The end

The very same week, three years ago, that Bandit and I crash-landed on a slick street after an epic ice storm, Judy got some bad news. My burden became a leg with three plates and 16 screws holding it together. Judy didn’t make it.

Two years later, at the sad age of 48, after surgery, chemo, endless drugs and sharing it with me weekly, my friend died. Two days prior we talked a long time, in whispered tones. She was incredibly brave, gracious, strong, realistic, accepting and elegant. I miss her all the time.

She handled breast cancer as just another chapter in a full life. But when she was gone, order became chaos. Thanks to Jim.

Like 99% of people, Judy thought that appointing a family member as executor would be a reasonable choice. After all, who can you trust more than a blood relative? And her son, at 27, was a mature, well-educated professional guy with a blossoming career in IT and a boy of his own.

At least my friend has not been around for a year now to see the mess. Her terminal tax return was missed. There’s a war raging between Jim and others that Judy wanted money set aside for. He had no idea how to locate and trigger insurance policies. He was shocked at a request to return pension benefits paid out after failing to notify her plan. He listed and accepted an offer on her house without having title to it or probating the will. And he just discovered Judy had been too sick for two years to file her income tax returns, and now he’s personally responsible. Meanwhile Jim has no time to deal with any of it – travel, family, the job consume his daily hours.

Dying sucks. But it’s universal. It’s the only event in life that, with 100% certainty, arrives. We can deny it all we want, pretend to be forever young, believe our children make us eternal and put off preparing indefinitely, but the result’s the same. Pfft. It’s over. And ensuring your wishes are properly, artfully, carefully carried out for the benefit of others, plus your legacy, is a worthy goal.

Unless you’ve been one, it’s hard to appreciate the huge task of being an executor. Settling someone’s estate can take several years, and involve work on a weekly, or daily basis. Sure, you need to handle the funeral arrangements, cremation or burial, death certificate, dispose of personal assets, empty the residence, talk to the bank, credit card companies, merchant accounts, work pension, CPP, the CRA and insurance company, but that’s the easy stuff.

The will must be located and an estate account opened. All investment assets, stock certificates, account numbers, bonds, deeds and documents found. The terminal tax return must be filed within six months, perfectly, taking into account any past unresolved tax issues you may have been aware of (without investigation). There could be a requirement for multiple returns in many cases. In several provinces executors are personally liable for past obligations of the deceased for a period of several years. The CRA can go back most of a decade to determine what liabilities may exist, so you need to obtain a Tax Clearance Certificate.

As executor, you have a legal duty to find all beneficiaries and deal with them in a fiduciary capacity according to the dictates of the will (which may have to be probated and paid for). Beneficiaries can sue you, personally, if you fail in your task. As executor, with keys to the estate’s assets, you can also become the target of greed, anger or family discord – and it’s amazing how such emotions bubble up, quickly overcoming grief.

Typically, being an executor takes about 18 months and can require fulfillment of sixty or seventy separate tasks, from dealing with insurance companies, to large pension plans, creditors and bankers and others sticking their hands out. There are a great many reasons why appointing a family member – or your spouse, or child – is a hugely dumb idea. They may be incompetent to do all of these jobs. Or too busy. Too young and inexperienced, too old and unsteady. And do you really want to dump this kind of complicated, difficult job into the lap of a loved one who is struggling with your recent death? That seems grossly unfair, and a recipe for trouble.

One solution is to appoint an institutional executor, like the estate & trust services division of your bank (all the big guys offer this). Yes, that costs money – perhaps 4% of the estate’s value (less above a million) – but there’s a 100% chance all of this stuff gets done. Then your heirs, beneficiaries, family and friends can concentrate on missing you instead of squabbling.

Of course, if you don’t plan on croaking, no problem. But get a good pension.

99 comments ↓

#1 For those about to flop... on 12.03.17 at 2:40 pm

Pink Pumpkins being carved in Surrey.

These guys decided it was a good idea to cough up 2.72 for this 11 year old house in March 2016.

