Handling the affairs of a loved one's estate can be a complex and overwhelming responsibility. As an estate trustee, you are entrusted with the important task of ensuring the smooth administration of the deceased's estate, adhering to the legal obligations and fulfilling the wishes of the deceased as expressed in their will.
To assist you in navigating this intricate process, this checklist serves as a comprehensive guide to the duties and responsibilities that fall upon an estate trustee in Ontario. By following this checklist, you can systematically manage the estate administration process, while ensuring compliance with the relevant laws and regulations governing estates in Ontario.
When a loved one passes away, their affairs need to be properly managed and settled. In Ontario, an estate trustee plays a vital role in ensuring the smooth administration of an individual's estate. Also known as an executor or personal representative, the estate trustee is entrusted with the responsibility of carrying out the deceased person's wishes as outlined in their will. This introductory guide aims to shed light on the duties and responsibilities of an estate trustee, providing a comprehensive understanding of their role in the estate administration process.
A Secondary Will can be a financial planning tool, some homeowners and business owners, mostly in Ontario and British Columbia, use to help reduce the amount of Estate Administration Tax (EAT) that needs to be paid after ones passing to ensure more of their assets end up with their survived family and friends.
A Secondary Will can be a financial planning tool, some homeowners and business owners, mostly in Ontario and British Columbia, use to help reduce the amount of Estate Administration Tax (EAT) that needs to be paid after ones passing to ensure more of their assets end up with their survived family and friends.
Having a properly constructed Will is considered to be one of the first and most important tools when it comes to protecting one’s family and assets, reducing the amount of tax owed by one’s estate, and building a solid succession plan for one’s business after death.
A cohabitation agreement is an agreement signed by two unmarried individuals who are living together or intend to live together in the future. When a couple decides to live together, a cohabitation agreement can clearly set out the rights and obligations of each party, either in the event of a breakdown of the relationship or upon the passing of one of the partners.
Know the difference between powers of attorney for property and powers of attorney for personal care.
An overwhelming majority of Ontario adults currently go about their daily lives without the security of having a properly drafted will and a power of attorney in place. It is important to address these matters regardless of one’s age in order to avoid the pitfalls of probate, and to provide yourself and your loved ones with peace of mind through proper estate planning.
It is important to have a plan in place in the event of your death. By not preparing an estate plan, the task of settling your affairs becomes more complicated for surviving family members.
To help, we have put together this handy checklist to ensure you are thinking of the right items in preparation for completing your will.
As of January 1, 2022, The Ontario Superior Court of Justice has the discretion and authority to make an order validating a testamentary document that was improperly executed. The court can now interpret and decide what the testator’s intentions were for the document, such as being a will, an amendment, or the revocation of a will.
Two people who have been separated for at least 3 years, but have not legally divorced, will now be treated as divorced couples when one of them passes away.
One of the lesser-known legal “rules” that applied to all wills, was that a marriage after the creation of a will invalidated that will, unless a special clause was used “in contemplation” of the nuptials. This rule still applies to anyone who married before January 1st, 2022, and made a will prior to that marriage. Marriages AFTER January 1st, 2022, will no longer invalidate a will made by an individual prior to marriage, as deemed by the amendment to the Succession Law Reform Act.
In an effort to continually strive to improve upon the efficiency in how we handle our clients’ legal matters, Carson Law Office Professional Corporation, located in Burlington, Ontario, is happy to announce the we are searching for a full-time experienced, motivated, team-oriented Senior Real Estate Clerk – Team Lead to join our team!.
Any and all interested candidates should provide a resume and cover letter to our Manager of Employee Relations, Stephanie Badour, at stephanie@carsonlaw.ca
In an effort to continually strive to improve upon the efficiency in how we handle our clients’ legal matters, Carson Law Office Professional Corporation located in Burlington, Ontario, is actively searching for the following full-time positions to join our growing team:
• Real Estate Manager
• Wills Clerk
• Administrative Assistant
• Junior Financial Clerk
The successful applicants will be motivated, tech-savvy and team-oriented. A detailed job description for each position along with a list of expectations and requirements can be found within.
