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Sunday, November 23, 2014

Inheritance tension: why more families may be headed for court

CBC News is carrying an excellent article about inheritance and resulting disputes. I wish I could say it was all doom and gloom, but after 30 years in the industry I have to say that disputes and struggles are the norm, not the exception. The article explains why BC has more estate litigation than other provinces.  Click here to read the article.

2 comments:

  1. Hello Lynne. first of all I need to say ThankYou for this site! I have found the answers to many things here, regarding the settlement of my Mother's Estate this past February. The question that I can not find an answer to is: My husband is insisting on leaving RRSP's and RRIF's to his daughter by way of naming her as beneficiary. When we up dated the will's, it states that beneficary must pay the taxes on inherited RRSP's etc. The daughter (my step-daughter) has aborignal status. Is she exempt from paying the taxes on these inherited RRSP & RRIF? I am the executor upon his death, and don't know what repercussions this beneficiary designation may have on his estate, and leaving me basically broke, and worried sick about what to do.

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  2. Hi Lynne,
    Both my aunt and uncle died without a will. There are four siblings. My uncle died first, he owned a car which his son sold and kept the money. Then he had about 60,000 in the bank which is frozen due to family issues. My aunt died four months later and I was her caregiver for over ten years. When she first came to live with me I was given half the money but then as her disease got worse (dementia) and she became bedridden I got most of her Canada pension. Only one of her children helped out the others my aunt never seen in years. When she passed my cousin has accumulated about 30,000 of her money which she kept because it was in a joint account with her mom. Her father's money has been frozen because of her siblings not getting along. What is going to happen to her dad's money in the bank, and will she have to share her mother's money?

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