A person who is over the age of 18 is presumed to be capable of entering into a contract, and the rest of the world is entitled to rely upon this presumption unless they have reasonable grounds to believe otherwise. However, the court in England was recently asked the question of whether a solicitor dealing with an elderly person had “no reasonable grounds to suspect incapacity”; to prove the negative and to set a standard with respect to the issue of contemporaneous notes.
A change in personal circumstances, however drastic and life changing, does not necessarily have the legal significance or effect that clients expect. The most obvious, yet less known example of this is separation and marriage.
Many people are not aware of the creditor protection associated with designating a beneficiary to an RRSP.
Is it possible to disclaim a life interest once you’ve already been receiving payments of income or capital, and to accelerate payment of the trust property to the remainder beneficiaries?
We must assume responsibility and ownership of our profession.