TheaDesign via Getty Images
Online social media, if unaddressed by an estate plan, can be the cause of litigation. A person's social media may include writings, pictures or other mementos. These items may hold sentimental value to that person's family members and friends in a way that may not have been contemplated by the deceased.
Jumana El-Heloueh / Reuters
Will challenges can involve a great deal of time and expense, many times to the detriment of the estate. There are multiple grounds upon which a will challenge may be based; however, the two most commonly pleaded are lack of testamentary capacity and allegations that the testator was subject to undue influence.
Nivek Neslo via Getty Images
What truly sets Prince's estate apart from most deceased musicians is what he left behind: a personal vault of 2000 works of unreleased music. To put it in perspective, there is enough music to release one album every year for the next century. I know what you're thinking: What will happen to all of this music, and will we ever hear it?
Blend Images - Sam Diephuis via Getty Images
As more Canadians are choosing to spend greater time abroad, it has become increasingly common for estates to include foreign-based assets upon death. From an estate law perspective, foreign-based assets can give rise to estate administration issues that are best addressed as part of an estate plan created in consultation with professional advisors.
In recent years, an aging population and the rise of non-traditional marriages have become issues that are increasingly relevant to estate planning considerations in Canada. As society shifts over time, it is important that estate planning methods and strategies are capable of adaptation to suit changing needs.
denphumi via Getty Images
When discussing estate planning, we often focus on the more complex details, such as how to reduce tax liability for your estate, or whether to make use of multiple wills. However, before moving on to these more complicated topics, it is vital to start from the beginning and consider the basics as a first step in estate planning.
franny-anne via Getty Images
Due to recent technological advancements, one's digital presence has become an important part of every day life. As a result, it is increasingly important to consider how this may impact traditional estate planning. With increasing frequency, individuals are creating complex lives online, which may include a social media presence, electronic banking, reward point balances, online investments, and many other possibilities.
As several of our previous entries address, the executor of an estate has many duties and obligations in the administration of a loved one's estate. Among these duties, is the obligation to locate all heirs who are entitled to share in the assets of the estate of the deceased.
Eric Audras via Getty Images
When taking on the role of estate trustee, there is no shortage of responsibilities and obligations. Along with other obligations described within our previous article, the fiduciary duties of an esta...
Being named as the executor within an individual's last will and testament is sometimes perceived as an honour. However, it is important to understand that acting as the executor of an estate comes with significant responsibility.
AmbientIdeas via Getty Images
Every year, thousands of consumers create their own wills, powers of attorney, and other estate planning documents using kits which are available either on the internet or in retail locations. With a more sophisticated population and increasing numbers of people on the internet, there has been a proliferation of products available in recent years.
Tony Cordoza via Getty Images
People have always sought out new and innovative ways to reduce or avoid taxes. In estate planning, some of the more traditional methods have included designating a beneficiary directly in an insurance policy or naming a joint account holder with a right of survivorship. Multiple wills are another effective technique and as a result, have become increasingly popular over the last decade.
This New Year as you make your resolutions, commit to making one that will get you healthy and fit -- financially. While setting personal resolutions have become second nature, the New Year should also be the time each of us sits down with family. Talk about what your financial goals are in 2014 and what you need to have in place to ensure that your family is protected and aware.
The shift: divorce and other complicated family dynamics mean closer ties between the two worlds of family law and estate law. As family dynamics shift away from the previous norm of a single traditional marriage and nuclear family, and toward increasing numbers of second and subsequent marriages, blended families, and common law relationships, the need for estate planning becomes a more pressing and complex concern.