tag:blogger.com,1999:blog-436024129575354145.post6040764092979462922..comments2024-03-24T04:54:52.124-07:00Comments on Estate Law Canada: Can a minor inherit money or property?Lynne Butler, BA LLBhttp://www.blogger.com/profile/09790353197833765108noreply@blogger.comBlogger41125tag:blogger.com,1999:blog-436024129575354145.post-30585446654050897662020-09-24T11:43:09.716-07:002020-09-24T11:43:09.716-07:00My son, a minor, inherited money from my mother. I...My son, a minor, inherited money from my mother. In order to get access to it, there are forms to complete to declare me guardian of property for him. My Mom was a resident of NL and I my son and I are residents of B.C. the forms from NL cannot be used. And I can not locate the equivalent forms in BC. It’s become such a huge mess. I feel completely lost. Snoozehttps://www.blogger.com/profile/07845707584519792733noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-65326870366340929982020-02-15T19:21:23.507-08:002020-02-15T19:21:23.507-08:00As you will see from reading the article above, yo...As you will see from reading the article above, you cannot legally transfer real estate to a 13-year-old. However, that doesn't mean it can't be kept for him. You need to make a will, and in the will you set up what is called a residence trust. That means the executor of your will is going to keep the house on behalf of your son until your son is 18. He will be able to keep living in it. Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-89701258589053872962020-02-11T15:13:51.980-08:002020-02-11T15:13:51.980-08:00i wanr to know what happen if i have this house we...i wanr to know what happen if i have this house were i live whit my family fully pay and then die and transfer the title to my 13 year old kid can he still be able to live in the house before he 18?Anonymoushttps://www.blogger.com/profile/00756852262966006670noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-19228211228335758322019-12-21T15:18:57.230-08:002019-12-21T15:18:57.230-08:00Usually when the Public Trustee is holding money f...Usually when the Public Trustee is holding money for a minor, those funds are not available for use for the simple reason that the PT has no authority to allow that. However, if there is serious need for funds for the child, it is certainly worth entering into a conversation with the PT about that. They may agree to vary the trust based on the needs of the child (which may require an order of theLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-90353469950289689372019-12-21T06:52:33.425-08:002019-12-21T06:52:33.425-08:00What happens if you die intestate, and the public ...What happens if you die intestate, and the public trustee is looking after the inheritance until the beneficiary reach AOM. Can the guardian access the inheritance to pay for the minors living expenses? How is the inheritance being taxed while it is held by the public trustee?Anonymoushttps://www.blogger.com/profile/00766762254895087601noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-76218361834593076662019-04-02T13:02:37.783-07:002019-04-02T13:02:37.783-07:00As a general rule, a minor can't hold property...As a general rule, a minor can't hold property in their own name at all, regardless of whether there is an existing trust. Are you asking whether ALL property going to the minor must be held in the existing trust? If so, the answer is no, not unless there is a direction under a will etc that it be held that way.<br /><br />LynneLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-35593298641853106762019-04-01T16:43:39.687-07:002019-04-01T16:43:39.687-07:00Hi Lynn, verry informative blog, thank-you.
I am w...Hi Lynn, verry informative blog, thank-you.<br />I am wondering if a minor has an existing trust with a public trustee, can said child hold property in their own name under said trustee?<br />Thank-you, lhrLhrhttps://www.blogger.com/profile/13559387380424608976noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-31284775377539000402018-12-28T23:44:15.753-08:002018-12-28T23:44:15.753-08:00No, the executor doesn't have to apply to be a...No, the executor doesn't have to apply to be appointed the guardian of property. Probate is a court order and it appoints the executor as the trustee of the trust for the children. If someone applies to be the guardian of property for the children, that will cover any other assets that might come the children's way (such as funds from a lawsuit about the parents' death if there was anLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-10871627611028814962018-12-20T17:32:45.934-08:002018-12-20T17:32:45.934-08:00Thank you Lynne for this excellent article. I’m ju...Thank you Lynne for this excellent article. I’m just wondering in a situation where both parents pass away leaving behind minor children and wills appointing executors to manage the children’s share of the estate in trust, is there an obligation on the executor to apply to court to be appointed the “Guardian of Property” of the children? Absent being appointed by court as a Guardian of Property Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-32285315481541425252018-11-02T17:51:18.950-07:002018-11-02T17:51:18.950-07:00If your son is a minor or is disabled, at some poi...If your son is a minor or is disabled, at some point you have to pick someone to handle the money for him. I know that's not always easy. The best you can do is to have documents that build in safeguards. For example, you could appoint two people to be the trustees of his funds so that there are two sets of eyes on everything. You can require your trustees to send an annual report to someone Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-28807443726178718782018-10-28T10:48:10.614-07:002018-10-28T10:48:10.614-07:00I want to ensure that my son is taken care of if I...I want to ensure that my son is taken care of if I pass, by receiving any money from work insurance, my assets, etc., how do I do that if I don't have anyone who I really trust to not spend the money and have his best interests in mind. I don't have alot of money to spend on lawyers and hiring someone, but want to make sure he is taken care of. Can you help advise please?Anonymoushttps://www.blogger.com/profile/17252990304731932753noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-15204611045214506102018-09-19T20:39:29.454-07:002018-09-19T20:39:29.454-07:00The executor/trustee automatically becomes the hol...The executor/trustee automatically becomes the holder of all trust monies for beneficiaries. This is of course unless the will specifically states otherwise, and I'm assuming it doesn't or there wouldn't be a debate going on. The divorced parent is automatically the custodial parent of the child, but this is a completely separate concept from holding the child's money. <br /><br /Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-90396623357448555532018-09-19T13:16:32.437-07:002018-09-19T13:16:32.437-07:00Hi Lynne,
