Is it better to be a legal or beneficial owner of an asset? It is a simple question. But you may be surprised that most people don’t know the difference – and it can cost them, big-time. Let’s rephrase this question: If your name is on a…
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Some things you can do by yourself. Take advantage of professionals. Have tax professionals confirm income tax filing deadlines especially if a business is involved. Lawyers can identify your specific duties, and areas of concern from the will. Only lawyers can give legal advice about what the…
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Suddenly, you learn you are the executor of an estate. Don’t expect to find neat and up-to-date files called, “My Estate Inventory” or “For My Executor”. Few people are that organized. You must, instead, act like a detective. Remember, you are handling another person’s valuables. Be ready…
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Your Call to Duty It’s simple. When you act as executor, you are called to duty. A friend or relative may have asked you to be their executor. You may not even recall if you said yes or no. You may be worried that you’re inexperienced. You…
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“…Time is money…” Do you own an Ontario business? You may be familiar with Ben Franklin’s quote that time is money. You may not, however, know that, almost overnight, your business can lose its value. This can happen when a sole proprietor, partner or shareholder dies. Legal…
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A little while ago, Carol came into my law office. She placed a new leather portfolio on the boardroom table. She told me she had just come from a relative’s funeral. “I am executor of my brother’s estate, but I don’t know what to do,” Carol said….
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Could this be you? Everything in your life is going along smoothly. Then, suddenly, it happens; things change. It could be a catastrophic illness, accident or age-related injury. Don’t assume your family, including your spouse or adult child, can automatically act as your substitute decision maker. Even…
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What does it cost to replace an estate executor? The costs are horrendous. Make sure you name a backup executor in your will. To remove an executor, you require a court order. Courts must agree there are grounds for removal. Hopefully you will name an alternative executor…
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Courts must remove estate executors by court order. A decision in 2024 by Justice B.A. MacFarlane (Deziel v. Deziel, 2024 ONSC 5279) outlined these principles for successful removal. [80] The Ontario Court of Appeal in the case of Chambers Estate v. Chambers confirmed that “the court should…
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As an executor/estate trustee in Ontario, you face many challenges. Here are some tips to help you. As a fiduciary, you have obligations to creditors and beneficiaries alike. You must act as a neutral even if you are beneficiary yourself. That means you cannot give yourself priority…
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