Assessment comes in at 2.61

After the best part of a 400k reduction it now looks like they are trying to cover expenses and leave the scene without leaving any DNA…

M43BC

14069 28 Avenue, Surrey

Jun 6:$3,388,000
Dec 2: $2,999,000
Change: – 389000.00 -11%

https://www.zolo.ca/surrey-real-estate/14069-28-avenue

https://www.bcassessment.ca/Property/Info/RDAwMDAxN1A5Qw==

#2 mitzerboy aka queencitykidd on 12.03.17 at 2:46 pm

very good information garth thx
happy sunday

#3 Cowpoke on 12.03.17 at 2:48 pm

I digress a bit here. Is this applicable to Trudeau and his cabinet?

#4 For those about to flop... on 12.03.17 at 3:01 pm

Pink Pumpkins being carved in Burnaby.

Perhaps the most interesting thing about this case is that it was only picked up in late September 2017 for 1.7m

These guys are pretty much following the strategy of the last guys ,and for that matter the bulk of my cases.

Start with a number that might have flown a year or so ago ,then reduce it once or twice down to the 7-10% range above purchase price ,then either make the sale, take more drastic action and take a loss ,or remove the property from the market and see if Spring Fling 2018 goes all Back to the Future.

They could end up being the Ram or the Goat…

M43BC

7027 Ramsay Avenue, Burnaby

Jul 12:$1,998,800
Dec 2: $1,858,000
Change: – 140800.00 -7%

https://www.zolo.ca/burnaby-real-estate/7027-ramsay-avenue

https://www.bcassessment.ca/Property/Info/QTAwMDAzWDJLQQ==

#5 Zapstrap on 12.03.17 at 3:06 pm

Been there done that. A LOT can be simplified by planning in advance. And the executor does have the right to deny. Does take time, far better if you have access to the probate office too. You can get paid up to a certain percentage from the estate that would probably never cover your time. Certainly don’t regret doing it, as it was for a good friend. To me that’s the only way it would pay.

#6 Old Dog on 12.03.17 at 3:38 pm

If you are an executor, having done this three times myself I would suggest using a good lawyer to do most of the work for you, especially if it is a larger estate. That also helps to keep all the relatives in check. As an example, if it was a $1,000,000 estate, paying a bank $40,000 dollars to be your executor is crazy. On top of that the estate will pay about 1.5% probate fees and capital gains tax, which can be quite large if it’s an old investment portfolio. Lawyers may charge a percentage or a flat rate. Find a good law firm ahead of time. I’ve also found the banks to be poor at doing any tasks with an estate. At least my experience with them has been that way. I have little faith in the banks abilities. Arrange it in your will and with your executor. It’s a very important step to make sure you get the best use of your money when you are gone. Dealing with family members and charities can be trying.

#7 Andrewski on 12.03.17 at 3:45 pm

Heed this advice blogdogs! I have witnessed both sides of this story & for those who fail to plan for the inevitable, it’s more often than not FUBAR!!

#8 Victor V on 12.03.17 at 3:55 pm

Toronto developer Brad Lamb cancels long-planned Edmonton condo project

http://edmontonjournal.com/business/real-estate/toronto-developer-brad-lamb-cancels-long-planned-edmonton-condo-project

#9 Interstellar Old Yeller on 12.03.17 at 3:55 pm

Really sorry about Judy, Garth. And at such a young age, too.

(You broke your leg four years ago. We had our own hospital-heavy event that year and remember it well.)

#10 HouselessinVan on 12.03.17 at 3:56 pm

Wow! Eye opening post. Was looking forward to the typical real estate update … but this will be a very real situation coming soon with the parents.

It seems so costly to die.

#11 If we all die at 80, why take a 100 year mortgage in Toronto in 2017? on 12.03.17 at 4:03 pm

That vicious, man-hater Gloria Steinem is probably going to live past 100 at the current state of her health.

Poloz will still be around for another 70 years devaluing the loonie for his export buddies….do these elites have some sort of life-expanding pill that the serfs cannot afford?

David Rockefeller, a 90 year old man, a victim of thousands of conspiracy theories, died recently. These wealthy ones sure live a long life.

