When you’re asked to be an executor
Someday, a relative or a close friend may ask you to serve as the administrator of their estate (succession in Quebec). While this is an honour, it also involves significant responsibility. The title varies by province—executor, liquidator, estate representative, administrator, estate trustee or personal representative. But the duties are essentially the same, and you should […]
Is it time to review your estate plan?
It’s easy to put off making changes to your estate plan. After all, the plan doesn’t even take effect during your lifetime. But there are good reasons to regularly monitor your estate plan and make any adjustments now, not later. One reason is that certain changes or additions to an estate plan should be implemented […]
Ownership Drives Outcomes: Estate Planning Considerations for Personal Assets
A previous blog focused on the fact that the first step in an estate plan is to take inventory of all your assets and note how they are owned. Now that you have ascertained that you are the personal owner of several assets, it’s important to determine the nature of that ownership. Note that the […]
Why Verifying Asset Ownership Is the First Step in Estate Planning
Get started on your estate plan by verifying asset ownership Has the thought of estate planning ever felt so overwhelming that it gave you a headache? From a practical perspective, estate planning shouldn’t be so daunting. In reality, many don’t have the faintest idea where to start. They’re just certain about one thing—that they should […]
Planning your funeral
Making arrangements for your own funeral may not be the most pleasant of tasks, but think of the consequences if you don’t make plans. Without knowing your preferences, your estate administrator and family members will have to make difficult and sudden decisions while they’re grieving—hopefully without disagreements. Decisions to make Some people might only wish […]
Who will manage your finances if you cannot?
If an individual loses the ability to manage their financial affairs, some people believe the spouse can simply take over. However, that’s only permitted if the spouse was named in a power of attorney document (mandate in Quebec). In a power of attorney, you appoint someone to manage your finances if you suffer a cognitive […]
How to minimize the tax payable by your estate – Vacation property strategies
Here are two ways to reduce an estate’s tax liability related to your cottage, cabin or chalet. Transferring a vacation property during your lifetime Say you own a vacation property that you intend to hand down to your children. You could cover the capital gains tax liability today, but you worry about your estate facing […]
How to minimize the tax payable by your estate
Canada is the only G7 nation without an estate or inheritance tax, but the government still collects tax on Canadians’ estate assets, often at the top marginal rate. For example, assets in a Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) are taxed as income on the final tax return. Also, 50% […]
The importance of including your pets in your estate and incapacity planning
Are you a pet parent – whether to a furry friend, feathered companion or another beloved animal? No matter if your companion is a cat, dog, bird, horse or exotic animal, it is important to have a plan in place to ensure they are cared for in the event you are no longer able to […]
Who will execute your estate plan?
Choosing an executor (liquidator in Quebec) to appoint in your will is an important estate planning decision. Many people instinctively appoint their spouse, siblings or adult children. This may seem logical, but appointing a family member is not always the best option. While some view being named as executor as an honour or a sign […]