Beneficiary designations[1] are not created equal. There is a significant difference between the status of a revocable beneficiary and an irrevocable beneficiary.
A beneficiary designation may be altered or revoked prior to the death of the deceased, unless it …
Keep readingOnly assets that fall within an estate are subject to probate fees. It follows then, that assets held in joint tenancy that pass outside of the estate due to the operation of the right of survivorship do not require disclosure …
Keep readingTransferring assets by way of joint tenancy is one of the most popular estate planning tools, given its relative ease and low cost of implementation. Assets which are held jointly are typically subject to a “right of survivorship”, meaning the …
Keep readingOne reason parents place assets into a corporate trust structure may be to reduce the amount of tax paid on such assets while preserving a specific estate plan. An alternative reason may be to protect their family assets from potential …
Keep readingDual wills[i] are an estate planning tool that has gained popularity in British Columbia since 2014, when the Wills, Estates and Succession Act (“WESA”) came into effect. In essence, this planning tool involves the use of two …
Keep readingIn a Will, the executor appointment is one of the most carefully-considered decisions of the will-maker. It is a position of significant trust and responsibility.
But what happens if the intended executorship fails?
Scenario 1: The Deceased Executor Dies with …
Keep readingIt is very common for people to prepare an Enduring Power of Attorney instrument (“EPOA”) as part of their estate plan. This allows an adult to designate an “attorney” to make financial and most legal decisions on behalf of the …
Keep readingOn June 17, 2016, Bill C-14, An Act to amend the Criminal Code and to make related amendments to other Acts (medical assistance in dying), received Royal Assent. Those interested in or affected by medical assistance in dying (“MAID”) …
Keep readingIn a previous blog post, Emily Clough discussed the British Columbia Supreme Court decision in Cowper-Smith v. Morgan, 2015 BCSC 1170, in which the sons of the deceased successfully set aside a joint tenancy between the deceased and …
Keep readingIt is not uncommon for parents to provide monetary gifts to their adult children. Parents may wish to help their child with a down payment on a property, or help pay out their child’s existing mortgage. Parents often consider these …
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