A Digital Estate Plan Defines Your Virtual Life After Death

Suzana Popovic-Montag | Posted 07.22.2016 | Canada Living
Suzana Popovic-Montag

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.

There Are Measures You Can Take To Discourage A Will Challenge

Suzana Popovic-Montag | Posted 06.13.2016 | Canada Business
Suzana Popovic-Montag

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.

What Should Happen To Prince's Unreleased Music?

Reggie Ramone | Posted 05.18.2016 | Canada Music
Reggie Ramone

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?

Handling Foreign-Based Estate Assets

Suzana Popovic-Montag | Posted 05.16.2016 | Canada Business
Suzana Popovic-Montag

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.

Modern Estate Planning Should Reflect A Changing Society

Suzana Popovic-Montag | Posted 04.29.2016 | Canada Business
Suzana Popovic-Montag

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.

Start Your Estate Planning As Early As Possible

Suzana Popovic-Montag | Posted 04.02.2017 | Canada Business
Suzana Popovic-Montag

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.

How To Deal With Digital Assets In Estate Planning

Suzana Popovic-Montag | Posted 03.18.2017 | Canada Business
Suzana Popovic-Montag

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.

The Process Of Locating The Heirs Of An Estate

Suzana Popovic-Montag | Posted 01.25.2017 | Canada Business
Suzana Popovic-Montag

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.

Income Tax Obligations and Accounting Requirements

Suzana Popovic-Montag | Posted 01.08.2017 | Canada Business
Suzana Popovic-Montag

When taking on the role of estate trustee, there is no shortage of responsibilities and obligations. Along with other obligations described within our...

The Roles And Responsibilities Of An Estate Executor

Suzana Popovic-Montag | Posted 12.24.2016 | Canada Business
Suzana Popovic-Montag

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.

The Advantages And Disadvantages Of Do-It-Yourself Will Kits

Suzana Popovic-Montag | Posted 10.30.2016 | Canada Business
Suzana Popovic-Montag

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.

The Risks and Rewards of Using Multiple Wills

Suzana Popovic-Montag | Posted 10.02.2016 | Canada Business
Suzana Popovic-Montag

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.

Make 2014 the Year You Commit to Getting Financially Fit and Healthy

Jane Blaufus | Posted 02.28.2014 | Canada Living
Jane Blaufus

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 "Marriage" of Estate and Family Law

Suzana Popovic-Montag | Posted 09.03.2013 | Canada Business
Suzana Popovic-Montag

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.

The Power of a Do-It-Yourself Will

Suzana Popovic-Montag | Posted 08.26.2013 | Canada Business
Suzana Popovic-Montag

Every year, many consumers create their own estate planning documents, such as wills and powers of attorney, using do it yourself kits. These kits can be found online or in shops across the country, ranging from free downloadable documents to significantly expensive ones.

What Snowbirds Should Know Before They Buy Down South

Suzana Popovic-Montag | Posted 08.17.2013 | Canada Business
Suzana Popovic-Montag

Those in the market for snowbird condominiums or other properties south of the border need to buy what it is they can afford and can make them happy, without their estate plans at the forefront of their mind. However, it's important not to be naïve in these cross-border property purchases, in order to ensure assets pass on in a meaningful way.

Estate Planning for Diverse Family Types

Suzana Popovic-Montag | Posted 08.14.2013 | Canada Business
Suzana Popovic-Montag

Increasingly, Canadians are finding happiness later in life with second spouses and second families. In these situations, professional advice may be desirable to balance the competing demands of providing for the first and second families in an estate plan. This has resulted in a host of creative solutions.

Using Technology to Plan Your Estate

Suzana Popovic-Montag | Posted 08.03.2013 | Canada Business
Suzana Popovic-Montag

With social media, electronic banking and online investing, our lives are becoming increasingly digital. Important documents containing crucial information, such as financial statements and tax receipts, are being stored in on-line databases, creating elements of a virtual estate. With this in mind, technology is playing a bigger and bigger role in estate planning.

What Baby Boomers Should Know About Estate Planning

Suzana Popovic-Montag | Posted 07.23.2013 | Canada Business
Suzana Popovic-Montag

The baby boomer generation should be paying particular attention to their estate plans. It is a generation that is participating in a large generational transfer of wealth and it is a generation that has increasingly more time on its hands.

Taking Over the Taxes of the Deceased

Suzana Popovic-Montag | Posted 06.29.2013 | Canada Business
Suzana Popovic-Montag

On an individual's death, a new taxpayer is created. The estate trustee is responsible for tax on income earned by the individual up to the date of death. All too often, an estate trustee will begin administering the deceased's assets, only to realize that the deceased had failed to properly file and pay taxes during the later years of his or her life.

Executor to Someone's Estate? You Might Qualify for Compensation

Suzana Popovic-Montag | Posted 06.16.2013 | Canada Business
Suzana Popovic-Montag

When a person is an executor of another's estate, it is a lot of hard work. The task often puts the individual in an unpleasant position of conflict. In order to remunerate these individuals for the risks and efforts that they have undertaken, attorneys, executors and trustees may claim compensation for their work out of the assets which they administer.

Try This Alternative to Estate Litigation

Suzana Popovic-Montag | Posted 06.10.2013 | Canada Business
Suzana Popovic-Montag

Estate litigation can be costly, both financially and emotionally. Thankfully, there is another avenue besides the courtroom that can serve to reduce both types of stress: alternative dispute resolution. Alternative dispute resolution mechanisms allow for disputes to be dealt with outside of the courtroom and are often an attractive means for litigants wishing to push toward settlement.

The 411 on Power of Attorney

Suzana Popovic-Montag | Posted 05.26.2013 | Canada
Suzana Popovic-Montag

A Power of Attorney is a written document in which authority is given to your Attorney to make decisions on your behalf. In other words, it is the app...

Are Powers of Attorney necessary for your Estate Plan?

Suzana Popovic-Montag | Posted 05.25.2013 | Canada Business
Suzana Popovic-Montag

Because of the importance of powers of attorney to the rights and quality of life of an individual who has become incapable, it is absolutely essential that they be kept up-to-date. A careful review of your powers of attorney should be undertaken every three to five years or after any material life events, such as a marriage or a change in health conditions.

Don't Delay, Make a Legal Will Today

Suzana Popovic-Montag | Posted 05.21.2013 | Canada Business
Suzana Popovic-Montag

Approximately one half of Canadians do not have a will. For those who do, many are in need of an update. While preparing a will is not a priority for many of us, the reality is that nobody lives forever. The need for valid, well-prepared wills has never been more pressing.