1. The Wills, Estates and Succession Act will consolidate four statutes and amend many others when it comes into force, replacing outdated estate law.
2. Some of the significant changes include lowering the minimum age to make a will to 16, recognizing marriage-like relationships, adopting a parentelic distribution scheme, and expanding the court's power to rectify wills.
3. The Act also updates rules around spousal shares, beneficiary designations, administration of small estates, and abolishes common law presumptions.
To understand why so many people include probate avoidance strategies in their estate plan though you need to have at least a rudimentary understanding of the probate process in New York. Learn more about probate process in New York in this presentation.
Why Would I Want a Revocable Living Trust in Connecticut?Barry D Horowitz
You don't lose control of the assets in the trust while you are living, but after you die, the resources are distributed among the beneficiaries outside of the probate process. Learn more about revocable living trust in Connecticut in this presentation.
Slides from "democratization of finance" lecture by Prof. Robert Shiller, taken from http://oyc.yale.edu/economics/financial-markets/content/sessions/session-24-making-it-work-for-real-people-the
O’Donohue Law specializes in real estate closings, estate planning, and business law. Our clients are located throughout Massachusetts and New Hampshire.
John K. “Jack” O’Donohue is a Massachusetts Real Estate Attorney specializing in transactional real estate law. He assists clients with all legal matters associated with acquiring, selling, or securing interests in real property. Clients range from large financial institutions, local banks, small businesses, trusts, and individuals.
Jack received his B.S. in Economics from Trinity College (CT) and was awarded his J.D. from the Massachusetts School of Law at Andover. He is admitted to practice in the Commonwealth of Massachusetts and before the United States District Court for the District of Massachusetts. He is a 2013 Recipient of the Merrimack Valley business magazine’s “40 Under 40″ Award.
Jack lives in Andover with his wife Jennifer and their three boys, Patrick, John and Liam. He is a member of the Board of Commissioners for the Andover Housing Authority; functions as the club administrator for the Rotary Club of Andover; and serves on the Board of Directors for the Essex Art Center in Lawrence, MA.
To understand why so many people include probate avoidance strategies in their estate plan though you need to have at least a rudimentary understanding of the probate process in New York. Learn more about probate process in New York in this presentation.
Why Would I Want a Revocable Living Trust in Connecticut?Barry D Horowitz
You don't lose control of the assets in the trust while you are living, but after you die, the resources are distributed among the beneficiaries outside of the probate process. Learn more about revocable living trust in Connecticut in this presentation.
Slides from "democratization of finance" lecture by Prof. Robert Shiller, taken from http://oyc.yale.edu/economics/financial-markets/content/sessions/session-24-making-it-work-for-real-people-the
O’Donohue Law specializes in real estate closings, estate planning, and business law. Our clients are located throughout Massachusetts and New Hampshire.
John K. “Jack” O’Donohue is a Massachusetts Real Estate Attorney specializing in transactional real estate law. He assists clients with all legal matters associated with acquiring, selling, or securing interests in real property. Clients range from large financial institutions, local banks, small businesses, trusts, and individuals.
Jack received his B.S. in Economics from Trinity College (CT) and was awarded his J.D. from the Massachusetts School of Law at Andover. He is admitted to practice in the Commonwealth of Massachusetts and before the United States District Court for the District of Massachusetts. He is a 2013 Recipient of the Merrimack Valley business magazine’s “40 Under 40″ Award.
Jack lives in Andover with his wife Jennifer and their three boys, Patrick, John and Liam. He is a member of the Board of Commissioners for the Andover Housing Authority; functions as the club administrator for the Rotary Club of Andover; and serves on the Board of Directors for the Essex Art Center in Lawrence, MA.
Foreclosure can be a scary prospect for homeowners, but by Chapter 13 you can stop Foreclosure. Want to know how, Here you can read it out.
Visit: https://bit.ly/2FTGcKD
For Non-Muslims. WILLS DRAFTING AS AN ASSET PROTECTION TOOL IN THE UAE.Maya Ola
The U.A.E is home to many expatriates with assets such as Real Estate Properties, Bank Account Balance, Shares and Stocks among others. With a registered will at the DIFC, owing to the the 2015 Law passed by the Prime Minister of Dubai so that the Sharia Law will not apply to Non-Muslim Asset owners, Non Muslim expats can now protect both present and future assets in the UAE is now assured to the exclusion of SHARIAH LAW provisions.
