Making the decision to take a loved off life support is perhaps one of the most emotionally fraught decisions family members will ever have to make. Ontario residents on life support, without powers of attorney, living wills or fiduciaries could end up having the government make end-of-life decisions for them. Those decisions could come from the Consent and Capacity Board, which is an independent medical review panel mandated under Ontario's Health Care Consent Act.
Most people know what an executor is. But when it comes to the term, "fiduciary," it's likely many Ontario residents don't have a clue what the term means. In estate planning, a trustee is the ultimate fiduciary.
Of all estate-related decisions, choosing an executor is one of the most important. If you choose the wrong person -- someone who turns out to be untrustworthy -- your life's savings could be squandered, and your loved ones could be badly hurt, emotionally and financially.
Administering a trust comes with many responsibilities, but the general duty of a trustee is to account for and manage property for beneficiaries.
In Canada, after a person dies, the due date for filing his or her tax return is typically one of two dates:
If you have an adult child with an incapacitating disability, then you undoubtedly want to plan your estate so that it provides for your child's needs when you are unable to do so yourself. There are numerous ways to do this, and it is important to choose the strategy that best meets your family's needs.
In January we presented a list of duties for estate executors in Ontario. Although the list is not exhaustive, it begins to illustrate just how overwhelming the job of an estate executor can be -- because, make no mistake, it is a job.
There used to be a perception that only extremely wealthy people set up trusts, but the reality is that a trust does not have to be large to be effective. Some trusts hold millions of dollars; others are much smaller.
If you have been appointed as an estate trustee in Ontario but are unsure of how to manage all of your duties, then you are not alone. Many trustees and executors feel this way, especially after the death of a loved one.
If you are an estate executor in Ontario, then the administration of the estate may seem like an impassable web of affidavits, notices and forms. Following the correct procedure is highly important, however, and you're not alone if you feel overwhelmed by the requirements. Many estate trustees turn to an experienced estate administration lawyer for help.