British Columbia residents should be aware that Canada does not have true “estate taxes.” However, certain liabilities may need to be paid upon the death of a loved one, by the estate of that loved one before the estate’s assets may be distributed. Those include income tax due to deemed disposition and Registered Retirement Savings […]
There is an old Roman saying that says the people who want to have peace should always prepare for war. In some ways, this notion applies to estate planning. Indeed, a good estate plan will seek to achieve several very important goals, and one of the most important ones is the avoidance of family infighting, […]
Canadians of all ages are encouraged to have a power of attorney document on file. In fact, this is one of the most basic estate planning documents that — in many ways — is even more important than a will. That’s because, if you pass away without a will, the law will still provide a […]
Technically speaking, Canada does not have inheritance tax. Rather, the Canada Revenue Agency sees the transfer of an estate’s wealth after someone’s death as a “sale.” If the estate is not received by a common-law partner or a surviving spouse, then the estate will pay taxes owed to the CRA instead of the beneficiaries needing […]
British Columbia residents may want to consider getting their powers of attorney drafted and signed now, before it’s too late. Indeed, illness can come on fast — and sometimes it’s instantly — and once someone becomes incapacitated, it’s no longer possible to set up a power of attorney when it’s needed most. Countless Canadians have […]
Receiving a sudden and unexpected inheritance of $100,000 is quite a gift, especially if you already have your retirement planning settled and the extra money is nothing more than that, extra money. The question is, what should you do next? When it comes to what the receiver of a $100,000 inheritance “should” do, it seems […]
A will is the most important piece of estate documentation that exists. British Columbia residents who fail to draft a will before they die are leaving a complicated situation for their loved ones to try and sort out — a situation that could result in disgruntled family members or even lawsuits as potential heirs try […]
One of the ways many people deal with the immediate grief following the loss of a loved one is by honoring that person in some way. Remembering the person, and telling favorite stories about him or her, can help reduce the shock of the loss. Throughout the days, weeks and months following a death, you […]
Probate proceedings in British Columbia can be long and complicated, but they can also be relatively simple. It all depends on the size of a particular estate and how the decedent organized it prior to death. When a British Columbia resident passes away, the need to go through probate proceedings is decided by the policies […]
Powers of attorney are important legal documents that every Canadian should have on file. A power of attorney assigns special authority to a trusted individual who can make decisions on behalf of the power of attorney holder in the event the person becomes incapacitated. Having this document on file makes things immeasurably easier on loved […]
In the digital era, Canadians have more and more “digital assets” stored online. These digital assets could be photographs on Facebook, they could be reams of email messages between family and friends, and they could be your blog content. Digital assets can also be found on online investment accounts, online banking statements and more. Digital […]
British Columbia residents have no doubt heard the terms power of attorney and representation agreement discussed in the context of estate planning. They may even know that they should consider drawing up a power of attorney and representation agreement as a part of their estate plans. However, they might not know how these two legal […]