Sweatman Law Firm
217 Speers Road, Unit 14 L6K 0J3 Oakville, ON, Canada

Ontario is considering raising the dollar value for small estates, enshrining emergency measures related to virtual document signing and repealing the section of the law that revokes a will upon marriage. https://www.advisor.ca//ontario-consults-on-estate-law-re/

Legal Definition ADMINISTRATOR (ESTATE TRUSTEE) A person appointed by the court to administer the estate of a person who has died without a will or the estate of an executor named in a will. The administrator is now called an estate trustee.

The role of the executor is complex and can include many different responsibilities. Read here for more information. https://www.sweatmanlaw.com/executor-insurance/

Today marks the 30th anniversary of International Day of Older Persons. https://www.un.org/en/observances/older-persons-day

The role of the executor is complex and can include many different responsibilities. Read here for more information. https://www.sweatmanlaw.com/executor-insurance/

Today marks the 30th anniversary of International Day of Older Persons. https://www.un.org/en/observances/older-persons-day

The pandemic situation and the prolonged stay indoors can easily overwhelm anyone. The problem can be more severe for the elderly especially those living alone. Here are some easy points to keep in mind. https://indianexpress.com//international-day-of-older-per/

Definition ADMINISTRATOR (ESTATE TRUSTEE) A person appointed by the court to administer the estate of a person who has died without a will or the estate of an executor named in a will. The administrator is now called an estate trustee.

What is a Will? A Will is a legally binding declaration of a person’s wishes regarding the disposition of his or her estate after death. Typically, a Will includes clauses such as: identification of the person making the Will; revocation of all previous Wills; appointment of executors and guardians; payment of debts and taxes; specific gifts or legacies; residual bequests (including trusts); and administrative clauses. Why Make a Will?... Many benefits result from making a Will, including enabling you to: Decide who will handle your estate and distribute your assets Decide who will receive your assets in accordance with your wishes Reduce or defer taxes Avoid disputes and litigation (e.g., by providing directions for special property or items) Create trusts, (e.g. for minor children) Donate to charity upon death What If I Don’t Make a Will? If you do not have a Will, on death, your property will be disposed of according to the provincial laws of intestacy (under the Succession Law Reform Act in Ontario). This means: Your assets may not be distributed as you would have chosen, they may even pass to heirs you did not intend to benefit If you are married with children and your assets exceed $200,000, your spouse will not be entitled to the entire estate Assets for minor children will be paid to the Accountant of the Superior Court of Ontario. The Accountant will make investment decisions with the Office of the Children’s Lawyer (the OCL). The OCL will help determine what amounts will be paid for your children’s maintenance while they are minors. At the age of 18 the funds can be released to the child unless they are legally disabled If you have a common-law or same-sex relationship, your partner can seek financial support from your estate, though he or she has no automatic property rights Your estate requires someone to volunteer (or the court to appoint someone) who may not be optimal for the role of estate trustee. They may be unfamiliar with your assets and lack financial or administration knowledge. The individual will also be required to post a financial bond twice the value of the estate as security. Estate Planning By Choice A Will allows you to plan your estate by choice instead of default. You may write a (holograph) Will entirely in your own handwriting and sign it without witnesses or have your Will prepared by an estate planning lawyer who develops an understanding of your needs and drafts according to your objectives. The legal fees involved to prepare a Will, which ensures you receive the appropriate advice needed and reflects your wishes, are modest relative to the importance of leaving your affairs in good order, including the avoidance of litigation after your death. Stationary or internet forms and Will kits are not recommended.

If you’re interested in becoming a lawyer, you’ll need a degree. But as these court transcripts reveal, the question is, in what? Attorney: How was your first marriage terminated? Witness: By death. Attorney: And by whose death was it terminated?... Witness: Guess. Attorney: Doctor, how many of your autopsies have you performed on dead people? Witness: All of them. The live ones put up too much of a fight.

Selling My Home Now what? Should I Hire a Selling Agent? When selling your home, you have the choice of going For Sale by Owner (FSBO) or hiring an agent. ... The principal advantage of selling your home yourself is that you save the cost of commission. However, there are a number of drawbacks. Your home will generally have less exposure to buyers. An agent also helps you in setting an appropriate list price, staging and decorating your home for showings and open houses. They negotiate with potential buyers and their agents. There is also somewhat of a stigma. There are buyers and agents who avoid homes for sale by owner, wary of the owners’ inexperience in the market resulting in FSBO homes generally selling for a lower price than their agency-listed counterparts. Listing Agreement If you decide to hire an agent, there are a few documents you will need to review and sign. One is the Listing Agreement. This is a legal document setting out an agreement between yourself, as the seller, and your real estate agent containing the terms of compensation, which is generally a commission on the selling price of 3-5%. The commission is usually split between the seller’s and buyer’s agent, as well as their respective agencies. Be aware of any holdover clauses where even if you sell your home after the Listing Agreement expires, you may still have to pay commission. Make sure you carefully read the Agreement to avoid unpleasant surprises. Agreement of Purchase and Sale This Agreement is commonly known as the Offer. It lets the seller know the buyer is interested in purchasing the property, sets out the buyer’s offer terms, and allows negotiations or a counter offer. The most common conditions are arranging for financing, completing a home inspection and the buyer selling their current home. A deposit is usually paid to show the buyer’s commitment to the purchase. This agreement will also detail what chattels and fixtures are included or excluded in the sale. Items such as appliances affixed to the property, light fixtures, window coverings, and mirrors. Other Legal Documents In addition to the documents, you might encounter some of the following in the selling process: seller statement, mortgage payout, deposit receipt, buyer’s cost sheet, purchase contract, loan application, property profile fact sheet, closing & settlement, exclusion list and seller’s statement of representation. Costs In addition to your realtor’s commission, there are other costs to bear in mind. You must ensure legal fees such as, property taxes and maintenance fees are up to date and paid. Any mortgage you might have will need to be discharged. We can help. 905-337-3307