If a parent passes away and appoints he...Hi Lynne,<br /><br />If a parent passes away and appoints her minor child as the beneficiary of her life insurance and investments (through work) but does not appoint a trustee specifically on the forms, does the other parent automatically become the trustee even if they are divorced? I assumed that the executor of the will would automatically become the trustee but there seems to be differing Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-79744083452572975802018-07-09T08:31:40.217-07:002018-07-09T08:31:40.217-07:00If a person dies and their will is probated in a p...If a person dies and their will is probated in a province where the age of majority is 19 but the beneficiary lives in a province where the age of majority is 18, which one applies?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-8386920615662610652018-05-23T21:07:59.613-07:002018-05-23T21:07:59.613-07:00my father died when I was 14 and had left me and m...my father died when I was 14 and had left me and my sister equal inheritance. my family wont tell us how much money was left from out father and I believe they are using it to buy things that have nothing to do with what the money was left for. is there any way I can check how much money he inherited before I turn 18 and review what the money has been spent on and if I can and it has been spent Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-4022477945029961562018-03-01T12:49:41.247-08:002018-03-01T12:49:41.247-08:00The person in charge of the funds for your daughte...The person in charge of the funds for your daughter is the executor of the will. If nobody will tell you who that is, try to find out by going to the courthouse nearest where your ex's mom lived to see whether there is any record of a will or probate for her.<br /><br />It's possible that the will named someone in particular to handle the money for your daughter, and it could be your ex. Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-28811850186600018372018-03-01T12:44:33.556-08:002018-03-01T12:44:33.556-08:00The capital gains tax on any estate assets is to b...The capital gains tax on any estate assets is to be paid from the estate before the beneficiaries receive their shares. If there is not enough cash in the estate to pay for capital gains tax, assets must be sold so that tax can be paid. <br /><br />Note that this is the general rule and it stands unless the will specifically says something about tax being paid by a specific fund or a specific Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-69823698759235330072018-03-01T12:38:44.007-08:002018-03-01T12:38:44.007-08:00Nobody ever knows in advance how much they will in...Nobody ever knows in advance how much they will inherit, especially two generations ahead of time. That "large chunk of money" could be quite a bit smaller by the time your grandparents and parents are finished using it.<br /><br />For your pre-nup you don't need to know an amount. You just refer to any funds that you inherit. Be aware though that if you receive an inheritance and Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-87736573309899809492018-03-01T12:22:44.341-08:002018-03-01T12:22:44.341-08:00Hi Lynne,
My grandparents currently have a large...Hi Lynne, <br /><br />My grandparents currently have a large chunk of money; that will be passed down to my parents when they pass, and then passed down to me when they pass.. My question is, how does a prenup work when you don’t know the amount you’ll inherit? I’m getting married next year and this whole prenup thing is in the air. What if my kids inherit instead and I become the executor of theAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-21354199540054589022017-11-26T05:01:43.719-08:002017-11-26T05:01:43.719-08:00My husband passed away 15 years ago, my children w...My husband passed away 15 years ago, my children were 9 and 14 at the time. He left a will that the children were to receive their inheritance when they turned 25. My brother in law is the executor as we were separated at the time of his death. When my daughter turned 25 he offered her an amount with a letter to sign off on, I told her to get a lawyer before she signed anything. Long story Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-73261386608796841932017-07-28T13:19:02.817-07:002017-07-28T13:19:02.817-07:00As An Executor, I am instructed to purchase 15 Yea...As An Executor, I am instructed to purchase 15 Year , Prescribed, Term Certain Annuities. One of the Beneficiaries is a 16 year old Minor and this is BC. Do I have to hold the distribution until she reaches age of Majority or can I buy a deferred Term Certain An annuity with her Parents signing the application ?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-32571171882628203562017-02-27T22:12:44.024-08:002017-02-27T22:12:44.024-08:00My daughter was left large amount of money by my E...My daughter was left large amount of money by my EX mother who just past. They hid her death and now it was brought to my attention by his family that there is money left to my daughter who is 12. I am the primary care giver in court documents. Her dad gets visitation. How do I find out what was left for her and also can my ex take what was left for her?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-18725283060175158352016-12-30T10:27:16.948-08:002016-12-30T10:27:16.948-08:00To be honest, there isn't a lot you can do. Th...To be honest, there isn't a lot you can do. This is why it's so important to make a will when there is a minor involved. Unfortunately, everyone is bound by what's on paper, which doesn't help much.<br /><br />Have you discussed the situation with the Public Trustee? They are usually really good with keeping the best interests of minors in mind. Have you offered to make up a Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-67307279832652774522016-12-28T07:26:25.841-08:002016-12-28T07:26:25.841-08:00My daughter was left as beneficiary of her father&...My daughter was left as beneficiary of her father's life insurance there was no will or executor or trustee. The money will be put in public Trust until 18 is there any help or what other than filing 4 guardianship of her property to receive money to help support her?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-72641491201891784562016-12-23T11:51:26.989-08:002016-12-23T11:51:26.989-08:00Hi Cee Jay, I responded to your comment in a new b...Hi Cee Jay, I responded to your comment in a new blog post dated Dec 23, 2016. <br />LynneLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.com