Estate planning: Don’t wait until it’s too late

There’s no better time than the present to get your estate in order.I’ve heard every excuse in the book from procrastinators who say they’re too young, too old, too poor or too scared to think about getting a will or a power of attorney in place.But the truth is that everyone can benefit from getting [...]

By |2020-12-21T16:01:40+00:00December 17th, 2020|

Cut paperwork before making virtual wills permanent

Virtual witnessing of wills has been a great innovation for the pandemic, but there is still room for improvement before making it permanent.Since April, emergency regulations prompted by the COVID crisis have allowed testators to have their wills witnessed remotely, without the need to meet in person with their lawyer (or anyone else for that [...]

By |2020-11-25T20:01:25+00:00October 9th, 2020|

Putting your pet in your will

Providing for a little kitty to go with your pet can help ensure your wishes are met when it comes to their care after your passing.Many families regard their pets as full members, and a growing number of wills reflect that fact.A report by the Globe and Mail features a Vancouver couple in their 30s [...]

By |2020-10-01T17:38:40+00:00October 1st, 2020|

Beware of double-ending realtors

Sellers and buyers should steer clear of “double-ended” real estate deals in which the same broker acts for both sides. The practice is banned in B.C., with many crediting that province’s legislative action to a 2017 CBC Marketplace investigation, in which undercover journalists posing as prospective buyers exposed a number of agents who were [...]

By |2020-09-25T13:22:31+00:00September 24th, 2020|

Build a cottage estate plan to stop family feuds

Testators need to take the initiative to stop a feud developing over the future of the family cottage.As one of the more valuable assets in any estate, there’s always a chance the fate of the cottage could ignite a dispute among beneficiaries.But it’s the extra layer of emotional baggage that comes with a lifetime of [...]

By |2020-09-24T21:52:16+00:00September 17th, 2020|

What to think about when buying a cottage

Purchasing a cottage may seem like a bargain compared with a home in the city, but buyers still need to do their due diligence.According to a story in the Globe and Mail, many millennials priced out of the Toronto market are taking their first steps on the property ladder in cottage country, preferring to rent [...]

By |2020-09-10T22:56:03+00:00September 10th, 2020|

Do resale due diligence to avoid nasty utility bill surprises

A recent CTV News story reported on the stunned buyer, who received a demand for $38,000 outstanding on the old owner’s tab, four months after completing a deal to buy the property.“I nearly passed out," he told the network. But the whole saga could have been avoided had his lawyer ordered a utility certificate to [...]

By |2020-08-20T23:58:04+00:00August 20th, 2020|

Blended families add complexity to estate planning

Relationship dynamics in even the most conventional of nuclear families can make estate planning tricky, but blended families take the complexity to another level. More and more Canadians are finding marriage success at the second or third attempt, forming new family units that include children from previous relationships. Provincial laws have evolved to catch [...]

By |2020-07-16T20:37:15+00:00July 16th, 2020|

Don’t forget your digital assets when drafting a will

Much of our lives are lived online these days, but people still forget their digital assets when it comes to estate planning. A BMO Wealth Institute survey on the subject found members of the Baby Boomer generation generally recognized the importance of digital assets and access to them after death. Yet even among this [...]

By |2020-07-09T16:48:52+00:00July 9th, 2020|

Trust is key when picking POAs

Trust should be top of mind when drafting powers of attorney.Under Ontario’s Substitute Decisions Act, attorneys for property are granted authority over the grantor’s property, including their finances and bank accounts. Meanwhile, attorneys for personal care take responsibility for decisions about the person’s health care broadly, including nutrition, shelter, clothing, hygiene, and safety.You don’t have [...]

By |2020-07-02T19:34:13+00:00July 2nd, 2020|
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