Felty v. Ernst & Young LLP, 2015 BCCA 445, is an interesting case from the Court of Appeal of British Columbia. The issue on appeal was whether the trial judge erred in concluding that a retainer agreement clause limiting the respondent firm’s liability to the amount of its fees was enforceable. The respondent, Ernst and Young (EY), was hired to provide tax advice in respect of divorce proceedings and a….
Two witnesses are sometimes hard to find. In a pinch, could an individual who is appointed as an executor under a Will act as a witness to that Will? In Ontario, the rules governing the formalities of Wills, including the eligibility of witnesses, are set out in the Succession Law Reform Act, R.S.O. 1990, c. S.26 (the “SLRA”). Section 14 of the SLRA states that an executor can be a….
Can an executor act as a witness to a Will? Continue Reading »
Estate Planning, Executors, WillsReciprocal wills contain terms that mirror one another and are frequently prepared for couples. Mutual Wills are reciprocal Wills that the testators have agreed cannot be changed, at least without the consent of the other. Where there is no written agreement, the question arises: when do reciprocal Wills become mutual ones? The answer of the recent decision of the Ontario Superior Court of Justice in Rammage v. Estate of Roussel….
Mutual Wills – May Require Less than You’d Think Continue Reading »
Estate Planning, WillsClients who have strong preferences regarding their personal care sometimes include wishes or directions for their attorney to follow in making health care decisions on their behalf. These wishes or directions may include the client’s desire that the hospital refrain from administering CPR or other resuscitation. In addition or alternatively, a client undergoing treatment may have a conversation with his or her health care team regarding resuscitation and a Do….
DNR Order Confirmation Form – A Directive is Not Enough Continue Reading »
Estate Planning, Power of AttorneyIn Will drafting, it is common to include beneficiary designations for life insurance, TFSAs and RRSPS/RRIFs, but sometimes pension plans are overlooked. If the client has a spouse (married or common law), the spouse will automatically receive the client’s pension survivor benefits pursuant to Ontario law. However, members of a plan generally have the ability to designate a non-spouse beneficiary to receive benefits in the event that they die with no spouse surviving. In Ontario, the ability to designate a beneficiary by Will to receive benefits from a pension plan on a member’s death is found in sections 50 and 51 of the Succession Law Reform Act…..
Pension Beneficiary Designations – Don’t Forget the Tax! Continue Reading »
Estate Administration, Estate Planning, Spouse, Tax Issues, WillsOn March 22nd, Finance Minister Bill Morneau tabled the 2016 Federal Budget (the “Budget”). As expected, the Budget contained a number of measures impacting personal wealth planning. Some of the more significant measures include:….
The 2016 Federal Budget and Personal Wealth Planning Continue Reading »
Estate Planning, In the News, Tax Issues