O'Sullivan Estate Lawyers LLP
CLOSE
Blog
View Related Areas+
SERVICES

Posts tagged "Estate planning"

Powers of Attorney Disputes and Remedies: Something's Got to Give

The unfortunate reality is that when it comes to incapable persons, and the Ontario processes to deal with disputes and rights enforcement for them, none of the available processes are without flaws. Even with good planning, substitute decision-makers can disagree with each other or medical professionals regarding the best treatment option, and loved ones can disagree regarding whether their family member still has capacity to make their own decisions or not, or whether one person or another should be making decisions for an incapable person. Whether it's the Consent and Capacity Board, the Court or the Office of the Public Guardian and Trustee, each has limitations, whether legal or practical, and each has drawbacks. Given our aging population and the increasing need to protect incapable persons in a dignified manner, it's not so much that "something's gotta give" but instead "something's going to give".

Heads Up On "Shacking" Up

Whether it's a first relationship for a millennial or a second or subsequent relationship for others including baby boomers and seniors, these days more and more couples are choosing to live common law rather than marrying. According to a 2017 census, 21.3% of all couples in Canada were living common law in 2016 compared to 6.3% in 1981. There is also a rise in people living common law before marriage. According to the census, 39% of married people aged 25 to 64 lived common law for an average of 3.6 years prior to marrying. There may be a myriad of reasons for living common law depending on circumstances, but one myth that needs to be unraveled is the notion that it is simpler not to get married. Common law relationships have a unique set of considerations.

2020 Vision: Creating a Family Contingency Plan

With the start of a new year and a new decade, we tend to focus more than usual on important personal goals and objectives. One goal to consider is creating a family contingency plan. Your plan can be short and simple, or lengthy and detailed. In brief, it entails creating a list of critical information of who, what and where. Who to call in an emergency, such as close relatives, key professionals including doctors, accountants, lawyers and other professional advisors. What you own, such as bank and investment accounts, retirement, pension and other plans, insurance, real estate, personal effects, including art, jewelry and other valuables and collectibles, and how assets are structured if there are any holding companies, trusts or other entities, and at which financial institutions property is held (including any safe deposit boxes), as well as any liabilities, such as mortgages, loans, lines of credit and credit cards. 

Tune Up for Twenty Twenty

The end of one year and the beginning of another is a good time to reflect, recharge, and take stock. Even if you don't celebrate the new year January 1st, it is also a good time to feel grateful for what you were able to complete and make resolutions about what you haven't completed. It may sound trite, but everyone should take the time to do this at least once a year.

Getting Ready for the New Trust Reporting and Disclosure Rules

In a previous blog, "The Movement to Transparency and the Erosion of Privacy" we wrote about the global move to greater transparency by government and taxing authorities which they claim is necessary to combat money laundering and tax evasion.As part of that agenda which the government asserts is necessary to ensure the effectiveness and integrity of the Canadian tax system, new income tax rules have been introduced which require trusts (with limited exceptions) to provide additional information. As well, certain trusts which may have had no reporting and disclosure obligations because they had no income will now be required to file a trust income tax and information return.

Heading South For The Winter? Don't Forget Your Powers of Attorney

As colder weather approaches, Ontario snowbirds will start flocking to warmer climates. According to a 2018 study commissioned by The Canadian Trade Commissioner Service, close to 500,000 Canadian snowbirds spend their winters in Florida. Arizona and California are also popular destinations.

Bridging the Common Law-Civil Law Succession Divide

For those of us who live and work in a common law world, it is hard to imagine that we are by far the minority. Most of the world is governed by a civil law regime, customary law or religious law. Continental Europe, Russia, China, Japan, South America, Mexico and some of Africa are governed by civil law. The common law tradition is peculiarly English in origin, and most of its former colonies follow it, including in the U.S. (except Louisiana), Canada (except Quebec), Australia, New Zealand and India.

Beneficial Ownership Disclosure: Only the Latest Hit

People often wish to ensure confidentiality in doing their estate planning as an important goal. A trust is a common vehicle to do so, since court probate processes, which have been around for centuries, are public and once a will is probated it becomes a public document. The current government trend is towards greater disclosure of beneficial ownership, making achieving confidentiality in estate and trust matters much more difficult, if not impossible, in some cases.Obtaining a court grant of probate (or certificate of appointment of estate trustee with a will in Ontario), which is often required for an executor to be able to administer a person's assets after his or her death, involves the filing of the deceased person's last will with the court making it available to the public. In addition, the total value of a person's assets must be disclosed in the application form, as well as the addresses, and if minor beneficiaries, dates of birth, of all beneficiaries must be provided to the court. While a probate application is not exactly a newspaper article, it is available to anyone who wants to see it and who is willing to bother to take a look at the court file. Now in Ontario a fulsome list of all estate assets subject to probate is required to be filed after the court certificate is issued, although this is not a publicly-available document.

Heads Up On Cross-Border Probate

With increased mobility, it's becoming more common to have assets in several jurisdictions, in which case, it is important to create a comprehensive estate plan that considers all of your assets and not just the assets located where you live. To deal with assets in more than one jurisdiction, there are a number of advantages in having multijurisdictional or separate situs wills (see our advisory on multijurisdictional and separate situs will planning).

Breaking the Silence: Dealing With Mental Health Issues in Estate Planning

One of the benefits that a trust and estate lawyer like myself enjoys is that we deal with people of every background, age and personality type and often in very profound ways. In short, we encounter all the diversity that humanity can offer. We see many family situations which gives one perspective and a broad awareness, and we hold the confidence (and confidences) of many in our role as a trusted adviser. This includes dealing with the challenging mental health issues of our clients and their family members from a legal perspective in their estate planning, and offering solutions to often perplexing and thorny issues.

SCROLL TO THE TOP