Do Beneficiary Designations Matter? Absolutely, they matter a great deal. On the surface, naming a beneficiary might seem like a box-ticking exercise—one of those administrative tasks you do because you're supposed to. Yet, these designations are absolutely crucial. For many …
In Ontario, a minor child (under 18) is not entitled to directly inherit funds. If a child is entitled to inherit (either under a will, or because of an intestacy) there are four options: The Will establishes a trust for…
The most common and important mistakes in estate planning are not about complex issues. They are basic mistakes about the fundamentals. 1. Not having a will The rules for how an estate is divided in Ontario when there is no…
Divorce or separation before death? Will or no Will? Big difference. It is very important to clearly identify the marital state of the deceased prior to death. If the deceased was formally married, and then formally divorced, certain rules apply. …
Many life insurance policies and various savings plans (RRSPs, TFSAs, RRIFs) provide a means for you to designate a ‘beneficiary’, and on the death of the plan/policy holder the funds flow directly to the named beneficiary. It is very common…
Life insurance is usually a contract between the insurance company and the policy owner (holder) that requires the insurer to pay an amount to the beneficiary (a third party) on the death of a person (who may or may not…
In Ontario there is a common-law rule of thumb that the executor of the estate has one year from the date of death to wrap up the estate; that is collect all estate assets, pay all estate debts and liabilities,…
Is someone refusing to show you the Will made by the deceased? If so, you have rights. However, how to enforce those rights depends on the status of proceedings. There is no obligation to provide a copy of the Will…
Ontario law provides that someone who was dependent on the deceased can made a claim against the estate for support separate and apart from what the dependent might inherit (under the Will or under the laws of intestacy). When successful…
It is not uncommon to be unable to locate a Will for the deceased. Sometimes, you can be left completely in the dark as to whether you simply cannot locate the Will or whether the deceased actually did not have…