#12 Knows that he will be an Executor one day on 12.03.17 at 4:08 pm

Question for Garth:

For those of us who know being an executor is coming down the pipes eventually (could be next year, could be 15 years from now) do you have any recommendations guides to being an executor?

#13 Victor V on 12.03.17 at 4:08 pm

Liberals rethink expanding Home Buyers’ Plan over fears it will further fuel hot housing market

http://business.financialpost.com/real-estate/feds-worry-expanding-home-buyers-plan-would-fuel-hot-housing-market-document

#14 crossbordershopper on 12.03.17 at 4:12 pm

I would never die in Canada. I would like to die on the beach in Florida. I have no idea why people live work and reside in Canada. Get your free education and go the usa. most people dont die at 45, thats rare. people arent even sick at 45. im 49 and cant remember when i was sick last?
go to the usa, try to make millions if you do you stay if you fail come back and live like everyone else in canada.
lower taxes, better weather, more opportunity, us $ payments, lower costs for stuff. all set the stage for success. your young, work night and day and you should make a lot when your old. If it doesnt work come back to Ontario. 1700 month isnt a lot for minimum living in ontario but hay, its the minimum at 65

#15 crowdedelevatorfartz on 12.03.17 at 4:13 pm

Once again.
Excellent advice.

#16 under the radar on 12.03.17 at 4:15 pm

Banks handling an estate are bloodsuckers. A good lawyer can walk you through. Not an easy job for a complicated estate and fraught with liability .

#17 Ryan Perich on 12.03.17 at 4:22 pm

Getting the tax clearance certificate is optional. Found that out helping my mom be an executor.

If the estate is simple with one residence, everyone of beneficiary of residue signs off (with their own lawyers) that they agree with the disbursement plan, and there is enough money in the estate, it CAN go smoothly : just do the final taxes, pay off any debts that may be owing, and you can avoid the 6-18 month wait for a tax clearance certificate (and THAT request is a PITA – have to file copy of distribution plan as well).

Also, ENSURE all assets are put into a NON interest bearing account (do a chequeing account : you will need to write cheques : a lot of them), otherwise you have to file taxes for the interest earned and anything under $50 earned doesn’t generate an automatic T5, but will need to be declared to get tax clearance certificate.

all the tax clearance certificate does is absolve the executor of any future tax obligations of the deceased. If you are convinced there is nothing oweing, then you can skip this step. You cannot avoid filing final years taxes when the deceased was alive. You can apply to the courts to “pass the exutorship” to someone else if someone else is willing, that executor can take.. i think it’s up to 5 % of the estate as executor fee. Do not list more than 1 executor at a time as a co-executor unless they live in the same city at the time of your death. List an order of succession. Otherwise everything needs two signatures.

Or hire someone smart to do it. — Garth

#18 cmj on 12.03.17 at 4:24 pm

The potential impact of Bill C-27

Think about how this will impact your lifestyle, let alone your estate

Bill C-27 would allow the Federal Government to convert ‘Defined Benefit Pension Plan’, like the Teachers’ Pension Plan, to ‘Target Benefit Pension Plans’. A ‘Target Benefit Pension Plan’ aims for a level of benefit but does not guarantee that level. If, in difficult financial times, the target isn’t hit, the pension benefits could be reduced. Bill C-27 is intended to impact retirees with a Federal pension plan. But if Bill C-27 passes at the Federal level, it would only be a matter of time before the Provinces change the way they support pensions.

#19 Stan Brooks on 12.03.17 at 4:28 pm

And why exactly does life need to be so complicated?
A will was sufficient not so long ago.

BTW most people leave nothing except debt and bills anyway so in the near future these executor tasks will be simplified: just reject the inheritance – the assets and the debt and move on.

#20 Harvey Burger on 12.03.17 at 4:49 pm

In Quebec, you must have at least one executor who is not a beneficiary of the estate. If you have a friend who is a competent lawyer or CA, ask him/her to be an executor, and stipulate in your will that non-beneficiary executors be paid in full for their time at their professional rate. Paying 4% of your assets to an institution is obscene. Almost as much of a rip off as leaving your assets to be managed by trust company.

