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December 2018 Archives

Serving as a trustee may be another part of estate administration

When an Ontario resident dies, it is up to the people he or she designated to take care of all outstanding matters and property distribution. This often means probate, but that may not be the only aspect of estate administration of the decedent's affairs that someone to handle. If a trust was set up prior to death, taking over the duties associated with it is crucial.

A guardian comes in when no powers of attorney exist

When Ontario residents create their estate plans, they are often encouraged to include powers of attorney that appoint someone trustworthy to make decisions for them if they become incapacitated due to an illness or injury. For people who do not yet have an estate plan, this protection does not exist. This is where a guardian comes into play.

Dealing with the house in estate administration

After the loss of a loved one, numerous tasks need attention before surviving family members may move forward with their lives. During the estate administration process, it may be necessary to handle the disposition of the decedent's primary residence. What most people may not understand is that any increase in the value of a home here in Canada from the date of death could end up being taxable.