It is estimated that, over the next several years, assuming present life expectancies and relative economic calm, (notice I said “relative”) the Canadian Baby Boomers will inherit over 1 trillion dollars. And, by extension, the much smaller millennial generation will inherit even more. Particularly in larger estates, corporations and trusts are often used to avoid or defer various types of tax, and to organize more clearly the intentions of the testator.
In general terms, Ontario law recognizes three types of legal entities: the individual(you and me), the corporation (public or private, profit or non-profit) and the Trust. Again, in very general terms, Ontario Law recognizes two types of Trusts: Inter Vivos ( established during the lifetime of the person creating the trust) and Testamentary ( contained within the will of the person creating the trust and effective only upon their death). The person who creates the trust is called the Settlor; the person for whom the trust is created is called the Beneficiary; the person who manages the trust is called the Trustee.
While it may be unpleasant to think about your death when planning your estate, it must be done to ensure your belongings are divided as per your desires after you die. However, when it comes to preparing a Will, you may have a ton of questions but often find answers difficult to come by. To arm you with the most accurate information about Wills and related documents and processes, we’ve answered some of the most frequently asked questions about estate planning.
St. Thomas and Elgin have seen an influx of many newcomers to the area over the last couple of years. We are told it’s a “sellers’ market”. This means purchasers must move decisively in order to obtain the home they want. It does not, however, mean moving recklessly The following are my top ten tips for home-buyers:
In the purchase of a home, one of the questions routinely asked of the real estate lawyer by his/her client is whether to purchase title insurance as part of the transaction. In order to intelligently answer this question in the context of any particular real estate purchase, it is necessary to first understand what title insurance is, and, perhaps more importantly, what it is not.
I have noticed it has been more common lately for increasingly younger people to have their wills and powers of attorney prepared, and I suspect this is , in part, due to the greater sophistication of consumers in general. I cannot emphasize the importance of an up-to -date will. For while dying without a will does not carry the dire consequences some would have you believe, the lack of guidance to family members and friends at a time of such emotional turmoil can be devastating.
While it was not that long ago that I attended law school, (yes I really did) I do recall that a will, in order to be valid, must be the “last will and testament” of the testator. The most obvious reason for this requirement is that, almost always, when a person draws a will, he /she revokes any previous will, so that the new will stands alone and is not confused with any previously expressed intentions.
It is estimated that, over the next 20 years, assuming present life expectancies and relative economic calm, the Canadian Baby Boomers will inherit over 1 trillion dollars. And, by extension, the much smaller millenial generation will inherit even much more. Particularly in larger estates, corporations and trusts are often used to avoid or defer various types of tax, and to organize more clearly the intentions of the testator.
