Retirement: the stage of life we all work towards, so we can fully embrace and enjoy the fruits of our labour. It is naturally borne in mind that life after work is a rather pleasant and enviable position. However, it is also a time when you should reassess your Estate Plan.
On July 7, 2017, a judge with the Superior Court of Justice in Toronto confirmed that advertising for creditors on NoticeConnect satisfies the advertising requirement under section 53(1) of the Trustee Act.
It is not uncommon for separating couples to specify that proceeds from life insurance policies are to be used as security for spousal and child support. But when one person starts another family, can the spouse from the new family “claw back” the life insurance proceeds? The Ontario Court of Appeal was tasked with answering this question in the recent decision Dagg v. Cameron Estate.
An estate trustee is expected to manage the assets of an estate responsibly, prudently and with a degree of diligence. They should also not be swayed by their own interests, particularly when it comes to engaging in unnecessary litigation. But what happens when an estate trustee is driven by personal animosity or has their own agenda? This is what the Ontario Superior Court of Justice dealt with in Craven v Osidacz.
The roles of an attorney or guardian of property carry a great deal of responsibility, not to mention the time and effort involved. So it makes sense in some circumstances that an individual should be paid. Section 40 of the Substitute Decisions Act authorizes an attorney or guardian of property to take compensation for the work they do in managing someone else’s property and finances.
June 17, 2017, will mark the one-year anniversary of the new Medical Assistance in Dying law in Canada, which amended the Criminal Code to allow the lawful provision of medical assistance in dying to eligible Canadians. In anticipation of the anniversary, on April 26 the federal government released an Interim Report on Medical Assistance in Dying. Keep reading to view a copy of the Interim Report.
One of the most significant and sometimes onerous duties on an estate trustee is to ascertain and locate all beneficiaries who may have an interest in the estate.
By definition, elder abuse is a single or repeated act, or lack of appropriate action, occurring within any relationship where there is an expectation of trust, which causes harm or distress to an older person.
On March 8, 2017, the Law Commission of Ontario (LCO) released its Final Report on Legal Capacity, Decision-making and Guardianship. The report sets out 58 recommendations, including proposals that would reduce misuse and abuse of powers of attorney though better education, transparency and monitoring.
One of the basic principles of investing and a way to mitigate your financial risk is to maintain a diverse portfolio. This advice should also be heeded by estate trustees, who are often overseeing a number of different investments and making financial decisions on behalf of the beneficiaries. A decision from last year, Mowry v Groome, demonstrates what can happen if an estate trustee mismanages these investments.