Succession, attorney & guardianship law reformsRussell_Kennedy
Russell Kennedy Lawyers provides an overview of the updates to Powers of Attorney, Guardianship and Succession law. Originally presented by Daniel Kelliher, Anita Courtney and Michael Labiris on 12 November 2014.
Risk Related to Will and Estate PlanningRobson Hayes
Are you delaying in updating your will or estate planning? If you are doing so, you are putting your will and estate planning at risk until it's too late. Wills and estate planning for your estate should be done early. Source: http://www.robsonhayes.com.au/the-risks-of-putting-off-your-will-and-estate-planning-until-its-too-late
Foreclosure can be a scary prospect for homeowners, but by Chapter 13 you can stop Foreclosure. Want to know how, Here you can read it out.
Visit: https://bit.ly/2FTGcKD
For Non-Muslims. WILLS DRAFTING AS AN ASSET PROTECTION TOOL IN THE UAE.Maya Ola
The U.A.E is home to many expatriates with assets such as Real Estate Properties, Bank Account Balance, Shares and Stocks among others. With a registered will at the DIFC, owing to the the 2015 Law passed by the Prime Minister of Dubai so that the Sharia Law will not apply to Non-Muslim Asset owners, Non Muslim expats can now protect both present and future assets in the UAE is now assured to the exclusion of SHARIAH LAW provisions.
Succession, attorney & guardianship law reformsRussell_Kennedy
Russell Kennedy Lawyers provides an overview of the updates to Powers of Attorney, Guardianship and Succession law. Originally presented by Daniel Kelliher, Anita Courtney and Michael Labiris on 12 November 2014.
Risk Related to Will and Estate PlanningRobson Hayes
Are you delaying in updating your will or estate planning? If you are doing so, you are putting your will and estate planning at risk until it's too late. Wills and estate planning for your estate should be done early. Source: http://www.robsonhayes.com.au/the-risks-of-putting-off-your-will-and-estate-planning-until-its-too-late
According to Skeeles and Cunningham from the Ohio State University Extension, estate planning ensures that the welfare of a loved one is secured even after his or her death. However, the majority of Americans do not have a plan or a will. Why? No one likes to think or talk about his or her own demise, and our loved ones don’t want to hear about this subject either. Another reason is that the majority of us do not fathom the idea of planning an estate.
One of the great misunderstandings is how assets in trusts are dealt with in the Family Court. Are they excluded or are they in?
Asset pools in these cases can be significant, so before you suggest a particular asset-holding structure for a client, it’s important to know what the answer is.
In this webinar for Accountants we look at some case examples and cover the important questions, such as:
- How is property settlement determined?
- What is “property” and what is a “financial resource”?
- What power does the Family Court have to deal with Trusts?
- What, if anything, can be done to remove a Trust from the Court’s reach?
Note: prices shown in the video might not be reflective of our current prices. Please, refer to the website https://www.michaellynchfamilylawyers.com.au for updated information. Thank you.
Faye Wightman, formerly of the Vancouver Foundation, talks about the changes with those who contribute to Philanthropy. She also covers the benefits and reasons to use either a Private or Public Foundation.
Discussion on Assisted Dying Legislation presented by Josh Paterson, BC Civil Liberties Association
Josh is a lawyer and the Executive Director of the BC Civil Liberties Association. The BCCLA is the institutional plaintiff that won the assisted dying challenge in Carter v. Canada. Josh has been leading the organization’s efforts on assisted dying legislation.
Planning strategies for owning U.S. assets or operating a business in the U.S. Presented by Brent Hoshizaki, CPA, CA, CPA (Washington), Sheryne Mecklai, CPA, CA, Noriko Tunnah, US CPA (New Hampshire) - with Manning Elliott LLP
Breaking Up is Hard To Do - Planning issues when untying the knot - presented by lawyer Jane Shanks, VP Assante Wealth Management to the Estate Planning Council of Abbotsford on September 17, 2014.
