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April 2017 Archives

Estate planning for the digital age

All residents of Ontario should make provisions for the distribution of their estates after they pass away. For some, this may mean little more than creating a simple will and granting power of attorney in case of incapacitation. For those with more complicated estates, careful estate planning is essential, especially in the digital era of the 21st century.

Lack of preparedness could see more adults fighting over parents' wills

Last year, a CIBC report indicated that an estimated $750 billion in assets is expected to pass into the hands of baby boomers over the next decade. That's a lot of wealth transferred - in fact, the largest expected in Canadian history. Yet, before the windfall, many families are likely to weather storms as disputes arise between heirs over the distributions. If you're an adult child, then a recent BMO report may serve as a good wakeup call, signalling the wisdom of advance planning and communication with both your siblings and parents.

What are the requirements for filing a will contest?

A will is a legally documented instruction of a person's specific orders for the distribution of his or her assets upon death. If a person believes the will of a family member or a friend does not reflect the deceased person's true final wishes, he or she may be entitled to bring a will challenge. However, this is a complicated field of estate law, and pursuing this particular type of legal proceeding often requires legal guidance.

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Merovitz Potechin LLP
300-1565 Carling Avenue
Ottawa, ON K1Z 8R1

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