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On an intestacy (when a person dies without a will), each Canadian province and territory provides for a mandatory scheme to distribute the deceased’s property, which is typically between the testator’s surviving spouse and children, if any, and alternately to other relatives. Some provinces and territories provide a spouse with
One of the issues in wealth advising and planning is the regulation of those who provide financial product sales advice and financial planning services—often offered under the nomenclature of estate planning or retirement planning advice. A lot has happened recently in many jurisdictions, including Canada and the U.S., as regulators
While it will likely never be the subject of a hit play like “Death of a Salesman”, the death or incapacity of a trustee can have serious practical and financial implications for a trust, and by extension, the beneficiaries of the trust. All too often, the practical and legal requirements
A power of attorney (“POA”) is a legal document in which one person, sometimes termed the “grantor”, appoints another person – the attorney – to make decisions and act on the grantor’s behalf. In Canada, POAs are governed by provincial and territorial laws. Two types of POAs are used in
Having a power of attorney for property is a document we continually recommend to clients who are in the process of updating their estate plans. The purpose of a power of attorney for property is to give a named individual (the “attorney”) the authority to act on behalf of the
In both our August 2015 and March 2016 blog posts, we discussed the importance of frequently reviewing your estate planning documents, as personal and financial circumstances can constantly change. Failing to make necessary revisions to your estate planning documents may result in unintended consequences that do not accurately reflect your
With the arrival of fall, many readers may be preparing to escape the pending cold by travelling to warmer climates for extended stays. In our February 12, 2014 blog post we highlighted the potential concerns and practical issues if you become incapable of making either financial or personal care decisions (whether