“When Should You Have a Local or Separate Situs Will or Power of Attorney?” Many of our readers, especially business owners, may be familiar with the concept of having multiple wills in the same jurisdiction, where each will governs different classes of assets—usually used to avoid paying estate administration tax (aka probate fees) on assets that do not require probate to deal with. For more information on this strategy see our prior blog post: But what about assets in different jurisdictions? If you have assets in multiple jurisdictions or spend significant amounts of time in another provinc ..read more

Join us in congratulating Margaret O’Sullivan, founder and managing partner of O’Sullivan Estate Lawyers LLP, in winning Bronze in the “Outstanding Individual of the Year” category in the Citywealth Powerwomen Awards USA 2024. Margaret responded on winning this award: “This is a special honour that means a lot to me. As the only Canadian nominated this year, I hope to help other Canadian women leaders who work with private clients and high net worth individuals in wealth management, to inspire the next generation.” Mary Gardiner, of Morgan Stanley, won Silver and Sandra Viana, of Withersworldw ..read more

Spence v BMO Trust Company, 2016 ONCA 196, is a topical case which has featured in our blog as recently as January 2023. This case serves as a reminder that testamentary freedom – a will-maker’s right to dispose of his or her property as he or she sees fit – is not without limit. Recent Decisions of the Court of Appeal for Ontario The Court of Appeal for Ontario took the opportunity to briefly cite Spence in Ihnatowych Estate v Ihnatowych, 2024 ONCA 142, a decision issued February 28, 2024 – just last month – where Justices of Appeal Lauwers, van Rensburg, and Thorburn affi ..read more

What is the duty to account? This refers to the obligation of persons acting in a fiduciary capacity, such as a trustee, executor or attorney or guardian for property, to keep records of the assets and liabilities they are managing on behalf of others and be able to accurately report their activities and results when required. The obligation first arose from equity and common law. What must be included in accounts? The common law perspective that developed with respect to estates is set out in Campbell v. Hogg[1] which states: Accounts are to contain a true and perfect inventory of t ..read more

When it comes to estate planning and administration for the modern family, embracing change is an imperative. No longer will traditional approaches set in the past based on simpler family structures meet changing client needs—and more so going forward as families continue to become even more complex. Join this webinar from O’Sullivan Estate Lawyers LLP recognized as one of Canada’s leading trusts and estates legal boutiques and well known for its thought leadership and its expertise in serving the complex needs of families, domestically and in cross border and multijurisdictional succession pl ..read more

There is increasing uncertainty about the future of U.S. estate tax. On the one hand, under U.S. legislation that temporarily halved the lifetime exemption amount passed during the Trump administration, the lifetime exclusion amount is set to decrease on January 1, 2026, to $5M (USD) adjusted for inflation since 2011, unless legislation is passed by Congress. On the other hand, with Presidential and Congressional elections in the Fall, the ball is in the air depending on their outcomes. The Trump administration reduced the estate tax to its lowest level ever, and Republicans have endorsed a co ..read more

Now that we are well and truly into calendar 2024, we have the benefit of hindsight. Here are four important Ontario Court of Appeal decisions on trust and estate matters as well as the 2023 “Case of the Year.” Four important Court of Appeal decisions While the Supreme Court of Canada heard no cases strictly falling within the area of wills, estates, and trusts during 2023, the Ontario Court of Appeal heard several, including the following: Algra v Comrie Estate, 2023 ONCA 811 (CanLII)The appeal arises from the findings of the motion judge in the lower court. The underlying incident was a fat ..read more

In past blogs, we’ve discussed the importance of having a Power of Attorney for Property and a Power of Attorney for Personal Care. Without these documents in place, your loved ones will be faced with the long process of applying to court to become a guardian in the event you can no longer make any financial or health care decisions on your own. Given how important these documents are, thoughtful consideration should be given to who your attorneys should be. However, in some cases there just isn’t someone available who can perform these roles. So, what happens then? In very rare circumstances ..read more

Trusts, and discretionary trusts in particular, are a staple of estate planning for their flexibility and adaptability. They can address a multitude of situations such as: managing assets for spouses, minors, persons with disabilities or vulnerabilities; asset protection and preservation; business wealth and succession; and incentivizing activities such as education. Trusts are not just for personal planning as they can form the basis for active charities and foundations or be used for business purposes such as mutual funds or an alternate to a corporation. Whatever the flavour of trust, a key ..read more

The welcoming of a new child into the family is a great time for parents to update their estate plan to include their bundle of joy. But what about a new grandparent? The question always arises: should I leave anything for my grandchildren? The short answer is that you don’t have to: a grandparent is under no obligation to leave grandchildren anything in their Will. There is a narrow exception if the grandparent has provided financial support to their grandchild, which can give rise to a support obligation, but grandparents otherwise have free rein to do as they please when it comes to gifts t ..read more