More from Estate Planning Council of Abbotsford (20)
1. WILLS, ESTATES AND SUCCESSION
ACT
Emma A. McArthur
Estate Planning Council of Abbotsford
May 16, 2012
2. Wills, Estates and Succession Act
(“WESA”)
• Introduced September 14, 2009
• Received Royal Assent October 29, 2009
• Expected to be proclaimed in force spring 2013
2
3. Effect?
• Will repeal and consolidate 4 significant
statutes and amend many others
• Accompanied by new and amended
Supreme Court Civil Rules
3
4. Background:
• 1980’s – Law Reform Commission of BC
publishes a series of reports and
recommendations
• 2003 – B.C. Law Institute and AG initiate the
Succession Law Reform Project to modernize
law
4
5. Continued ...
• 5 subcommittees established involving
practising lawyers, academics, court
officials, AG representatives and a notary
representative
• Consolidated 350 page report issued,
including draft legislation
5
6. Highlights
- some of the significant changes
1. Definitions
• “Testator” and “testatrix” replaced with
“will-maker”
• “Descendants”, not “issue”
• New concept – “nominee”
• No grants of probate
6
9. 4. Revocation of Wills:
• Automatic revocation of Wills by a
subsequent marriage of will-maker is
abolished
9
10. 5. Definition of “Spouse”
• Marriages & marriage-like relationships
of at least 2 years
• Includes opposite and same-sex
relationships
10
11. 6. Specifies when persons will
cease to be considered spouses:
Married?
• When they’ve lived separate and apart for at
least 2 years and one or both have intention to
live separate and apart permanently, or
• A triggering event occurs under part 5 of the
Family Relations Act (i.e. separation agreement,
declaration of no reasonable prospect of
reconciliation, dissolution, nullity)
11
12. Common law?
> When one or both persons
terminate the relationship
12
13. 7. Spousal share of an intestate estate:
• No descendants? Spouse takes all
• Descendants? Spouse receives:
> household furnishings
> spousal preferential share
> life estate in spousal home is eliminated and
replaced with an option to purchase it
13
14. 8. Calculation of Spousal Preferential
Share
• If all descendants of deceased are also
descendants of spouse: $300,000
• If not? $150,000
• Balance of estate: 50% to spouse and
50% to descendants
14
15. 9. Parentelic Distribution Scheme Adopted
• No spouse, descendant, parent or
descendant of a parent?
• Estate is divided between maternal
and paternal grandparents or their
descendants
15
16. 10. New Survivorship Rules
• If a person does not survive a
deceased person by 5 days, that
person is deemed to have died
before the deceased person
16
17. 11. Simultaneous death?
• Presumption that younger person
survived older person is abolished
• Each person is considered to have
survived the other
17
18. 12. Court Power to Cure Deficiencies
• Includes deficiencies in execution
formalities
• But court may also give testamentary
effect to any “record, document, writing
or marking on a Will”
18
19. Continued ...
• “Record” is broadly defined - includes
electronic data that can be read and
reproduced
• Test is whether it reflects the testamentary
intentions of the deceased
19
20. 13. Expanded Court Power to Rectify Wills
• To correct accidental errors and
misunderstandings and failure by the Will
drafter to carry out the will-maker’s
instructions
20
21. 14. Secured Debt Passes with Gifted
Property/Assets
• Property or asset is gifted to a beneficiary and
is subject to a mortgage or purchase money
security interest?
• Beneficiary takes the gift subject to that debt
21
22. 15. Administration of Small Estates
Will probably be defined to mean:
>$50,000 and no interest in land
>Applies to testate and intestate estates
22
23. Continued ...
>Procedure not yet clear
>Likely that an applicant who falls within a
specified class will give necessary
notice(s) and file a small estate
declaration with court and will then
become the deceased’s personal
representative
>No court order and no security required
23
24. 16. Security Where Administration is Sought
• Now – presumption is that security must be
posted by administrator
• WESA – security only required where
(i) minor is involved or
(ii) mentally incapable person without
“nominee” involved or
(iii) court requires security on application by
an interested person
24
25. 17. Beneficiary Designations
• Now – statutory provisions governing
beneficiary designations for insurance are
different from those applicable to RRSPs,
RRIFs and other benefit plans
25
26. Continued ...
• WESA makes the provisions applicable to
RRSPs, RRIFs and other benefit plans
the same
• Will be able to appoint a trustee of an
RRSP, RRIF or other benefit plan
26
27. Continued ...
• “Nominee” will be able to make a
designation consistent with a prior
designation of beneficiary made by the
owner of the plan if the plan is renewed,
replaced or converted
27
28. 18. Common Law Presumptions Abolished
i.e.
>Gift to child is an advance of that child’s
inheritance
>Legacy in Will is revoked if will-maker made a
gift during his/her life of the same amount to that
beneficiary
>Debt owed by will-maker is satisfied by a legacy
equal to or greater than the debt (under WESA,
debt continues to be enforceable against the
estate)
28
29. 19. What Hasn’t Changed?
• Wills Variation Act substantially the same
despite significant changes recommended
• Some minor procedural changes relating
to notice requirements
29