#21 BC_Doc on 12.03.17 at 4:51 pm

Great topic to bring up Garth. One we should all ponder and plan for in advance if we don’t want to leave a mess as our legacy to our family.

I’ve witnessed estate settlement go off the rails twice in my lifetime. In the first case, a relative simply forged a signature to cash out a newly deceased relative’s bank account before the body was even cold. It was an uphill fight for the other surviving relatives to get the money back. Lots of scorched earth. The second case is too fresh to want to talk about.

If you want to know the measure of a man, try splitting an inheritance with him!

#22 For those about to flop... on 12.03.17 at 5:03 pm

I have stumbled across this scenario a few times lately and I think this case is as good as any to try and show a pattern that could become more prominent in the next few years.

Not real sure how to describe this case but I’ll have a crack at it.

During the last year of my study there has been some victories for the sellers,some bumps and bruises accompanying a near miss and some sizeable losses.

With the market moving horizontal in some segments,one thing that has been in the back of my mind with my Pink Draws(broke roughly even after expenses) and my Pink Snow cases( took and outright loss or a decent hit after expenses) is what do the next guys try and do and how soon.

Take this documented case below of mine, a condo in False Creek.

The last person that tried to flip it took a loss with known expenses of 160k and yet four months or so on it is back on the market for 1.649 after delivering an upper cut to the jaw of the previous owner by picking up for 1.22.

I guess what I’m trying to get at is a lot of people that knowingly picked up their property in the last year or so with no value added to the previous flippers are going to show them how it’s done and walk away with a 20% annual gain which seemed like the going rate between 2013-2016.

These guys could well walk away with a tidy profit ,if nothing else my study has proven this ain’t your momma’s market anymore and a sale can go all three ways- win-lose-draw.

Where I foresee myself reporting my first Dual Pink Snow case is in Richmond.

Lots of losses and near misses and one of the cities where I have already found a reasonable amount of condos assessment moving into reverse for the 2016 assessment and likely a continuation and a higher percentage into 2018 with the 2017 assessments.

Anyway the flipping culture is so prevalent here that I’m not surprised that the majority of citizens believe that it is the road to riches but how long and how many losses before the scales tip back the other way.

People in this city have waited to vultch for so long ,it seems like it is going to be hard for them to resist the temptation to jump in if there’s indeed a sizeable correction.

At the moment the correction has been stealthily rapping a small amount of the population over the knuckles.

In 2018 ,we will see if Mr Market pulls out a bigger stick…

M43BC

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

CONFIRMED PINK SNOW.

This is one of the cases I asked the realtors on here to help me with by showing real time transaction and I got the cold shoulder and now I know why.

The details…

Paid 1.32 July 2016

Sold 1.22 July 2017

Roughly a 12% loss after known expenses and roughly 160k loss on a condo flip gone wrong…

M43BC

1401 – 38 1st Avenue
Vancouver, False Creek

https://www.zolo.ca/vancouver-real-estate/38-w-1st-avenue/1401

https://evaluebc.bcassessment.ca/property.aspx?_oa=RDAwMDBYMFQ3OA==

#23 Freebird on 12.03.17 at 5:14 pm

Judy sounded like a friend we all be lucky to have and I’m sorry for all who lose friends like that. My mom died of breast cancer only a few years after my dad who passed of stomach cancer but with humour and crankiness in tact. Losing both were my worst heartbreak to this day. I was Executor and POA for both. Many families will either get closer or disconnect. Mine did the latter. Another lesson in life. My partner and I put our wills etc in place at my dad’s advice when we was diagnosed. So I signed off to be the Executor and POA (too) many times in a short period. Had to help my mom sign her DNE in hospital as my siblings couldn’t.

Like Garth I have pins in me (my back) and looking forward to hopefully one last surgery. Still working on the dog once cleared from other issues but as mom always said, just tell yourself it could be worse. Yeah, I miss her, a lot.

