Wills
Q: My child has always had a difficulty in handling funds and I want to protect my child when I’m no longer here.
A: We can set up a testamentary trust which would allow your executor to manage your funds for that child’s benefit.
Q: I am planning to remarry, do I need to redo my Will?
A: Yes. Your old will becomes invalid when you divorce or re-marry.
Q: How often should I redo my will?
A: Whenever there is a major change in your circumstances. If there has been no significant events in your life, then every five years or so you should review the will to make sure you are still happy with its terms.

Trusts
Q: Can I save taxes if I set up a trust?
A: Yes you may save some taxes, but you will also have some transactional costs that might be more than the savings. Each trust needs to be reviewed specifically to see whether there is real benefit to creating the trust
Q: Is the moving of property to a trust a taxable transaction?
A: Yes it can be unless you meet the qualifications for an “alter ego trust”.

Estates
Q: How do I get the Will from the deceased’s safety deposit box?
A: You can make an appointment with the Bank and ask them to list the contents of the safety deposit box. If you are the named executor in the Will, the bank will give you the original will to bring to the office for the start of the probate process.
Q: Should I name all of my children as my executors?
A: Yes. As the parent you do not need to choose which children should be the executor. Even for children who don’t always agree with each other it is probably easier to administer an estate if all those who have a vested interest in the administration are equal participants. Any child can renounce or postpone their appointment if it is not convenient, or if they are content with the other sibling(s) proceeding with the probate application.
Q: Can my executor and the guardian for my children be the same person?
A: Yes if you so wish. While the Executor/Trustee and the Guardian have different roles in relation to the children, we all make short term and long term decisions all the time. If the person you have chosen is an obvious and good choice, as Executor, it is probably appropriate that the same person(s) serve as Guardian.

Corporate and Commercial
Q: I have a family business and only one of my children wants work in it. What should I do?
A: This can be a very complex problem requiring a great deal of time and effort to reach a decision that all of the children buy into. We have found that it is often necessary to differentiate the children in their capacity as owners and as workers. The business can bonus extra money to the worker and treat equally those who are owners. It helps if there is real estate owned by the business as the passive/active problems in small business is less acute if the issue is one between a landlord and a tenant. We prefer to make a plan which gets the children involved and “mediate “a family solution that works with every one. The true test of success is to have the family remain a close family unit.
Q: Are there estate planning issues and solutions which I can use with my business?
A: Yes.  Having an active business operated through your a company you own gives quite a bit of scope to good estate planning

Needed Documentation
Q: What legal documents do I need to have in place to ensure my family can do whatever needs to be done, should something happen to me?
A: You need an up to date will, enduring power of attorney and a representation agreement.

Real Estate
Q: When should I see my lawyer when I want to buy or sell my property?
A: It is not uncommon to speak to you lawyer when you want to buy so that you can review the state of title of the property you are interested in  before you remove the subjects to you purchase. You will need to see the lawyer for both purchase and sales to deal with the paper work and ensure the proper transfer of the money.


©2006 Munro & Crawford | Privacy Policy | Contact Information

Website design in Vancouver by Graphically Speaking