John M. Macaulay Professional Corporation
The common understanding of joint ownership is that where two people own an asset jointly and one dies the survivor becomes the sole owner of the asset. This is certainly true among spouses, not necessarily with others. It is common to have a parent appoint an adult child as a joint owner on a bank.
The Family Law Act (the “FLA”) provides that if the surviving spouse’s “net family property” is less than the “net family property” for the deceased the surviving spouse may elect to take one half of the difference between the “net family property” of each of them. The computation of each person’s “net family property” is.
Estate trustees in Ontario are required to file the Estate Information Return with the Ministry of Finance within 90 days of the issuance of the Certificate of Appointment of Estate trustee. We recommend that the Return be delivered to the Ministry of Finance in a manner whereby receipt by the Ministry can be confirmed. The.
Being an estate trustee has many serious responsibilities. Some are almost inconsequential and others are quite monumental. Many times I am asked by estate trustees if they are entitled to be paid. The answer is “yes” but they are only entitled to receive a reasonable amount for their administration. An Ontario court would look at:.
Being an estate trustee has many serious responsibilities. Some are almost inconsequential and others are quite monumental. Don’t forget to request Canada Post to redirect the deceased’s mail. While this does not seem urgent it might be one of the most important items to be attended to. Go to the local post office branch taking.