Garth, tough topic but thanks for sharing. Too many I talk to who are younger even with kids don’t have wills or POAs in place. Maybe more readers who don’t will now?

#24 Freebird on 12.03.17 at 5:23 pm

Sorry, typo. Meant to say helped my mom sign her DNR.
A topic that usually goes with drawing up your will. Another tip if I can, in most cases don’t leave it up to your executor to distribute personal effects. Do this ahead and ideally tell the heirs while you’re alive and make changes or talk about while you can. Better yet, think about gifting those things while you’re alive to enjoy it. I believe in some cases there might be tax savings by doing this. Good luck and please think about today’s post and put things in place legally if you neeed to. Trust me once it’s done you feel better.

#25 The Property Guy Germany on 12.03.17 at 5:28 pm

trust services division of your bank (all the big guys offer this). Yes, that costs money – perhaps 4% of the estate’s value

Family members can charge upto 10%. My brother charged 3% and yes it’s a huge job!

#26 Bezengy on 12.03.17 at 5:30 pm

Sad story….my heart is with you. I sat next to a man who was nearing death a long time ago. He had worked all his life, made millions, and had nothing to spend it on, and no family members worthy of leaving his fortune to. I think he would have been a happier man if he had taken the time to spend some of his hard earned cash. This real life monopoly game we play doesn’t pay the rewards we thought it would. Who would have thought having too much money would be so much trouble?

#27 Loonie Doctor on 12.03.17 at 5:36 pm

This is good advice. There are some things you can DIY, but not much from the grave. I would rather hire a pro for this than plop it onto my family.

#28 Damifino on 12.03.17 at 5:36 pm

This all was clear to me when I made my will nearly ten years ago. I appointed an institutional executor then. They will take 4% to do it all. An absolute bargain for my survivors. I hope they appreciate it.

#29 Hire Someone Smart on 12.03.17 at 5:49 pm

This is good advice. Having seen how messed up it can get when a family member handles an estate, I can attest to the value of hiring a skilled professional. For those of us fortunate to have a competent professional financial advisor, we can rely upon them to set up how the estate will be handled. It may even go so far as handling all the bills getting paid in those bleak years leading up to the time we shuffle off this mortal coil.

Face it, there are so many people without a dime to their names and they see those wealthy relatives as their salvation. Am I going to put them in control of my funds? No, decidedly not!

I predict that there will be a rise in crimes such as embezzlement, theft, and elder abuse. I love my relatives but I love my independence more. When I need help the most, I would feel much better knowing that I am paying a professional to handle these matters than relying upon someone who does not have, as Garth says, the experience, knowledge, time, nor the scruples to see that matters are handled properly. The fees I will pay are a small price to pay in my estimation.

Say what you will about GT, he is an honest man who can be counted on to say and do the right thing. Irascible, yes; opinionated, you bet; scarred, sadly yes. Regardless, he is right.

#30 Tbone on 12.03.17 at 5:52 pm

You should also consider how the POA is written .
If it states jointly and severally …. and several siblings are involved ,
Any one of the siblings can walk into the bank and clean out all the accounts without the consent of the other siblings.

I recently viewed a POA written this way .

I would think jointly makes more sense as all of the siblings would act together and not individually .

Remember … money has no friends , lol

#31 For those about to flop... on 12.03.17 at 5:56 pm

Boom once wrote myself and in turn you guys that he had a paid off house worth roughly 250k U.S and roughly 750k U.S in investments ,more than enough to enjoy the type of retirement that they seemingly had planned.

Then suddenly around 15 months ago,tragedy struck and he was gone.

I hope for the sake of his family everything worked out financially so they did not suffer any extra pain on top of his untimely passing and his son and his widow got to grieve in relative peace.

Knowing Boom,he would have given this scenario some thought and planned accordingly as he seemed to take nothing for granted and was financially astute and had som health issues in the past.

Being the caring soul he was ,he actually wrote me and was concerned about myself having another surgery just two days before his death.

It was his last message to me ,very short only a line or two after responding to another poster.

