A recent article in the Globe and Mail by famous author, Tim Cestnick, outlined 3 reasons wills can create problems. Tim explained why many wills are commonly challenged. Wills are legal documents that judges must validate – meaning that wills must comply with Ontario laws. In Ontario,…
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#12 What You Need to Know About Canadian Income Taxes on Death At the time of your death, you are considered to dispose of all your capital property (for example, real estate, stocks or jewelry) at fair market value of that time. This is what the government…
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Why Professional Wills Don’t Cost Anything Lawyer-prepared wills are investments that save money. Good wills cover a span of 5-10 years or more. Spread will your costs over this period for pennies a day of protection. That’s? Much less than your annual car insurance bill. Lawyers make…
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Q: If I don’t have a will, my family gets all my stuff anyway. Is that true? A: If you die without a will, the government gives you their will. Government wills are the same for everyone. Their rules decide who controls your stuff, who gets what…
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Read part 1 of this post. I describe common dangerous wills you should avoid. This post continues with 3 more examples of dangerous wills. Living wills are not wills at all. They may not have two witnesses like Ontario wills. They don’t deal with your assets or…
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What type of will do you need in Ontario? I’ll tell you about wills that are dangerous. Many people think any will will do. Since you don’t need a lawyer to make a will legal, why bother with lawyers? Some Ontario wills are dangerous and must be…
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#8 Do-It-Yourself Quiz Avoid the biggest financial mistakes you can make when preparing your will. Read my previous post, #7 Do-It-Yourself Dangers. Answer Yes or No to each question in the following quiz and read my comments below them. I believe this exercise will convince you that…
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#7 Do-It-Yourself Dangers Read post #6 in my series, Breakthrough Wills & Estate Planning Series. You may, like a lot of people, prepare your own tax returns. As you may have found out the hard way, if you’ve ever made tax filing mistakes, the government can charge…
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#5 Your Goals for Specific Properties Read the previous post in my Breakthrough Wills and Estate Planning Series, #4 Why Legal and Moral Obligations Matter. You may wish to deal with specific assets, such as key properties like a business, heirlooms or a beneficiary’s request, in your…
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#4 Why Legal and Moral Obligations Matter Read my first previous post in my Breakthrough Wills and Estate Planning series, #3 Your Three Wishes – Getting What You Want. Can you do whatever you wish with your money? Short answer? No. Laws prevent you from doing something…
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