Estate law changes on the way

Big changes could be on the way for Ontario’s estate laws if the provincial government gets its way. The Ford administration recently introduced Bill 245 the Accelerating Access to Justice Act at Queen’s Park.

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Eliminate joint-account confusion to avoid estate litigation

Parents could be sowing the seeds of a future estate battle when they set up a joint bank account with a child. There are good estate planning reasons for owning property jointly with a beneficiary – it can be an effective way to transfer funds while avoiding the 1.5 per-cent probate tax otherwise payable on assets in a person’s estate.

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