He was gone in a blink and all I can wish is he did not suffer…

M43BC
M64WI

#32 Down and Out on 12.03.17 at 6:04 pm

Just finished as executor – 24 months to complete. your information is exact, just wish I had it 2 years ago .I stumbled from tax forms to bank to lawyer no guide book to follow .Great service by you to inform blog dogs

#33 prairie person on 12.03.17 at 6:07 pm

Did my parents’ estates. First my father, then my mother. Luckily, we had a long time family lawyer who guided me through everything. I could have taken 4% for all the work but I declined. There were five other beneficiaries four of whom were grandkids. They needed the money more than me. No doubt about it, it was stressful but I was warned at the beginning that I had to be able to show where every cent went. I kept a careful record. Since I also had POA, we had carefully established that I was entitled to expenses, including having to fly back and forth to deal with the emergencies of old age. You do have to accept that you are going to have to fend off people who see the elderly as a chance to run a scam. You will make enemies. When Alzheimers is included in the mix it makes the job harder. Still, I’m glad I did it. I made a couple of minor mistakes but the benefit to all was quite large. I’d just say that if you agree to enduring POA and/or being an executor be sure you read up on your duties, that you get all the information from the person before they have Alzheimers or die. Keep a diary. Note who said what, when. Know why you are doing the job.

#34 Andrew Woburn on 12.03.17 at 6:16 pm

We all know Millennials will never be uncool enough to move to the suburbs. At least until they turn 35, have kids, discover that nightlife can lose its appeal. Just like the generations before them.

“The Urban Revival Is an Urban Myth, and the Suburbs Are Surging

Despite the disdain of many planners, pundits and politicians, most people live in the suburbs—and most of the jobs are there, too.”

https://www.thedailybeast.com/the-urban-revival-is-an-urban-myth-and-the-suburbs-are-surging

#35 TRUMP on 12.03.17 at 6:19 pm

No one will have to worry about a thing when I die.

I’m spending it all the day before I croak.

#36 Alberta Ed on 12.03.17 at 6:48 pm

Tidy things up before you croak. Get a lawyer to draw up a will and all the associated stuff like appointing an executor, DNR requests, etc. Put all your paperwork together in one place where your successor(s) can find it. Include a list of all credit cards, codes, passwords, etc. Inform everyone necessary where to find all this stuff.

#37 The Fat Lady on 12.03.17 at 7:23 pm

My Grandma just recently passed and my Mother who is on disability went through great sacrifices to keep her mom alive for years got stiffed.

Turns out my Grandma left everything: house, money, etc. to her youngest daughter who is a full-time nursing manager in Michigan.

Moral of the story …. 1) Dont do favors thinking you will receive something in the end. My mom did and I know she is feeling it today. & 2)
If you are on the way out don’t mislead anyone to think if they take care of you they will be your primary beneficiary. My Grandma did that and now she is living a burning hot eternity in Hell!!

#38 Keith in Rio on 12.03.17 at 7:26 pm

I’ve done this as well. It’s easy if you have to deal with 1-2 beneficiaries, one house, some cash assets and personal effects. All you need is a good paralegal and a functioning brain between your ears, and that is where many probably fail.

I’m talking about the the brain, not the paralegal.

If you’ve get into complicated corporate structures, other financial assets, multiple bene’s, etc, it’s time for a pro, but do not go to a bank or trust co for gawd sake, they’re bandits and incompetent.

#39 Will on 12.03.17 at 7:27 pm

I’m 35 and have about $300k assets, all cash and stocks. Where can I get a will done? What will in cost?

#40 FOUR FINGERS WATSON on 12.03.17 at 7:39 pm

Taking a page out of the Chinese playbook, the UK Treasury has announced plans to regulate the Bitcoin that will force traders in so-called crypto-currencies to disclose their identities and report suspicious activity. According to the Telegraph, while “until now, anybody buying and selling Bitcoins and other digital currencies have been able to do so anonymously, making it attractive to criminals and tax avoiders. But the Treasury has now said it intends to begin regulating the virtual currency, which has a total value of £145 billion, to bring it in line with rules on anti-money laundering and counter-terrorism financial legislation.”The proposed changes come amid increasing fears that Bitcoin is being used by gangs to launder the proceeds of crime while also attracting currency speculators – with the value of the coin soaring in the past 12 months.

