can be found in various cases including the Bank of Nova Scotia, the Haugrud 2160NSC 8150 affirmed on appeal, Whittingham v. Crese and Ross v. Caunters. The court has held that it will fix a Will if the lawyer […]
Read MoreTHE LAW ON REMOVING AN EXECUTOR #2
The law is the following: The Superior Court of Justice has inherent jurisdiction to remove trustees. The choice of the estate trustee is not be interfered with lightly. Removing an executor should only occur on the clearest cases and where there is no other realistic alternative. Anyone who has a financial interest in the estate […]
Read MoreRemoving an Executor #3
As we have discussed elsewhere on this website, removing an executor also known as an estate trustee is not easy. In the recent case of Ford Kramer v. Mazman, a decision by Justice Casullo sitting in Newmarket, he outlined and reiterated the law on this point. Two sisters were the sole beneficiaries of their childless […]
Read MoreDispensing With A Bond/Administration Of Estates
If an executor lives outside of Ontario, or if the deceased left no Will, a bond is required to be posted by the proposed estate trustee before probate is granted. The normal course of action is to ask the court for an order dispensing with a bond. In most circumstances this is granted. The bond’s […]
Read MoreExecutors Duties
The primary purpose of an executor is to bring in the assets of the estate, pay all of its debts and then to distribute those assets in accordance with the terms of the Will. On paper, a relatively straight forward and simplistic set of rules. However, the reality often is far more complicated and can […]
Read MoreDuties of executor also known as the estate trustee
Setting Aside A Separation Agreement In The Absence Of Full Financial Disclosure
One of the basic compondentsof a Separation Agreement that will withstand a later attack is having made full financial disclosure of ones’ income, assets and debts as of the time of the agreement. It is foolish to hide assets or income from ones’ soon to be former spouse in the hopes that they will be […]
Read MoreAn Unequal Division Of Net Family Property Or How Unfair Does Unfair Have To Be or What Property Division If Together Less Than 5 Years
The Family Law Act for married couples (not common law) contains a formula for the division of property upon separation. Sometimes simply applying that formula, especially when one person brought into the marriage the matrimonial home, can produce an extremely unfair result. The Family Law Act does provide a provision for a division other than […]
Read MoreHomemade Separation Agreement Penny Wise Pound Foolish
In the recent decision by Justice Lococo of the Ontario Superior Court of Justice in St. Catherine’s, he rendered a decision after a 14 day hotly contested Trial. Numerous issues were percolating on the Judge’s stove, including retroactive child/spousal support, the income of the ex-husband, access and costs. This couple were together for less than […]
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