MAKING A WILL ESTATE PLANNING BASICS What is a Will? A Will is a legally binding declaration of a person’s wishes regarding the disposition of his or her estate after death. Typically, a Will includes clauses such as: identification of the person making the Will; revocation of all previous Wills; appointment of executors and guardians; payment of debts and taxes; specific gifts or legacies; residual bequests (including trusts); and administrative clauses.... Why Make a Will? Many benefits result from making a Will, including enabling you to: Decide who will handle your estate and distribute your assets Decide who will receive your assets in accordance with your wishes Reduce or defer taxes Avoid disputes and litigation (e.g., by providing directions for special property or items) Create trusts, (e.g. for minor children) Donate to charity upon death What If I Don’t Make a Will? If you do not have a Will, on death, your property will be disposed of according to the provincial laws of intestacy (under the Succession Law Reform Act in Ontario). This means: Your assets may not be distributed as you would have chosen, they may even pass to heirs you did not intend to benefit If you are married with children and your assets exceed $200,000, your spouse will not be entitled to the entire estate Assets for minor children will be paid to the Accountant of the Superior Court of Ontario. The Accountant will make investment decisions with the Office of the Children’s Lawyer (the OCL). The OCL will help determine what amounts will be paid for your children's maintenance while they are minors. At the age of 18 the funds can be released to the child unless they are legally disabled If you have a common-law or same-sex relationship, your partner can seek financial support from your estate, though he or she has no automatic property rights Your estate requires someone to volunteer (or the court to appoint someone) who may not be optimal for the role of estate trustee. They may be unfamiliar with your assets and lack financial or administration knowledge. The individual will also be required to post a financial bond twice the value of the estate as security. Estate Planning By Choice A Will allows you to plan your estate by choice instead of default. You may write a (holograph) Will entirely in your own handwriting and sign it without witnesses or have your Will prepared by an estate planning lawyer who develops an understanding of your needs and drafts according to your objectives. The legal fees involved to prepare a Will, which ensures you receive the appropriate advice needed and reflects your wishes, are modest relative to the importance of leaving your affairs in good order, including the avoidance of litigation after your death. Stationary or internet forms and Will kits are not recommended.

Home Buyers’ Plan What is the Home Buyers’ Plan? The Home Buyers’ Plan is a program run by the Canada Revenue Agency that allows a first-time homebuyer to withdraw money tax-free from their registered retirement savings plan, (RRSP) for a down payment on a home. ... Who can use the Home Buyers’ Plan? To be eligible for the plan, you must not have owned a home, which you occupied as a principal place of residence, in the four years prior to the withdrawal. This program is most often used by first time home buyers, but you can use the Plan more than once as long as you have completely repaid your prior Plan withdrawal by January 1st of the year you re-qualify for the program. An exception to the first-time homebuyer rule may be made for the acquisition of a home that is more accessible or better suited to a disabled person’s needs How much of your RRSP can you use? If you qualify, you can withdraw up to $25,000 from your RRSP. The withdrawals must all be within the same calendar year but you cannot withdraw funds within 90 days of your RRSP contribution deposit. If you are buying the home with your spouse, common law or otherwise, they may also withdraw up to $25,000 from their RRSP. Are there any Restrictions? Other than the amount that can be withdrawn, there are restrictions on the type of withdrawals, types of plans that can be withdrawn from, and types of homes that are eligible. The withdrawal may only be made by the owner of the RRSP, and it may only be made to purchase a principal residence home for the RRSP owner or a related person with a disability. Group RRSPs are generally ineligible, as are RRSPs that are locked-in (i.e. and do not allow withdrawal until a specified age) What Homes Qualify? The home may be an already-existing home or one which you build, but you cannot have owned the home for more than thirty days prior to the withdrawal. The home must be bought or built by October 1st in the year after the year of withdrawal. How do you Repay your Withdrawal? In the second year after the withdrawal, you must begin to make annual repayment deposits, and the entire amount must be repaid within fifteen years. We can help. 905-337-3307

Just found this great article on the website of the Law Society of Ontario and I want to share it with you. It is "10 Serious Email Tips"

Bought a House The role, powers and obligations of an attorney for property are set out by statute (Substitute Decisions Act, 1992) as interpreted by the courts (called common law). Purpose ...Continue reading

New Coovid-19 law on dining may have privacy implications. How do you feel about this new law? Will it change your mind about dining out? https://www.cbc.ca//privacy-implications-ontario-law-perso

Please take note of the following notice. The Superior Court will never ask for your SIN or threaten you with arrest. https://www.ontariocourts.ca/scj/fraudulent-phone-calls/