As a first-time estate trustee or executor, you may feel scared by all your daily tasks. “What to do first?” is a common question. You worry you do not have any experience. But don’t worry; few people have executor experience. Besides, the laws keep changing and each…
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Wills are the cornerstone of most financial and estate plans. Wills designate who is your estate executor or Ontario estate trustee. Executors control your estate. Estates include all the stuff that you leave behind when you’re gone. Why Wills are Important Wills are more than a letter…
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The wrong executor can, accidentally start family feuds, waste your money and rob your family and friends of their rightful inheritance and future security. Sloppy, incompetent, negligent or dishonest executors can plunder your estate. It can happen to you. I’ll describe three common mistakes that can cost…
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Clients ask me if it is okay for their adult children to use online will providers to make their own wills. The answer is not complicated, but you must know why. First, let me make two disclaimers: You can have your financial planner answer questions about estate…
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#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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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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#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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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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