Testators who “trust” their heirs to take certain actions are taking a big chance. Many people use their will to express their hopes and desires about what will happen to the legacy they leave behind. But without the correct drafting, these “precatory” expressions may not carry any legally binding obligation,
The era of the reportable bare trust has begun. After a series of false starts, the Canada Revenue Agency has confirmed that bare trusts with a 2026 year-end will finally be subject to its general trust reporting rules, which require trusts to file a T3 tax return identifying the trustees,
Abuse of a POA could cost the perpetrator much more than money – it could also cost them their freedom. In a recent criminal case, Ontario Superior Court Justice Graeme Mew sentenced a man to one year in prison after a jury found him guilty of the rare charge of
Bare trusts are getting one last reporting reprieve. The Canada Revenue Agency’s recent announcement that it did not expect bare trusts to comply with its general trust reporting requirements for the 2025 tax year has become something of an annual ritual for beneficiaries. But this year’s statement suggests they shouldn’t
When your legal fees are the same size as the entire estate you’re fighting over, you know something has gone wrong. One of the enduring and recurring lessons that I have learned in my long career in estates law is that money makes people crazy. And it doesn’t have to
Mirror wills are among the most common choice for married couples getting their estates in order. The technique sees both partners executing their own, almost identical will, each naming the other as the main beneficiary of their estate, with instructions for the distribution of assets by the surviving spouse –
