#13 You Can Have Multiple Wills Yes, you can have more than one will. This strategy is vital in dealing with business and foreign assets. In some cases, you can reduce Estate Administration Tax (EAT) taxes in Ontario by having multiple wills. However, having multiple wills is…
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#10 Income Taxes: Much Ado About Lots PART 1 Q: Can I avoid paying my income taxes by dying? A: Afraid not. The government has a way of getting their money even if you don’t make a will. The government gives you a will that…
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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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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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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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Are you the executor of an estate that owns real estate in Toronto? Any real estate in Toronto is likely worth a million dollars or more. So this question should interest you. Here is my answer. The one thing every executor of a million-dollar estate must do…
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Question 6 Are there foreign or business assets? Wouldn’t it be nice to travel to Europe? What if the estate has assets in another province or country? Will you have time and ability to manage assets in other jurisdictions and with different legal requirements? Are you familiar…
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Question 5 Is there real estate? Real estate is always a headache. Executors must keep real estate insured for fire and valuable contents. You must secure and inspect property. Can you change the locks? Can you access estate funds to pay insurance premiums? What if there is…
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You need to understand these common terms. You will find them used in most lawyer-prepared Ontario wills. I’ll explain the difference so that you can understand why they are crucial to protecting your loved ones. Let me assure you with this tip when you make your will:…
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