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Wills: When an adult child and executor lives abroad

October 30, 2019/in Wills /by gartonandharris

Having a comprehensive estate plan is a wise move for every individual, especially when children are involved. British Columbia residents, however, who have adult children living stateside should have another look at their wills to ensure all legal aspects are met and that there won’t be issues when the time comes for those wills to come into play, especially when that adult child is not only a beneficiary, but also an executor. Getting over some of the hurdles may be time-consuming and expensive.

If one of the executors of a Canadian will lives in the United States, he or she will likely need to get a foreign executor’s bond before the will can be probated. That bond should be equal to or up to two times the value of the assets of the estate. Failing that, the person can ask the court for an order to forgo the requirement for bonding which can take a lot of time and increased legal fees. It is also not a sure thing the court will grant that request. 

There may also be other hurdles to overcome. They can include dealing with the Canada Revenue Agency (CRA), central management and control of a trust, and filing a Report of Foreign Bank and Financial Accounts (FBAR) with the Financial Crimes Enforcement Network through the U.S. Department of the Treasury if the estate accounts are more than US$10,000. The U.S. resident would also need to protect him or herself from IRS estate tax.   

A British Columbia lawyer may be able to help a client in such a circumstance. Those people with adult children living in the United States must have their wills revised to make sure when it comes time to settle the estate that there are no major issues. Doing so could save time, money and added grief to already grieving family members. 

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Wills: Keeping the peace in British Columbia families

October 17, 2019/in Wills /by gartonandharris

Talking about an inheritance may not be the easiest discussion parents will ever have with their adult children. Speaking to children about wills and other estate planning documents may not be pleasant, but it is necessary. British Columbia residents who want to keep peace in their families when they’re gone should really discuss who will be getting what when the time comes and give their children the chance to weigh in with their thoughts and feelings.

No parent wants to feel that their children believe they’re being treated unfairly. Discussing estate planning — especially when blended families are involved — allows siblings to avoid a potential fallout regarding their inheritance. Open, honest discussion is one way to make everything work and to help everyone involved understand where each person is coming from. 

Parents don’t want their families to be torn apart by estate planning. Having a frank discussion might be emotionally fraught, but it would be worse not communicating at all. When children are involved in the planning process, it may pave the way for some serenity they experience when their parents are no longer here and when the estate plan is administered.

A British Columbia lawyer can sit with a client who has had a discussion with his or her children and help the client by explaining estate planning documents like wills, powers of attorney and health care directives. A lawyer can assist a client in fashioning an estate plan that meets his or her family’s needs. Keeping family members content and at peace during their grieving is part of the goal of a comprehensive estate plan and a lawyer can help a client achieve this goal. 

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Estate administration and estate planning for common law couples

October 1, 2019/in Estate Administration & Probate /by gartonandharris

Some couples may have lived together for years, yet choose to remain unmarried. Things are different today than they were decades ago and it has become socially acceptable for couples to live in common law unions. But some things still aren’t so easy for such couples and one of them involves estate planning so that estate administration in British Columbia can be as seamless as possible when the time comes.

Firstly, nearly half of all adult Canadians don’t have a will. That can be an additional issue for common law couples who may manage their finances separately. Common law partners might want to look out for some mistakes to avoid when writing their estate plans.

Some couples who live together may own property as tenants in common rather than as joint tenants. This could pose a problem in the long run since when one partner dies, his or her share of the home could pass on to an heir rather than to the remaining partner. Having a clause in a will that states a surviving partner can stay in the home after the death of the other is crucial and could avoid an awkward situation. Other pitfalls of estate planning in these instances could include leaving too much or too little to a surviving partner or leaving the wrong assets to a partner.

Estate planning and estate administration under any circumstances doesn’t need to be overly complicated or confusing, especially with the assistance of an experienced British Columbia lawyer. A lawyer will have an understanding of how the laws can affect couples who aren’t married, but who have been living together. Getting the guidance of a lawyer may ensure all the i’s are dotted and the t’s are crossed in the estate plans of cohabiting individuals.   

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