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  #11  
Old 07-08-2016, 05:40 PM
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Default CDN-Grandma's will is pretty unpopular. Was she too old to make a will?

CDN-Grandma's will is pretty unpopular. Was she too old to make a will?
Lynne Butler-Lawyer - East Coast-Canada
Thursday July 7/16

Isn't it funny how an older person who makes an unpopular will is often accused by his or her family of not knowing what he or she was doing? Only the ones who agree with the disposition under the will are the ones who think the senior had mental capacity. A reader recently sent me a note which is a great example of that sort of thinking:

"My grandma made a new will when she was 95. My aunt always shared my grandma's cottage with us while she acted as grandma's power of attorney, and all of us grand-kids have keys to it. Now my grandma is willing the cottage to one of her daughters and we think it's because she didn't want it sold out of the family. The one who is getting the cottage is not being fair or letting us use it. Is there any law saying 95 is too old to make a will?"

No, there is no law saying that 95 is too old to make a will. I personally have made wills for people more than 100 years old. The litmus test is not age but mental capacity and plenty of seniors have full mental capacity for their entire lives.

I'm having trouble with your assumption that what your grandmother says in her will is not what she really wants. If she didn't want to leave her cottage to her daughter, she didn't have to. If she wanted to leave it to her grandchildren, she could have done so. The fact that her intentions for her own property do not match your wishes just doesn't matter. She can do what she wants with her own cottage. You'll have to suck it up.

It also baffles me that you think giving the cottage to her daughter somehow defeats an intention to keep it in the family. Last time I looked, a daughter was family.

Assuming that your grandmother has mental capacity to make a will, she can leave her property to whomever she wishes. It's unfortunate for you that it upsets the status quo, but that does not mean you should be looking for ways to overturn her will. I notice that whenever a senior makes a financial decision that is unpopular, his or her family members automatically turn to the possibility of mental frailty on the part of the senior, rather than looking at the possibility of sour grapes by the rest of the family.

I cannot tell from your question whether your grandmother made her will before your aunt started acting as her POA. In terms of mental capacity, this could be problematic. If she made her will while the POA was in effect, it could cast doubt on her ability to make the will, based on the fact that a POA is not usually used while the donor still has capacity. Even that is not a hard-and-fast rule though, because sometimes seniors do put immediate enduring POAs into effect if they want help with the banking.

You should know that if your grandmother's will were to be challenged successfully, you are not likely to be a beneficiary of her estate anyway. Intestacy laws would not include you unless your parent on your grandmother's side died before your grandmother did. So think twice before you start wishing that will away.
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Old 07-08-2016, 07:34 PM
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if there is a will...
I want to be in it.
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  #13  
Old 07-09-2016, 05:39 AM
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if there is a will...there must be a way
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Old 07-14-2016, 08:54 AM
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Old 07-26-2016, 03:18 PM
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Default Abdirahman Abdi: What we know so far about the Ottawa manís death

Abdirahman Abdi: What we know so far about the Ottawa manís death
http://www.theglobeandmail.com/news/national/abdirahman-abdi-what-we-know-so-far-about-the-ottawa-mansdeath/article31114301/?reqid=d1d3a53f-51eb-44f8-940d-2d6bce635540
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Old 07-27-2016, 09:53 AM
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it seems that police should be able to capture someone without killing them.
maybe they need to talk to spiderman about how to catch bad guys?
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  #17  
Old 08-03-2016, 08:38 AM
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Default Lawsuit alleges $100,000 trust fund for dog was mismanaged by executor

Lawsuit alleges $100,000 trust fund for dog was mismanaged by executor
Posted by Lynne Butler-Lawyer

When Patricia Bowers of New York passed away, her will set up a trust for her dachshund, Winnie Pooh, with $100,000. According to the terms of the trust, the dog's caretaker, Virginia Hanlon, is supposed to receive the income from the trust on a quarterly basis to pay for Winnie Pooh's food, care, and medical bills.

Hanlon has now commenced a lawsuit against the executor of the estate, Harriet Harkavy, saying that she has been receiving only $10 cheques. One cheque she received from the estate bounced. The executor insists that the dog's caretaker has received everything she is supposed to have received under the terms of the will.

You would think this would be a relatively easy matter to figure out. With a decent will and a bit of help from an accountant, this spat should never need the assistance of the courts. However, as is typical of estates, people are at each other's throats. Hanlon and Harkavy both appear to be adamant in their respective positions, and are exchanging snide remarks and insults even in their legal documents. To read about their childish behaviour in more detail, http://nypost.com/2016/07/28/dachsunds-100k-trust-fund-stolen-by-late-owners-friend-suit/ The New York Post.

I doubt Patricia Bowers ever anticipated that her executor and her dog-caretaker would be fighting. It sounds as if she took care to determine a suitable amount of money, to choose her representatives, and to have a solid will made. It doesn't make sense that she would knowingly have made two people who dislike each other work together.

Or does it?

Would she have chosen differently had she suspected they'd behave this way? Or did she simply shrug and say "they'll have to learn to get along". Unfortunately, many people do take the easy road and ignore potential conflicts between the various parties to their wills. This leads to exactly what this story shows - people fighting over the estate and wasting time, energy, and estate money.

While estate planning is a matter of applying the law to your specific situation, it's a mistake to think that it's only about that. It involves money, but it also involves people. You must take the inter-personal relationships into account when asking individuals to fill certain roles.
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Old 08-03-2016, 12:35 PM
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Default My late father has left us with an RRIF dilemma. How should I fix it?

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ASK AN ADVISER
My late father has left us with an RRIF dilemma. How should I fix it?

Dear Nancy Woods,

I was wondering if you could be of assistance to me since I'm having a very difficult time finding any advice from the bank institutions and accountants.

The situation is that my father passed away a couple of months ago, naming my mother as the beneficiary of his RRIF account, which has about $50,000. My mother never worked and has never had RRSPs, so she does not have a RRIF account to roll over the funds to. If she takes the money as a lump sum, she will have to pay the taxes, which will eat up quite a bit of the savings.

Do you know of any solutions to this problem to minimize the taxes she has to pay as she is going to need as much of the savings as possible?

Thank you in advance

Chris

=====

Dear Chris,

Your mother does not have to have worked nor has to have an existing RRIF. Your father's RIF can be transferred without tax implications to a RIF in your mother's name. This transfer can only happen when a RIF or RSP is specifically left to a spouse. The investments within the RIF are transferred as they are. They do not need to be sold or redeemed. When your mother passes away, unless she leaves it to a new spouse, it will be considered income to her. Then there will be taxes to be paid.

Nancy

---

Nancy Woods is an associate portfolio manager and investment adviser with RBC Dominion Securities Inc. Visit her website www.nancywoods.com or send an email request to asknancy@rbc.com. You can also send your questions to asknancy@rbc.com.
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Old 08-05-2016, 07:34 AM
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those dog gone executors, you just can't trust them.
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  #20  
Old 08-05-2016, 08:08 AM
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Quote:
Originally Posted by Dude View Post
those dog gone executors, you just can't trust them.
...and that applies to some of the people kind as well.
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