Manijeh Moieni has focused on the laws of Wills, Estates and Trusts for over 16 years. She brings i
A "living will" is not a legally enforceable document. Do a Representation Agreement.
The case of Margot Bentley is highlighting the uncertainty of living wills under legal scrutiny but there are other options for those who who want their end-of-life plans to be honoured.
There are specific rules for powers of attorney dealing with real estate
The Land Title Act requires the attorney to do certain things and follow certain procedures, and there are certain rules that apply. For example, a power of attorney dealing with real estate is only valid for three years from the date of signing, unless otherwise specified, or unless it is an enduring power of attorney as described in the Power of Attorney Act, which has been filed in the Land Title registry in accordance with the Land Title Act. You can get a copy of the Land Title Act at your local library or find it on the government’s legislation website at www.bclaws.ca. Because real estate involves large amounts of money, you should consult a lawyer for real estate transactions rather than trying to do it yourself.
BC Laws provides free public access to the early unofficial consolidation of British Columbia laws.
HOW WILL YOUR ESTATE BE DIVIDED IF YOU DIE WITHOUT A WILL?
If you die without a will, BC’s Estate Administration Act dictates how your estate will be divided. It sets out the following rules:
• If you own a home, your spouse will have the right to use it for life. This is called a "life interest" and can tie up the estate for a long time. Your spouse receives the first $65,000 of your estate. Then if you have children, your spouse and children share what’s left – equally if you have one child, and if you have more than one child, then one-third to the spouse and the remainder equally to your children. If you have no children, then your spouse gets everything. Children born outside of marriage are treated the same way as other children in the family. But step-children are currently excluded. However, this may change in 2011, when a new Family Law Act is expected to be introduced.
• If you don't have a spouse, or if your spouse is dead, the estate goes to your children. If any of your children died before you, leaving their own children, then their children would take equally the share of your dead child.
• If you have no children or grandchildren, then your parents (or the survivor of them) get the estate.
• If your parents are dead, then the estate goes to your siblings, but if one of them has died before you and left any children living when you died, those children receive your dead sibling's share.
• If all your siblings are dead, then your estate is divided equally among your nephews and nieces, but if there are none, then it’s left to your other relatives based on a table of family connections that shows how they are related to you.
What is an executor, and what does the executor do?
The executor is named in a will. In general, the executor gathers up the estate assets, pays the deceased’s debts including taxes, and divides what remains of the deceased’s estate among the beneficiaries.
Timeline Photos
If you own real estate in USA, in some states, like Arizona, you can do a Beneficiary Deed to avoid probate!
If you own real estate in USA, it is really important to obtain proper tax and probate advice from a lawyer licensed in the state you own real estate.
We are thrilled to announce the opening of our real estate school. Check it at www.realestateprep.ca!!
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IF I had to give one piece of advice to anyone who is thinking about running a business it would be to make sure you get your cashflow working efficiently from the outset.The success or failure of a
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Are you using a real lawyer or are you being duped??
Under theLegal Profession Act, the Law Society of BC is responsible for licensing lawyers and regulating the practice of law.
the Canadian Charter of Rights and Freedoms became law 30 years ago today! Click on the link below to read it.
Consolidated federal laws of canada
Happy Persian New Year - 1391!!
http://www.cbc.ca/news/business/story/2011/12/16/f-year-end-tax-savings-tips.html
Year-end to-do lists are filled with reminders to get the shopping done, do some baking and plan get-togethers with family or friends. There are, however, less festive but perhaps more financially lucrative actions people can take by New Year's Eve.
Five year-end tax tips
If you are self-employed, a parent sharing custody or planning to take money out of your TFSA, here are some things to consider
Where there's a will, there's a way
Honest and open discussion with family is the best policy when writing a will
Sign up for the best government program in Canada
The Registered Disability Savings Plan gives a man or woman up to $3 for every $1 contributed by that man or woman – to a lifetime maximum of $70,000 – but the program is undersubscribed.
http://www.youtube.com/watch?v=mM5Ep9fS7Z0&feature=player_embedded
Robert Reich reveals the 7 biggest lies about the economy.
Common-Law Relationships: Your Income, Support and Property Rights
Dividing Family Assets Between Married Spouses When Their Marriage Breaks Down
Definition of Spouse - Federal vs. Provincial Law
What Happens When You Die Without a Will?
Making a Will and Estate Planning - A General Overview
Powers of Attorney and Representation Agreements in BC
Common-Law Relationships: Your Income, Support and Property Rights - Read under the Discussion Tab under this page.
The provincial Family Relations Act defines "spouse" as including married spouses and unmarried couples, providing that the unmarried couple has lived together in a "marriage-like relationship" for at least two years. As the federal Divorce Act only applies to married couples, the only rules that apply when unmarried relationships end are set out in the Family Relations Act and in the common law, usually the law of trusts.
Dividing family assets between married spouses when their when their marriage breaks down. Read under the Discussions Tab on my Estate Planning in BC page on Facebook.
Baa baa black sheep are you in the will?
One issue parents struggle with: Should the 'good' child receive get the same inheritance as the 'bad' child?
These seniors made a $700,000 tax mistake
A B.C. couple cost their kids $700,000 in unnecessary tax because they planned with their heart and not their head.
http://www.cbc.ca/news/politics/story/2011/08/22/pol-layton-last-letter.html
Read Jack Layton's final letter to Canadians, written just days before his death.
How entrepreneurs can reduce tax bill for heirs
Tax planning can ensure those who inherit your holding company get more than the government
In estate planning, know the hazards of joint ownership
While it can ease transfer of assets upon death, joint ownership may create problems with your assets
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