After the death of a loved one, certain matters will require settlement. Before any other steps in the estate administration process can be taken, all of the deceased individual's assets need to be located and protected. It is important to be as thorough as possible in this process in order to ensure that all matters are resolved at the same time in order to avoid any complications in the future.
Every family is Ontario is unique. What may work for one family makes no sense for another, which is why there are so many choices when it comes to estate planning. For many families, failing to plan for the estate administration process could be disastrous.
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.
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.
One of the decisions some people make when planning the distribution of their assets is to include a sizable charitable donation. Including charitable giving in an estate plan can be a great way to give back, though it can raise some estate administration considerations. For example, Ontario tax codes and legal steps should be taken into account when preparing for such a gift.
As baby boomer generations age, many are thinking about succession and estate plans. But are their children and grandchildren prepared to manage the inheritance they will be left with? For many young people in Ontario, receiving such a large sum can be daunting, and knowing what to do following estate administration can be challenging. Here are some tips to consider.
The recent death of famed travel journalist Anthony Bordain raised many questions about estate planning considerations that come with a jet-setting lifestyle. One of the questions asked on this topic was about what happens to Bordain's loyalty points and frequent flier miles during estate administration. Ontario travelers could benefit from keeping this topic in mind when drafting their own estate plans.
Trusts are a tool that Canadians often use to organize their estates. Used correctly, the right trust or trusts can ease estate administration and lower tax or probate costs. In 2001, two new trusts became available to estate planners in Ontario and throughout Canada: alter ego and joint partner trusts.
Family businesses can be a wonderful thing to pass down between generations, but they can also add serious complexities to estate planning. If estate plans are not carefully drafted to account for business-related assets, family businesses run the risk of being dissolved or sold during estate administration or other life events. Those who own Ontario family businesses, such as farms, shops or other enterprises, should consider a few things when planning for the future besides simply who gets what when the primary owner passes away.
During the process of administering an estate, executors are tasked with sending money to beneficiaries. One thing that can complicate this step in estate administration is beneficiaries who live outside of Ontario, particularly if they are in different countries. An Ottawa executor is currently dealing with issues related to this as $500,000 in bank drafts are being held at the U.S. border.