Frequently Asked Question
In a case of dying without a Will, your money may not automatically go to the people you think.
You may not have provided adequately for a dependent.
Decisions regarding your minor children and their money may be influenced by someone you do not want to have involved.
The funds that your family needs could be tied up in estates court for a length of time, when they need it the most.
Yes. You can not say “I only need a simple Will” until you have a proper consultation with a Will lawyer who can review many issues that you may not think of. Hummingbird Lawyers facilitates the preparation and execution of critical estate planning legal documents such as Wills, powers of attorney and trusts.
If you need to be officially appointed by a Court to act as an Estate Trustee, payment of an estate administration tax (“EAT”) is required. The rate of tax due is calculated based on the value of the assets of the estate that require probate. Effective January 1, 2020, no EAT will be payable on the first $50,000.00 of an estate value. Consult with the Estates team at Hummingbird Lawyers to explore what this means for you as an Executor of an Estate.
Executors beware! Effective January 1, 2020, the Ontario Government has implemented changes that will affect all that go through the probate process. In December 2014, through regulations and legislative changes the Ontario Government sought to enforce compliance with the Estate Administration Tax Act, 1998, by imposing on the Estate Trustee or Executor a duty to file a detailed inventory reflecting everything a person owned at death and the value of those assets.
The form that an Estate Trustee or Executor must use to submit this information is called an Estate Information Return Form (EIR Form). Effective January 1, 2020, the deadline for filing the EIR Form to the Ontario Ministry of Finance changed from 90 days to 180 days of the issuance of the Certificate of Appointment. The time period for an Executor to report changes to the initial information reported on the EIR Form, including adjustments in value or additional asset information, has also changed from 30 days to 60 days.
