Funeral Pre-planning is Important For Widows
Written by Dave Laemers
Posted in conjunction with Basic Funerals
Death is an unavoidable part of life. As a widow, you have had the unfortunate experience of dealing with death on a deeply personal level. It’s hard. You know it, we know it, cased closed. Or so you’d think. It’s now more important than ever that you take the steps to ensure your affairs are taken care of. Here are five reasons that pre-planning is so beneficial.
Honour your wishes:
When you move ...Continue Reading ?
Estate administration: do I have to advertise for creditors?
written by Patrick Hartford
If you’re an estate trustee (either an executor or an administrator), you should be advertising for creditors to protect yourself from personal liability. But with the emergence of advertising for creditors online, this doesn’t have to be complicated or expensive.
Generally speaking, the deceased’s debts must be paid before the assets of the estate are distributed to the beneficiaries. One of the jobs of an estate trustee is to identify and pay these debts. This isn’t always easy, ...Continue Reading ?
Do’s and Don’ts of Naming an Executor
Written by Dave Laemers & Jennifer Black
Posted in conjunction with Basic Funerals
Typically, people don’t consider naming an executor of their own will until they are well past middle-age. This is when they consider themselves closer to death than to birth and thus opt to make the “proper” arrangements. This is one of the biggest misconceptions about naming an executor. It can be done at any time. This is especially important for those who have recently been widowed because they ...Continue Reading ?
Coincidence or Connection
Coincidence or Connection – How Grief Can Awaken Our Capacity to Notice Connections Between Seemingly Unrelated Events
Have you ever experienced an event that struck you as just a bit odd at the time – and then something else happens later and you look back on that original event and can’t help but wonder if it was connected in some way?
Some call it coincidence. But I’m really starting to wonder if these seemingly random events are connected in some way – ...Continue Reading ?
Top Ten – What To Do First
- Contact and engage a funeral home to conduct a funeral and prepare death certificates
- Contact the banks and financial institutions. If you have a financial advisor, they should also be contacted.
- Contact the appropriate government offices concerning the deceased’s identification cards like Health Card, Social Insurance Card and Passport
- Contact credit card companies to cancel cards
- Contact Service Canada about Canada Pension Plan and Old Age Security programs if applicable.
- Apply for any Survivor ...Continue Reading ?
Preparing the Final Tax Return
Courtesy of Janet Baccarani & Jennifer Black from DFS Private Wealth.
Preparing a Final Tax Return
In our ongoing series on Death and Taxes, we look at a few of the common questions associated with preparing a tax return for someone who’s died.
Who is responsible for filing the deceased’s final tax return?
The deceased’s legal representative is responsible for ensuring that the tax return is filed. The legal representative would be the Executor (as named in the will) or the Administrator ...Continue Reading ?
Will you be my Estate Trustee?
What to do when someone asks you to be their Trustee.
Courtesy of David Mills from Mills & Mills LLP. And contributed by J. Paul Mills, Q.C.
If someone asks you if you are willing to be her or his Estate Trustee, Executor, Attorney for Property or guardian of children, you should not automatically say “Yes”. Acting in any one of these fiduciary capacities can be seen to be an honour but there are very serious responsibilities involved which should not be ...Continue Reading ?
Hidden Costs of Buying or Selling
Written By Barry Lebow, President and Founder, Senior Housing Council, The Real Estate Academy Inc.
Do your research first.
It’s all gone like clock-work. You’ve been pre-approved for a mortgage, found the right home and know exactly what the future looks like. Or do you? Hidden costs could drive up the cost of a real estate transaction for both the buyer and the seller. The solution is to know what you’re getting into before you sign on the dotted line.
There is ...Continue Reading ?
Can Trustees Avoid Liability?
Can a Trustee Avoid Liability Even if Found to Have Made a Costly Mistake?
Courtesy of David Mills from Mills & Mills LLP..
Before agreeing to take on the role of Estate Trustee, the named individual should consider carefully the fact that it is a difficult, time consuming and often thankless job. For the uninitiated, the myriad responsibilities – from gathering information on assets and liabilities, to assembling tax information and completing tax returns, to managing relationships with and among beneficiaries (many ...Continue Reading ?
Investing Lessons – Warren Buffett
Investing Lessons from Warren Buffett (arguably the world’s most successful investor)
Lessons on Investing from Warren Buffett
…on long term investingContinue Reading ?
“Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.”