Choosing the Right Estate Trustee
The Estate Trustee (also known as the executor) is the person appointed in an individual’s will to carry out the instructions in the will. As this role requires much time and effort, the person so appointed should be chosen with great care. The duties of an estate trustee include: arranging for the funeral and burial of the deceased; preparing a detailed inventory of estate assets; retaining a lawyer to advise and assist in the administration of the estate; preparing and filing the deceased’s tax returns and paying any tax due; maintaining proper accounts; distributing assets to...
Read MoreEffective Succession Planning for Cottages and Investment Properties
Despite the obvious benefits of owning a cottage or investment property, there are numerous issues that can arise when they are transferred. For example: Which children, if any, are interested in future ownership? Which one(s) do you want to transfer it to? What are the tax and probate fee implications to transferring the property now or on death? Does each child have the resources to maintain the property? Do you need to sell the property to maintain your lifestyle until death or can you keep it for transfer after you die? Can children/spouses/grandchildren jointly own the property? Will...
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Andrea P. Kelly is a legal practitioner and notary public, called to the Ontario Bar in 2001, with practice focus in Estate Planning and Administration, including wills, estates, trusts and powers of attorney. She also practices Real Estate.
Prior to opening her law firm, she worked in various capacities including litigation support lawyer for the Ministry of Attorney General regarding complex commercial litigation, private practice in corporate/commercial law and numerous legal research and writing positions.