Trustees and Ethical Investing
February 7, 2022 By Brian Babcock One of the key duties of a trustee, including an estate trustee, is to invest the trust or estate assets. Failure to invest is a breach of trust, for which the trustee may be required to reimburse the estate or beneficiaries. But what do trustees invest in? And what […]
Trusts and Ethical Investing
November 29, 2021 By Brian Babcock Whether you are establishing a trust (by will or while alive), are a beneficiary, or are a trustee, one of the issues of concern might be the trustee’s duty to invest. What investments are allowed? In particular, what if you, whether settlor, trustee or beneficiary, holds strong views either […]
Whose Property Is It? Certainty in Estate Planning
October 16, 2021 By Brian Babcock Except in very limited circumstances, in your will, you may only give away property that you own. This may seem obvious, but we see recurring cases where people fight over whether an asset was truly owned by the deceased person. The most typical disagreement is whether or not the […]
Peace of Mind: Certainty in Estate Planning
October 4, 2021 By Brian Babcock Sometimes a will leaves it unclear “what property is in the trust?” This is particularly important where your will creates a trust in favour of one person for life, with the remainder going to other persons. Ambiguity creates a variety of issues. One of these is illustrated in the […]
Who are Your “Friends”? Certainty in Estate Planning
September 27, 2021 By Brian Babcock A valid trust requires what are called the “three certainties” – certainty of intention to create a trust, certainty of subject matter (what property is in the trust?), and certainty of objects (who are the beneficiaries?). This applies to most gifts in wills, where the property is usually transferred […]
Compensation of Estate Trustees
September 22, 2021 By Brian Babcock Historically, estate trustees were not entitled to be paid for their work unless the will expressly provided for compensation. Now, in Ontario, the opposite applies – unless the will denies or limits trustees’ compensation, the trustees are entitled to reasonable compensation. This is paid out of the residue of […]
Probate and the Open Court Principle
July 26, 2021 By Brian Babcock Did you know that if your estate requires probate, your intimate financial and personal details may become public record? This has recently been confirmed by the Supreme Court of Canada in Sherman Estate v. Donovan. This estate has some notoriety. Barry and Bunny Sherman were wealthy Torontonians. He founded […]
Family Cottage Succession: A Dream or a Nightmare?
June 29, 2021 By Brian Babcock The idea of a family cottage property being passed down through the generations appeals to many. However, without careful planning, it can turn out to be a nightmare rather than a dream. Holt v. Grieg is an example which also illustrates the versatility of a certificate of pending litigation […]
Is it a Gift?
May 5, 2021 By Brian Babcock If you want to avoid having your estate consumed in lengthy and expensive law suits, you need to take care that your intentions are clear. Sometimes the most important estate planning that you do takes place outside your lawyer’s office. In those circumstances especially, making your intention clear is […]
When Trustees Disagree
April 6, 2021 By Brian Babcock No one establishes a trust, or makes a will, intending to have it result in disagreements or law suits. That is one of the reasons why people are best advised to have a lawyer prepare their wills or other legal documents. Lawyers are trained professionals who know how to […]