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Monday, November 16, 2015

More updates to Alberta Probate Kit

Those of you working with my book, Alberta Probate Kit, please note that I've added another major update to the updates page of this blog. Click here to go to the update. This one deals with the NGA forms, that is, the forms you need to give notice to parties under the estate when you are named as an executor in a will but are not planning to apply for probate.

Both the editors at Self-Counsel Press and myself are working hard at the moment to finish ALL updates necessary for this kit, including the book itself, all forms, and checklists. Many of the updates that have been made since the book came out are already available online for those who have purchased the kit, but others will be added very soon.

I understand that the publishers intend to re-print the entire kit in the new year so that those using the kit don't have to check online for updates. That will be so much more convenient!  I'll let you know once that new, updated kit is available, In the meantime, we'll keep working on updates, which is a continual process with law books.

4 comments:

  1. Hi, my name is Constantine from Guelph, ON. Hope things are well. I am a single person, with no dependents. I have named beneficiaries (institutions, that I have already informed about my intentions) for both my TFSA and RRSP.
    Do I need a will to make sure that the TFSA and RRSP will go to the beneficiaries ?
    What are the tax implications in these transitions ?
    thank you, sincerely, Constantine

    ReplyDelete
    Replies
    1. Hi Constantine,
      I assume that when you say you have named beneficiaries, you have done more than simply tell the beneficiaries about your intentions. I hope you mean that you have named the beneficiaries right on the TFSA and RRSP documents themselves, at the bank or financial advisor. Just telling the beneficiaries won't do a thing.

      You should have a will to dispose of your assets other than these two things. Everyone has at least a few items, even if it's just a car and household goods. And if you're doing a will anyway, you might as well use it to confirm your intentions for your TFSA and RRSP.

      The TFSA will pass to your named beneficiary with no tax implications.

      The RRSP is taxable. This means that your estate is liable to pay the taxes on the gift. Hopefully the residue of your estate is enough to do that, otherwise CRA might choose to go after the beneficiary for the taxes.

      This situation is slightly complex, and you might want to talk it over with your financial advisor or estate lawyer.

      Lynne

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  2. Hi, Great site. I have an unrelated question: I am executor of my mother's will and my brother and I are co-beneficiaries. I am thinking of taking ownership of my mother's condo (which was solely in her name) - that is, buying my brother out. If I do this, can I skip paying realtor fees and real estate taxes? I would get a proper assessment of course.

    ReplyDelete
    Replies
    1. Certainly you can buy your brother out if he agrees to that. Yes, you can avoid paying realtor fees if there is no realtor involved. If by "real estate taxes" you mean land titles registration fees, no you can't avoid them. Nor can you avoid property tax.

      If you are talking about capital gains tax, there isn't any when the condo transfers from your mother to the two of you. But if the two of you held onto it for a while after your mother's passing, there could well be capital gains tax accruing for that time period.

      Lynne

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