Category: Trusts
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The Cost of Setting up a Family Trust in Canada
Quick answer: The cost of setting up a family trust in Canada is mainly legal fees to draft the trust deed, plus ongoing costs to run it. Fees vary with complexity — a straightforward inter vivos family trust costs less than one holding a business or several properties. Beyond setup, expect yearly costs for trustee […]
Can A Trustee Go To Jail For Stealing From Trust
Yes, a trustee can go to jail for stealing from a trust, as such actions are considered theft or embezzlement under the law. Legal consequences include criminal charges, fines, restitution, and possible imprisonment, in addition to civil liability requiring repayment of the stolen assets. Courts may also remove the trustee and impose additional penalties to […]
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Navigating the Distribution of Trust Assets to Beneficiaries in Canada
If you’ve been named as a beneficiary of a trust, but you’re unsure of how trust assets are to be distributed to beneficiaries, you want to make certain that you understand your legal rights and that you’re treated fairly. It is recommended to work with an experienced lawyer to help you navigate this legal landscape. […]
Trustee Act BC
You’ve likely heard of someone “acting as a trustee.” You may have been asked to act as trustee for a friend or loved one. You may be considering creating a trust and thinking about who to appoint as trustee to manage your property. Or you may be the beneficiary of a trust and unsure of […]
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How to Sever a Joint Tenancy With Right of Survivorship
In the intricate landscape of property ownership, the concept of joint tenancy often emerges as a favored strategy, particularly among aging individuals seeking to transfer their assets to their adult children. While this approach can provide much-needed financial management assistance and the allure of survivorship rights, it also introduces a labyrinth of legal intricacies. The […]
| Estate Law, Trusts, Wills
Benefits of Estate Planning
Estate planning is not just for the very wealthy. It is important and beneficial for everyone. You may be wondering, why is estate planning important, regardless of financial status? Because it provides a variety of benefits for you and your loved ones and protects the assets you accumulate in your lifetime. A good estate plan […]
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Can A Right of Survivorship Bank Account Be Challenged?
The right of survivorship in a joint bank account is a crucial aspect of estate planning for many individuals. It allows for the automatic transfer of ownership of the account balance to the surviving account holder upon the death of the other. At Onyx Law Group, our estate and trust planning lawyers in British Columbia […]
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Everything You Should Know About Alter Ego Trusts
When you think about estate planning, your will likely comes to mind. You may also think about powers of attorney and other types of incapacity planning. What about trusts? Alter ego and joint partner trusts are powerful estate planning tools, but they tend to be not well understood. Trusts offer significant benefits, including the potential […]
Dividing an Estate: Gift During Lifetime of Parent to Adult Child
When dividing an estate in BC, it is essential to determine what property of the will-maker forms part of the estate. If a will-maker made a valid gift of property during his or her lifetime, that property does not fall into the estate and the terms of the will do not apply to it. This […]
Vancouver Estate Litigation: Did Mother Intend to Give House to Son?
As I have recently discussed, gratuitous inter vivos transfers made without consideration frequently give rise to Vancouver estate litigation. As people age they often transfer property gratuitously to their adult children, and then hold it with them in joint tenancy. If, after the parent dies, it is unclear whether the parent intended to gift the […]