#14 Executors File Your Income Tax Returns and Pay Your Taxes – or Else Here are four key income tax concepts that are vital for your estate planning. On death, certain types of income receive different tax treatment. They may be reported by filing separate tax returns,…
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#9 Can You Dodge Probate? Probate need not be perplexing. Probate comes from the Latin verb probare, to prove. As for what probate is, that’s one of the most difficult questions I must answer when a member of the media interviews me. There is no sound bite…
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If you are stuck or don’t know where to begin as an Ontario estate executor, read this post. No single roadmap works for every estate journey. Each estate, large or small, has different assets, beneficiaries and tax issues. These variables create their own list of dos and…
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Are you an Ontario executor or estate trustee? This role is often considered an honour, but also a thankless job. However, by law, estate trustees are entitled to receive compensation for their care and trouble. Unless, that is, the will that appoints them specifies otherwise. There is…
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Are you involved in an estate? You may be nervous, stressed, and overwhelmed. You do not want to make costly mistakes or need to start over. Welcome to MrWills.com. I am Ed Olkovich, an author, lawyer, and Certified Estate Specialist. I know every estate has different challenges…
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There is a great deal of confusion about how to make wills. Clients are confused. They visit American estate planning websites where different estate and tax laws and are used. In some jurisdictions, digital wills are allowed. Here’s an example of what can go wrong in Ontario….
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I wrote a report to help you cope with the stress of being an Ontario executor. Being an executor is an honour, but it is also a job you may end up regretting. Most executors are inexperienced and learn on the job. You want to get advice…
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The best answer is, before someone dies. Some people are meticulous about how their personal effects are to be divided. Personal effects, unless extremely valuable, are not usually itemized in a person’s will. Most people do not sweat making a list of their contents. This is not…
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Albert didn’t bother talking to a lawyer. He wasn’t sure if he was playing it safe. Albert was executor of his uncle’s small estate. He didn’t realize, however, the size of the estate’s liabilities. His uncle’s RRSPs were transferred directly to his designated beneficiaries. Unknown to Albert,…
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Being an executor may be an honour but it is also a job. It is a job you are not legally obligated to accept. Ask these questions about your risks. If you’re worried, seek legal advice about your options. Estate advice may reassure you or you may…
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