How long does it take to handle an estate? Every estate is different. You should consult with a lawyer about your time commitments as executor. There is a rule of thumb called the executor’s year. This describes how long a beneficiary should wait for a distribution from…
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When can executors take charge of the estate? Your appointment as executor is effective when a person dies. A deceased person’s property legally “vests” in you as their personal representative, executor, or estate trustees. That’s a way of saying you become the legal—but not registered owner—of all…
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Ontario has new estate rules to tax estates. Executors, don’t be caught off guard.Starting September 2015, you can become a happy executor. Join me for The Happy Executor “How to Be an Executor” seminar series for executors and executors-to-be. You will learn how to: use your executor…
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I will try to make this simple. Any talk of taxes usually can make you fall into a coma. But stay with me to avoid estate tax audits and costly penalties. Being an estate trustee in Ontario was complicated enough. As of January 1, 2015, the job…
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You’re the estate executor under a relative’s will. You found your uncle’s will and you need legal advice. You look for free advice online. You’re thinking all lawyers are the same. Any lawyer can give you estate advice. Well, let me explain how this thinking can cost…
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Are you an estate trustee, wondering if you need professional tax help? You may say, “Why bother? After all, I prepare my own personal tax returns.” The risks are too great to do it yourself. I recommend clients avoid these risks. Forget about doing estate tax returns…
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Do you expect to inherit a joint bank account? Then you’ll want to know what happened to Wendy. Wendy needed to a lawyer to fight for a joint account she held with Larry. When Larry died, Wendy thought she would inherit the $64,000 in their joint account….
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Joint ownership, even with family, can create legal problems. Here are five dangers you must be aware of. Review this list before you consider holding property in joint ownership with anyone, including children. 1. Disaster Joint owners can refuse to cooperate when you need to deal with…
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Do joint accounts really create more evil than good? What if your surviving joint owner has to hire a court lawyer to get the money? There are pros and cons to joint bank accounts. Joint bank accounts are simple will substitutes. Your surviving joint owner inherits the…
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You’ll have to wait for the answer to this question. The Ontario provincial election results may bring some answers. The public and professionals are in the dark. No one knows what is taxed under Ontario’s new probate tax rules. We are waiting for regulations to enlighten us….
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