Go Back  British Expats > Living & Moving Abroad > Canada
Reload this Page >

Probate & Executorship

Probate & Executorship

Old Dec 14th 2023, 2:23 pm
  #1  
Forum Regular
Thread Starter
 
Joined: Aug 2007
Posts: 172
Muskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond repute
Default Probate & Executorship

HI I've lived in Ontario now for 9 years - Born in Canada but lived in UK all my life until 2014 when returned to Canada.

Ive just started drawing my UK state pension. My question is: I have a house in Canada (my home) but no one really I know that can be exexutor which means either the bank or a company that does estate planning.
I have a grown child still living in the Uk who will inherit the lot. But Ive been told not to use adult child in UK as executor over here as very complicated/difficult for him not being in Canada.

Can anyone please advise me anything at all? Advice/thoughts/contacts - I really object to the fact that I have to pay a fortune to a complete stranger to be executor here Thanks
Muskoka is offline  
Old Dec 14th 2023, 5:12 pm
  #2  
Binned by Muderators
 
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
JonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond repute
Default Re: Probate & Executorship

Originally Posted by Muskoka
HI I've lived in Ontario now for 9 years - Born in Canada but lived in UK all my life until 2014 when returned to Canada.

Ive just started drawing my UK state pension. My question is: I have a house in Canada (my home) but no one really I know that can be exexutor which means either the bank or a company that does estate planning.
I have a grown child still living in the Uk who will inherit the lot. But Ive been told not to use adult child in UK as executor over here as very complicated/difficult for him not being in Canada.

Can anyone please advise me anything at all? Advice/thoughts/contacts - I really object to the fact that I have to pay a fortune to a complete stranger to be executor here Thanks
Just my opinion, but ...

* there is nothing in law that prevents you appointing a non-resident executor.
* at the best of times being an executor is a burden to people who do not have relevant expertise
* the burden is worse for people who are not on hand to do the things that need to be done, not to mention the potential tax problems with transferring Canadian assets to a non-resident trust.
* appointing a Canadian lawyer/trust company may not be that expensive when you factor in all the flight and travel costs of your child.
* if I loved my child, and they lived overseas, I would not appoint them!
JonboyE is offline  
Old Dec 14th 2023, 5:25 pm
  #3  
Forum Regular
Thread Starter
 
Joined: Aug 2007
Posts: 172
Muskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond repute
Default Re: Probate & Executorship

I hear you - Its just that here they want 5% of your estate + + +...frustrating when I lived in the UK, I did my relatives probate myself & it was so easy. Im sure its not that complicated here. I sooo wish I could do it myself - ya, I know not possible - hence my question - who are people using? a private company a trust estate company? and what about POA on Property? thats just scary giving a corporate control over your home? or am I just being silly?
Muskoka is offline  
Old Dec 14th 2023, 7:39 pm
  #4  
Binned by Muderators
 
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
JonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond repute
Default Re: Probate & Executorship

Smaller law firms close to me charge 3% + disbursements. On a $1,000,000 estate that is $30,000. It is not hard to spend something close to this travelling back and forth across the Atlantic a few times.
JonboyE is offline  
Old Dec 14th 2023, 7:50 pm
  #5  
Forum Regular
Thread Starter
 
Joined: Aug 2007
Posts: 172
Muskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond reputeMuskoka has a reputation beyond repute
Default Re: Probate & Executorship

Jonboy - Are you sure Im unable to find anyone for less than 5% which I understand is the maximum, and that's not reflective in my estate value. I've been unable to find a lawyer local to me /or the next town in fact that will act as executor, and my estate is not complicated
Muskoka is offline  
Old Dec 14th 2023, 10:16 pm
  #6  
Binned by Muderators
 
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
JonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond repute
Default Re: Probate & Executorship

Originally Posted by Muskoka
Jonboy - Are you sure Im unable to find anyone for less than 5% which I understand is the maximum, and that's not reflective in my estate value. I've been unable to find a lawyer local to me /or the next town in fact that will act as executor, and my estate is not complicated
I can only tell you my experience. Estates used to be part of my "thing" when I was working - but that was a couple of years ago.
JonboyE is offline  
Old Dec 15th 2023, 12:48 pm
  #7  
Lost in BE Cyberspace
 
Almost Canadian's Avatar
 
Joined: Aug 2005
Location: South of Calgary
Posts: 13,374
Almost Canadian has a reputation beyond reputeAlmost Canadian has a reputation beyond reputeAlmost Canadian has a reputation beyond reputeAlmost Canadian has a reputation beyond reputeAlmost Canadian has a reputation beyond reputeAlmost Canadian has a reputation beyond reputeAlmost Canadian has a reputation beyond reputeAlmost Canadian has a reputation beyond reputeAlmost Canadian has a reputation beyond reputeAlmost Canadian has a reputation beyond reputeAlmost Canadian has a reputation beyond repute
Default Re: Probate & Executorship

Originally Posted by Muskoka
HI I've lived in Ontario now for 9 years - Born in Canada but lived in UK all my life until 2014 when returned to Canada.

Ive just started drawing my UK state pension. My question is: I have a house in Canada (my home) but no one really I know that can be exexutor which means either the bank or a company that does estate planning.
I have a grown child still living in the Uk who will inherit the lot. But Ive been told not to use adult child in UK as executor over here as very complicated/difficult for him not being in Canada.

Can anyone please advise me anything at all? Advice/thoughts/contacts - I really object to the fact that I have to pay a fortune to a complete stranger to be executor here Thanks
If your son is your son is your only beneficiary, then it wouldn't be too much of an issue appointing a non-resident as executor. However, this is from an Albertan perspective. The situation may be very different in Ontario. In Alberta, the issue with appointing a non-resident executor is that the beneficiaries have to agree to waive the requirement for the executor to post a bond. Is there a way that you can avoid your assets passing through your estate? Holding property as joint tenant with him, appointing him as beneficiary, etc., may enable you to do so.

It may be worth paying a lawyer to handle the drafting of your will so as to be fully informed of the options available to you.
Almost Canadian is offline  
Old Dec 15th 2023, 4:43 pm
  #8  
Binned by Muderators
 
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
JonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond repute
Default Re: Probate & Executorship

Another thought is that Muskoka will not have to pay to administer his/her estate. Maybe they can ask the beneficiary/beneficiaries whether they want to take this on, or whether they are happy to let someone else do the work for a slightly reduced inheritance.
JonboyE is offline  
Old Dec 21st 2023, 5:23 pm
  #9  
Forum Regular
 
Joined: Mar 2023
Posts: 50
Hemlock is an unknown quantity at this point
Default Re: Probate & Executorship

We put everything into various trusts, one of which is an Alter Ego trust. There is a cost to set up, but much less than probate fees. There are also several other benefits.
https://lklaw.ca/blog/alter-ego-trus...e%20or%20older.
Hemlock is offline  
Old Dec 22nd 2023, 1:00 am
  #10  
Binned by Muderators
 
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
JonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond repute
Default Re: Probate & Executorship

Alter ego trusts certainly have a place in estate planning. The problem I see in Muskoka's situation is who will be the trustee on their death? If this is their offspring in the UK they still run into the problem of the trust potentially being deemed non-resident, with all the tax complciations this can bring about.
JonboyE is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.