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estate beneficiary advice Archives

Estate beneficiary advice: Are there inheritance rights?

People who believe they have been named in a will yet are still waiting to hear any news about the estate after a couple years may be wondering what they can do. When it comes to estate beneficiary advice in Ontario for  this type of situation -- those concerned have every right to ask questions of the estate's executor as to the status of the estate. Beneficiaries have rights and those rights include knowing what is available to them.

Estate beneficiary advice: Keeping assets from kids' ex-spouses

Parents who have accumulated a sizable amount of wealth over their lives will likely want to pass their assets on to their children when they pass away. But when an adult child's marriage goes sideways and ends in divorce, those parents may want to ensure that none of their assets go to the estranged partner. Some solid estate beneficiary advice for Ontario residents when it comes to this type of issue is to make safeguards in a will.

Estate beneficiary advice: The executor role not easy

There are instances when an executor of a will is also a beneficiary of the will. The duties of an executor in Ontario aren't for the faint of heart. There are many things associated with the task and having some estate beneficiary advice to move forward may help the process. When the executor is the adult child of the testator -- or the one who has written the will -- it can be doubly stressful since there may be other family members to appease as well.

Ontario estate beneficiary advice: Using inherited money well

People who spend hours fashioning comprehensive estate plans likely want to make sure that the person or persons to whomever they leave their financial assets use them well. How to make the best use of inheritance funds in Ontario is one of the most important pieces of estate beneficiary advice available. People who are left a good chunk of money can plan wisely for their retirement years.

Estate beneficiary advice may serve a testator well

When making a will, some Ontario people want to have full control over what happens to their assets after they die -- even unreasonable control in some cases. Not all restrictions or conditions will be allowed by a probate court. A valid condition placed on an inheritance must be not only legal but also clear and possible. Estate beneficiary advice may be necessary when drafting a will.

Before challenging a will, seek estate beneficiary advice

When someone close has passed, it can be a deeply emotional time no matter what one's feelings truly were for that person. Should one then be left out of the will, receive a disappointing bequest or be displeased with the remainder of the will, emotions can run even higher. At a time like this, estate beneficiary advice is likely in order. Challenging the will could be an option, as it was for three heirs left high and dry west of Ontario.

What are the essentials of a Canadian estate plan?

Even without estate tax, there is a need for estate planning in Canada. For starters, there is a deemed disposition tax that is applied to the estate. Canada law requires that any investments be deemed as sold upon an individual's death. Any capital gains from that deemed disposition must be reported in a final income tax return.

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