RRSP Designations Within an Estate Plan
There are two common ways to designate a beneficiary of your registered plan: On the application form for the plan. This method allows for quick transfer of the plan benefits to the beneficiary upon your death. It also means that your estate will not have to pay probate fees on the value of the RRSP. In your will. However, caution is warranted here. (a) If your will is ever revoked (by a subsequent will, or a marriage, for example), then the beneficiary designation would also be revoked and any original beneficiary designation made on the plan application is not automatically reinstated. In...
Read MoreDue Diligence Can Prevent Estate Litigation
Poor choices made by financial planners in connecting their clients to wills and estate lawyers can, and often do, result in lengthy and expensive estate litigation. Solicitor negligence is not something that people like to talk about, but it can be a problem, said Markham-based Andrea Kelly, barrister and solicitor, speaking at the CIFPs’ 9th Annual National Conference, in Ottawa. “One of the reasons why it’s happening, unfortunately, is because people who have an expertise in other areas of law are actually dabbling in wills and estates,” said Kelly, who specializes...
Read MoreLiving Wills: Communicating Your Health Care Wishes
A “living will” is an expression used to describe a document containing a person’s medical care wishes should they become unable to communicate them due to incapacity. A living will clause is often contained in a Power of Attorney for Personal Care (POA PC) as the attorney must have regard to treatment wishes they are aware of. A POA PC is not the same as a living will. Instead, it is a legal document in which one appoints one or more individuals to make personal care decisions for you, such as housing and health care, should you become incapacitated. An example of a living...
Read MoreNo Will?…Then What is Your Spouse Entitled To?
I have recently been concerned by the number of people that assume that their spouse will receive their entire estate should they die without a will (also called dying “intestate”). However, as we will briefly explore here, that will not necessarily be the outcome. Ontario legislation dictates that the surviving spouse of a person who dies without a will is entitled to a “preferential share” of the deceased’s estate. Currently, the preferential share is $200,000. It is calculated only on the assets in the deceased’s name alone and excludes any jointly owned assets...
Read MorePersonal Effects: Have You Considered Their Effect?
The division and disposition of a deceased person’s personal goods and household effects is often a contentious issue, particularly amongst family members. The conflict is most often caused by sentimental and emotional values friends and family members place on the items rather than their intrinsic values. Unfortunately, most people spend relatively little time considering how to dispose of their personal and household effects on death, but instead, focus on monetary issues. You should, therefore, consider what specific items form your collection of personal and household effects and...
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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.