Any and all interested candidates should provide a resume and cover letter to our Manager of Employee Relations, Stephanie Badour, at stephanie@carsonlaw.ca
For many, the thought of appearing in court for their family law matter can be both intimidating and overwhelming. Understanding the different steps in the court process can therefore alleviate these feelings and provide individuals with a sense of assurance while appearing in court
A cohabitation agreement is an agreement signed by two unmarried individuals who are living together or intend to live together in the future. When a couple decides to live together, a cohabitation agreement can clearly set out the rights and obligations of each party, either in the event of a breakdown of the relationship or upon the passing of one of the partners.
Has the time come for your parent to move into a smaller home? Letting go and downsizing during retirement can free seniors from financial responsibilities and maintenance costs. It’s also a process that can cause added stress for an aging parent and even family caregivers without careful planning, particularly during the era of COVID-19. With that in mind, here are some tips from Carson Law to help you put a downsizing plan together for your loved one.
In an effort to continually strive to improve upon the efficiency in how we handle our clients’ legal matters, Carson Law Office Professional Corporation is actively searching for a full-time motivated, tech-savvy, team-oriented Wills & Estates Law Clerk to join our growing team!
As of April 1, 2021 a new simplified process for small estates was introduced in the Province of Ontario. Find out what now qualifies as a small estate and the new process for grieving families.
Financial disclosure refers to the information provided by parties to a domestic contract that sets out their income, assets, debts, liabilities and expenses.
Carson Law is actively searching for a full-time Junior Financial Clerk to assist with tasks associated with the financial responsibilities required to complete real estate transactions as well as daily operations. This is the perfect job for anyone looking to enter a rapidly growing firm and continue building their knowledge base.
Without a Will, one dies in intestate, meaning that there are no instructions on how to deal with their estate. In cases where individuals die in intestate, the Ontario Succession Law Reform Act governs how the assets are distributed to surviving relatives. Within this article are guidelines for how those assets will be distributed.
Part of the estate process involves determining estate administration and probate taxes to be paid on the assets outlined in the will.
Our firm has years of experience working with executors and completing the tasks listed above. We understand that administering an estate can be time-consuming, complicated, and require the executor’s full attention, which is why we are happy to offer our services in this area to ensure you can focus on the grieving process.
In the province of Ontario, the only individual that is legally permitted to oversee the distribution of one’s estate is referred to as the “estate trustee”. The vast majority of Wills in Ontario go through the procedure of probate, with the exception of Wills where the entirety of the estate is held jointly, typically between a husband and wife. When an estate is held jointly the surviving spouse would absorb the interests of the deceased spouse, this allows the estate to steer clear of the probate process.
One of the best gifts you can leave your family after you pass away is a well thought out estate plan that can minimize tax obligations. Often, Registered Retirement Saving Plans (RRSP) and Registered Retirement Income Fund (RRIF) make up a large portion of an estate, which is why concern regarding these accounts is important when developing an estate plan.
Administering an estate is often a straightforward process. Once an individual has passed away, the named executor has a duty to distribute the deceased’s estate according to the terms of their Will. This includes, but is not limited to identifying and locating the beneficiaries who are set to receive an inheritance. However, what happens when the executor is unable to locate a beneficiary?
An Estate Trustee is the person or people that a deceased had named in their Will to take care of all of their belongings after they have passed. There are numerous possibilities of who can be named an estate trustee.
When creating an estate plan, one of the steps included is to choose a power of attorney. A power of attorney is someone you can name to make specific decisions for either your property or personal care when you are no longer capable of doing so.
A cohabitation agreement is an agreement signed by two unmarried individuals who are living together or intend to live together in the future. When a couple decides to live together, a cohabitation agreement can clearly set out the rights and obligations of each party, either in the event of a breakdown of the relationship or upon the passing of one of the partners.