An executor is the person appointed to carry out the provisions in a will, including distribution of the estate. A trustee is the person appointed in a will (in the case of testamentary trusts) or other trust document (i.e., an inter vivos trust) to administer a trust for the benefit of other persons. The role of executor of a will or trustee of a trust is often thought to be an honour and a great privilege—after all, these important roles reflect an idea of implicit trust in the nominated individuals which allow them immense legal powers. However, as will drafters, we often re-contextualize t ..read more

On March 14, 1957, the Honourable Walter Harris, Minister of Finance under the Liberal government of Louis St. Laurent, delivered a landmark budget speech to Canada’s House of Commons. Despite John Diefenbaker’s rise to power on June 10, 1957, mere months later, the groundwork was laid for the implementation of the registered retirement savings plan (RRSP) in Canada. The stated objective of RRSPs was related “to tax postponement on income set aside for retirement”. This objective has remained the same in the 67 years since. The more things stay the same, however, the more they change. The annu ..read more

Many of us feel overwhelmed when it comes to keeping our financial affairs up-to-date and in order. Whether it is technological challenges, including accessing the information we need through a portal when it used to come automatically through snail mail, new legislation and increasing tax compliance or keeping our estate planning up-to-date, many of us feel an increased burden, more pressure and struggle to keep on top. How can we remove the clutter and organize our affairs to give us a sense of control and peace of mind? Now that personal tax season is finally at an end and spring is he ..read more

“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