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Posts Categorized: Estate Planning
28 ResultsAm I a Spouse? The Mystery of Spousal Benefits
Under the laws of Ontario, certain rights and benefits are conveyed to a “spouse.” However, there is not a universal definition of “spouse”: whether you qualify for spousal benefits depends on the governing statute. Below is a summary of some of the most common rights and benefits sought by a “spouse” on the death of…read more
Mirror Wills and Mutual Wills: Cooperative Estate Planning
For many, marriage represents the intermingling of lives, families, and assets. It can also mean coordinating estate plans. Two common forms of coordinated estate plans are mirror wills and mutual wills – both are particularly useful if the couple have children, either together or from prior relationships. Knowing the difference between these two types of…read more
The Terrifying “In Terrorem” Clause
OoooooooooOOO! It is the scariest clause around; more frightening to beneficiaries than a killer Santa “clause”. Also called a no-contest clause, an in terrorem clause translates literally to “in fear” in Latin. In the estate planning context, it is a clause which forces or prohibits beneficiaries from doing something, using the fear of a loss…read more
When does a house automatically go to a beneficiary?
Just because you are a beneficiary of someone’s estate does not mean you automatically receive your entitlement. Instead, you will have to wait until it is transferred to you. However, in certain circumstances you may receive real property (e.g., a home) directly three years after the deceased’s passing. When someone dies, their property vests in…read more
Part II – Best Practices on Digital Estate Asset Planning
Dear Readers, As you might recall, last Monday’s blog was about cautionary tales which demonstrate the need for prudent estate planning regarding one’s digital assets. I ended that blog on the suggestion that until Ontario accepts the changes proposed by the Canadian Uniform Law Commission’s Uniform Access to Digital Assets by Fiduciaries Act, it is…read more
Cautionary Tales on Digital Estate Asset Planning
The Age of Digital Assets A collage of from the artist Mike Winkelmann, better known as Beeple, has recently sold for $69 million dollars. This marks the first purely digital work of art ever offered by a major auction house. However, what was sold is not art in the traditional sense. There are numerous copies…read more
Marriage, Divorce, and Wills – Unforeseen Consequences
As estate lawyers, we are often asked how to avoid litigation after someone dies. While there is no way to guarantee that conflict will not arise after death, it is always helpful to have a plan; in other words, make a will. However, even if you have made a will, your job does not end…read more
What Happens to My Pet When I Die?
For many, the greatest loves of their lives are their furry (or scaly) friends. As a result, there is often a strong desire to make sure they are properly cared for after the testator’s death. How to accomplish this is not always straightforward. In Ontario, animals are considered personal property. This means that you can…read more
Ten Things to Remember When Selecting Your Estate Trustee
Much has been written about the importance of making a Will to ensure your estate is administered in accordance with your wishes, and benefits those whom you wish to inherit your property. However, your choice of executor, or estate trustee, as the role is now called in Ontario, is just as critical. Your estate trustee…read more
The Sherman Murders At the Supreme Court: Balancing Privacy with Openness
Almost three years ago today, billionaire couple Barry and Honey Sherman were found murdered in their North York mansion. Their murderer(s) remain at large. In an unusual move, their probate files were sealed to protect the safety, privacy and dignity of the trustees and beneficiaries of their estates. This decision was appealed and now the…read more