All About Estates

Category: Trustee

Total 89 Posts

Of Love, Resulting Trusts, Matrimonial Homes and Fenlon Falls

The gratuitous transfer of property from a parent to an adult, capable child may result in a resulting trust.

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Someone else’s tax bill – Sometimes there is no getting away from it!

In Dreger et al v the Queen (2020 TCC25), the beneficiaries of an estate bequest appealed assessments for unpaid taxes by the deceased. In this case, the deceased was an annuitant of a life income fund (“LIF”) and prior to his death, he designated to each of his daughters as…

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BARE TRUSTS

A bare trust, also referred to as a naked trust, exists where a person, the trustee, is merely vested with the legal title to property and has no other duty to perform or responsibilities to carry out as trustee, in relation to the property vested in the trust. The sole…

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Investment Policy Statements (IPS) for Trusts

This blog has been written by Robert Boyd, Scotia Wealth Management When acting as Trustee, in most cases it’s advisable to consult an investment specialist to select the investments. The practical reason for doing so is to limit personal liability and ensure the assets are invested in a suitable way,…

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How to Provide for Your Island in Animal Crossing: New Horizons After Your Death: Part I

This is a three-part blog series that seeks to explore the manner in which one can conduct estate planning with respect to their copy of the popular 2020 Nintendo Switch video game Animal Crossing: New Horizons. Part I will discuss the importance of this topic and describe the applicability of…

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Master the ETDL Appointment

Estate Trustees During Litigation are appointed in a wide variety of situations where a neutral party is needed to administer and preserve the estate assets. The bar for their appointment is lower than to remove an estate trustee.

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Elder Financial Abuse During COVID-19

A few weeks ago, I came across a media article about elder financial abuse involving the use of a power of attorney. In my view, this issue has even greater relevance today in light of the current COVID-19 lockdown, and the resulting physical isolation of our vulnerable seniors. The Story…

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Estates Law and Privacy Law: An Incomplete Intersection (Part II)

This is the second entry in a three-part blog series about the current state of estates law vis-à-vis privacy law. Part I focused on the relevant federal and provincial privacy legislation. Part II will examine significant court decisions relating to this area. Part III will look at solutions for lawyers…

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Hidden Fees – A Breach of Trust

Registered accounts are often set up as express trust accounts, with the bank acting as trustee and the account holder as beneficiary. In these cases, banks are subject to all the same fiduciary duties and responsibilities that apply to all trustees – meaning they cannot charge hidden fees.

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Secret Trusts

Secret and trusts are essentially trust arrangements made between a testator and a trustee, without written disclosure or agreement of the terms of the arrangement, but where an understanding exists between the parties. Based on precedent in case law, the essential elements of a secret trust are: • An intent…

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