Don’t let the power (of attorney) go to your head. Unless they’re in the business of wills and estates, appointees under a power of attorney for property are often surprised by the extraordinary level of control this simple document gives them over the grantor. Under Ontario’s Substitute Decisions Act, an
An Alberta widow has scored a big win for taxpayers and estate planners across the country after fighting off a claim by the Canada Revenue Agency against her deceased husband’s RRSP. According to a CBC story on the case, the woman had already taken possession of the $102,000 account after
Nothing stirs up old sibling rivalries like the death of a parent. In my line of work, it’s not uncommon to see brothers and sisters in their 50s and 60s revert to their childhood selves, as arguments over a mother or father’s money, prized possessions and funeral service are supercharged
Breach your marital duties and you could end up in trouble with your spouse, but breach your fiduciary duties under a power of attorney and a court could get involved. For many married couples, their spouse is the obvious choice for appointment as their POA for property, considering the extraordinary
Drafting one will is hard enough for most people. But for some testators, a secondary will may actually be worth the extra effort. For several decades, Ontario testators have been able to divide their property between two wills: one for assets that require probate, and one for assets that don’t.
Making a will is good for your mental health as well as your financial health. I get why so many people push estate planning to the back of their priority lists – going through a process that forces you to contemplate your own death is never going to be easy.
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