Just because a couple or an individual is childless doesn’t mean estate plans should be put on hold. Many single residents and childless Ontario couples should still consider estate planning since assets must go somewhere after one’s passing. For those who don’t have...
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Mississauga Wills & Estates Law Blog
Estate planning when children aren’t involved
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Estate planning for millennials
People who are in their 20s and 30s rarely think about having a comprehensive estate plan in place in case they should pass away unexpectedly. After all, even though life can be unpredictable, those young in age typically have a while to think about these things. It...
The importance and effectiveness of having a will
Many people do not realize that if they do not plan for what will happen to their estates after they die, the government will. Laws are already in place to determine how to divide the assets of someone who has died without a will, and these determinations do not...
Planning the succession of a farm
Many Ontario farmers want to keep the farm in the family after they have passed away. If this is the case, it can be crucial to understand the dynamics of farm succession planning in conjunction with estate planning. Due diligence on this will allow farm owners to...
Understanding estate audit rules as an executor
Executors have many duties on their plates, and they are expected to undertake them with acumen and honesty. Ideally, an executor in Ontario needs to have some financial savvy as well as some knowledge of the laws that govern estate planning. Occasionally, estate...
Some of the risks executors may face
People who are in the throes of working on their estate plans have many decisions to make. One of them includes naming executors for their wills. Many would consider it an honour to be asked to be an executor since it means the testator has faith and trust in that...
Assessing mental capacity before proceeding with a guardianship
If it appears that a family member may be having problems making decisions regarding important issues, there are a number of potential steps to take. One possibility for those in Ontario facing this situation could be a guardianship, but before moving forward, the...
How taxation can affect an estate plan
There is an old adage that says the only certainties in life are death and taxes. While one is unavoidable, the other can be minimized when it comes to paying taxes in Ontario related to one’s estate plan. The estate of a deceased person must pay administration tax...
Can a secondary beneficiary ask for an accounting?
Part of an executor’s duties in Ontario is to provide an accounting to beneficiaries. This happens after all debts and expenses are paid, including income taxes, and before any remaining assets are distributed. These are the types of responsibilities of an executor...
Estate plans when disabled children are involved
When parents have a disabled adult child, they likely think often about the future of their child. In these cases, when Ontario parents begin estate planning, special consideration should be made for the care of their child. Of course, there are the financial aspects...
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