An estate’s legal obligations are not the end of the story when it comes to supporting the deceased’s surviving children. As a recent decision demonstrates, Ontario judges can enforce a parent’s moral duty to an adult child after death, even if no legal duty exists. The case has its roots in the
Bank forms fail to eliminate joint account confusion By Lisa Laredo, principal at Laredo Law. Joint bank accounts between parents and their children are often a recipe for estate litigation. When it comes to estate planning, there are good reasons for owning property jointly with a beneficiary, since it can be
For those acting under a power of attorney for property, one duty stands above all others: the fiduciary duty. Attorneys for property are granted extraordinary power under Ontario’s Substitute Decisions Act. In addition to the grantor’s home and its contents, a POA appointee is also handed control of their financial income and outgoings,
Can a notebook entry be considered a will? In Ontario, the answer is “yes,” as a recent decision demonstrates. But it’s not an example you should follow if you want to keep your own estate out of the courts after you’re gone. A close friend and neighbour of the deceased
If there’s one disruption sure to give small business owners nightmares, it’s the death of the proprietor. But it’s a prospect that they need to consider if they intend to properly serve their customers and the broader public. Advisor magazine recently reported on an email from the Ontario Securities Commission to chief
Beneficiary designations are a way for testators to make major changes to their estate with minimum effort. Although they’re often forgotten by testators, the beneficiary designations on things like RRSPs, RRIFs, life insurance policies and Tax-Free Savings Accounts, are a critical part of any estate plan. Outside of real estate, these
