“Gifting” “No good deed goes unpunished” Many people consider gifting some of their hard-earned assets to children during their lives. While this is certainly a generous gesture it can result in negative consequences. While there is no “gift tax” in Canada, one must be mindful of the following issues: Gifts of capital assets (Real estate, investments, etc) may result in a capital gains tax for yourself; If assets are given or loaned to a spouse…
People are often shocked to learn that their Wills may be legally challenged when they die. Under BC’s estate law (the Wills Estates and Succession Act) your spouse or children may challenge your Will if they feel it does not provide for their “proper maintenance and support”. Their right to challenge is absolute and if pursued, your estate will be frozen and tied up for as long as the matter is before the courts (often…
Leave more assets to your heirs, not the Government. Anyone who has considered having a Will prepared or who has suffered a family loss have been forced to consider the legal process of Probate. Many people do not know what it is and fewer still know that through relatively simple planning the impact of Probate on you and your family can be reduced or eliminated entirely. Probate Probate is an approval process administered by The…
We live in a world where people are living to older ages than ever before. Unfortunately, the older we get the greater the chance that we will suffer from a disease, injury or illness that renders us incompetent. If you take no action to plan for this your loved ones may be forced to go to court to become your guardian (at great expense) or the Provincial Government may take control of your financial affairs….
Probate is a legal process administered by the Supreme Court of BC that proves your will is valid, current and confirms who your Executor is. Called a “Representation Grant of Probate” it gives your Executor the legal authority to represent you, wind up your legal and financial affairs, pay your debts and distribute assets to the people you want. The process is a maze of forms, official searches and legal jargon, and may take months…
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