tag:blogger.com,1999:blog-436024129575354145.post4677439375373051703..comments2024-03-24T04:54:52.124-07:00Comments on Estate Law Canada: Do I still have to pay an executor's fee if I donate my inheritance?Lynne Butler, BA LLBhttp://www.blogger.com/profile/09790353197833765108noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-436024129575354145.post-18432536326470251032017-02-07T07:35:30.888-08:002017-02-07T07:35:30.888-08:00@AnonymousFebruary 6, 2017 at 7:31 AM.
I could not...@AnonymousFebruary 6, 2017 at 7:31 AM.<br />I could not agree more. When it comes to Estates, the KISS rule equally applies. Quite often in Estate Cases like this, we don't get to know enough of the story. To quote the Assessment Officer from Ontario "we have to get to the bottom of this".webeyehttps://www.blogger.com/profile/10591157930288427778noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-12730698189954796522017-02-06T07:31:52.114-08:002017-02-06T07:31:52.114-08:00I fail to see how removing $104K from the estate w...I fail to see how removing $104K from the estate will maximize the value of the estate.<br />Assuming the daughter (& Executor) is a residuary beneficiary, she and other beneficiaries would only be entitled to the residue, after all other liabilities are paid. Unless her husband was specifically named also as a beneficiary, he would not be entitled to anything directly from the estate.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-44658098160280865722017-02-02T19:45:52.967-08:002017-02-02T19:45:52.967-08:00I'm glad you asked the question. Obviously you...I'm glad you asked the question. Obviously you were not fully comfortable with what the financial advisor told you so you asked around. <br /><br />LynneLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-60146146098862330632017-02-02T04:31:36.000-08:002017-02-02T04:31:36.000-08:00OK this is what I thought and yes there is a lawye...OK this is what I thought and yes there is a lawyer involved who will we keep informed. The only thing I can think of from the advisor's position is that he wants to keep the money invested (to maximize the value) in something while the estate is being figured out. But he did not indicate that when we met he made it seem like it was ours to keep. He is aware of the full situation with the Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-63887091913457969312017-02-01T19:08:08.021-08:002017-02-01T19:08:08.021-08:00Yes, one could assume that. Or one could assume th...Yes, one could assume that. Or one could assume that the financial advisor is so desperate for business that he'll risk his client being sued on the estate. Really frosts me when non-lawyers give out legal advice.<br /><br />LynneLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-24276850122560975092017-02-01T19:06:33.219-08:002017-02-01T19:06:33.219-08:00Why on earth are you taking legal advice from some...Why on earth are you taking legal advice from someone who isn't a lawyer? Of course the creditors will question the accounting. You will be sued. An executor MUST pay all debts, expenses and taxes before money is paid to the beneficiaries. You received totally bad advice and I suggest you tell that advisor to quit playing lawyer before he too gets dragged into court.<br /><br />It is alright Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-36647628659573488672017-02-01T07:12:52.726-08:002017-02-01T07:12:52.726-08:00This a very interesting post. There is so much unf...This a very interesting post. There is so much unfinished business re the Estate yet the financial adviser suggests that money can be taken out before debts etc are paid. One can only assume that the financial adviser was told the entire story of the 'condition' of the Estate. Is there a lawyer involved here?webeyehttps://www.blogger.com/profile/10591157930288427778noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-74249046018673150942017-01-31T11:03:08.841-08:002017-01-31T11:03:08.841-08:00Hi Lynne,
I am currently the executor on my mothe...Hi Lynne,<br /><br />I am currently the executor on my mother's estate. The only probate asset is an investment account of $200k which is what we paid the probate fee on. When we spoke to the financial advisor he told my husband and I to each take out $52k from this and to maximize our TFSA contributions and leave the remainder in the estate account to pay the bills. There is a lot of credit Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-81014949595170475242017-01-30T10:52:41.175-08:002017-01-30T10:52:41.175-08:00https://thatwillsblog.com/2012/05/23/you-want-me-t...https://thatwillsblog.com/2012/05/23/you-want-me-to-be-your-executor/webeyehttps://www.blogger.com/profile/10591157930288427778noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-74603410724262476382017-01-30T09:28:45.429-08:002017-01-30T09:28:45.429-08:00Lynne, so timely and well presented.
Why does an...Lynne, so timely and well presented. <br /><br />Why does an executor get paid for being an executor? Is it the work he puts in? The time? It's not always clear. [LB]<br /><br />I have put 11 years in as an executor. The amount work has been ENORMOUS and I am dealing with a 'simple' estate has has gotten out of control. The legal cost, ludicrous. The stress has been enormous. Why? Allwebeyehttps://www.blogger.com/profile/10591157930288427778noreply@blogger.com