Living in a multi-generational family home can make home ownership more affordable. The parent likely purchased the home at a time when homes were more affordable. As the parent(s) ages and retires, the adult children take on more of the responsibility for maintenance, upkeep, and expenses of the property. While pooling resources in this way […]
Recently, a German shepherd named Gunther VI made headlines worldwide by purportedly selling a $31.7 million dollar Miami mansion which used to belong to Madonna. As the story goes, Gunther VI’s great-grandfather, Gunther III, was gifted a multi-million-dollar trust from late owner German countess Karlotta Liebenstein when she passed in 1992. The fund was well
Just because you are a beneficiary of someone’s estate does not mean you automatically receive your entitlement. Instead, you will have to wait until it is transferred to you. However, in certain circumstances you may receive real property (e.g., a home) directly three years after the deceased’s passing. When someone dies, their property vests in
The term “fiduciary” does not get thrown around frequently outside of some advertisements for investment services. However, fiduciary relationships are at the heart of estate and trust law. What follows is a “Fiduciary FAQ.” What is a fiduciary? A fiduciary is a person who holds some right, power, or authority which, when exercised, impacts the
For many, the greatest loves of their lives are their furry (or scaly) friends. As a result, there is often a strong desire to make sure they are properly cared for after the testator’s death. How to accomplish this is not always straightforward. In Ontario, animals are considered personal property. This means that you can
