Many millennials may not yet see the urgency in estate planning, believing it’s only for older or wealthier generations. However, with millennials poised to inherit over $1 trillion from Baby Boomer parents by 2026, the largest wealth transfer in Canadian history, having a Will is not just wise—it’s essential. Here’s…
News & Resources
Top 10 Reasons Why Estate Planning is Essential for Ontarians
The one question that estate planning lawyers receive from clients and prospective clients most often is, “Why do I need a Will?” While this is a complex question, there are many compelling reasons why everyone should have a Will. Estate planning is a crucial aspect of financial and personal planning…
Proposed Changes to Capital Gain Inclusion Rates: Impacts on Individuals, Businesses, and Trusts
The Canadian federal government has proposed a significant change to the capital gain inclusion rate, impacting individuals, businesses, and trusts. This proposed change, included in the Federal budget, suggests an increase in the inclusion rate from 50% to 67% for individuals earning more than $250,000 in capital gains annually, as…
Unwanted Occupant of Estate Family Home Removed
As an Estate Trustee, you might find yourself in a difficult situation in which a family member of the deceased is unreasonably refusing to vacate the Estate house. Often these occupants are sons or daughters of the deceased who have been living rent free in the Deceased’s house for 30,…
What Is Probate and When Is It Required?
If you are an executor of an estate or are named in a will as a beneficiary, you may be wondering, “What is probate?” Probate is the legal process of being appointed by the Court as the estate trustee of a deceased person’s estate. If there is no will, the…
Estate Planning: Advice & Best Practices For Reducing or Eliminating Probate Tax
There are several important factors to consider when estate planning, especially if you’d like to eliminate the need for probate, minimize probate tax, and make it easier on your loved ones upon your passing. This includes creating a will, considering joint ownership, making beneficiary designations, gifting assets, and more. Here,…
The Duties of an Estate Trustee
When a person passes away, their estate is usually administered by an executor or estate trustee. The duties of an estate trustee are numerous and varied, but can broadly be divided into two categories: administering the estate and distributing the assets. Another main duty of the trustee is to plan…
Key Amendments to the Succession Law Reform Act
For over two years, the pandemic has greatly impacted our way of life and has highlighted our modern society’s need for flexibility. The practice of law has been of no exception. Bill 245 – Accelerating Access to Justice Act, 2021, S.O, 2021, c.4 received royal assent on April 19, 2021,…