In other words, the same reason why the IRS is cracking down on Coinbase clients in the US is also why UK and European regulators are joining China in cracking down on capital flight.

#41 the Jaguar on 12.03.17 at 7:40 pm

Hope a previous reference to an ‘Ice Follies Audition’ did not precipitate the decent to this solemn, but meaningful discussion. Jag went through this process a few years back. (being the executrix). The usual unfolding of events is that there will be more than one child named to pick up the pieces, but there will always be one who is better equipped. This might relate to location, emotional stability, procedural smarts, or other logistical issues. Where you die in Canada has various financial implications for those who survive you and pick up the pieces. Check out local probate laws, wills, etc as they apply to your province. The Jag filed all legal papers, tax papers, funeral arrangements, etc. While painful, having time to prepare can be a bonus, but only from a paperwork perspective.

Getting and beating cancer gives a person a certain perspective. You really understand the fragility of everything that surrounds you. It’s like walking down a hallway where a door is suddenly opened and you catch a view of your own mortality. Shocking and hard to forget. You can’t let preoccupation with it take over. Or stop living. But the importance of granite countertops takes a steep dive. The appreciation of clean, green, peaceful surroundings becomes priceless.
The world viewed not through rose coloured glasses, but through the eyes of a spirit dog who knows exactly what matters. Isn’t that so, Bandit who was rescued and has never forgotten that kindness…

Beauty without Vanity,
Strength without Insolence,
Courage without Ferocity,
and all the virtues of Man without his Vices.

#42 Rob Eden on 12.03.17 at 7:41 pm

Good Follow-up summary #36 Alberta Ed. Good to be prepared.

#43 RudyGQ on 12.03.17 at 7:57 pm

Thank you again for another hard hitting blog about “…Money and the Road Ahead”! This is a difficult subject to breach with parents as they tend to look at their adult children as their babies (habit perhaps) even though the child may have proven their maturity, responsibility or integrity and may have a family of their own. To have a frank dialogue on the most inevitable topic known to the human race (death) could be extremely difficult with loved ones.

At the very least I would encourage the family member to implore/persuade/beg/plead/whatever it takes, when appealing to their love one to get an official will and disclose the location to a trusted associate (could be an impartial 3rd party). These two steps are HYUUUUGE in getting the estate matters advancing speedily after a passing. There are many tasks and there are many 3rd party schedules that must be adhered to that is outside the executor’s control, possibly taking years to conclude this business. So please be patient family members and friends.
My condolences to all who are going through this process. May you be granted the strength to endure this difficult period.

#44 Danny on 12.03.17 at 8:04 pm

Garth very courageous to open up to us with some of these twists and turns in your life to give us some serious reasons to find some important time in our life to take on responsibility as adults towards some preparation for everyone’s final ending.

Newsflash
I predict now that Trump’s secret personal plan to become President to save tax money big time….some say up to one billion dollars…..that he is busy planning his exit.

Problem may be as with most selfish lifetime bullies he lost control of his conniving ways…..and his family and friends will suffer because of his ruthlessness.

Talk about planning for one’s family wealth….when doing things against the law remember the words in a song…” I fought the law and the law one”

Poor General Flynn….this is one battle that he was ill equipped to fight.

At least the “Trickle down policy is now in place ” and many are breaking open the champagne and ordering caviar. Enjoy your meals.
And sharpen up your plans to stash more tax free money overseas…..as nothing in the new tax regulations in the US of A…..encourages one to keep those savings to make Americans Great Again….just made the Trump Family richer…..to spend more abroad…..probably Saudi Arabia…..where Trump loves those greedy like himself.

#45 Walter Safety on 12.03.17 at 8:10 pm

House $700k. – 30k to present and sell
RSP. $400K. -180k income tax
Misc. 50k- 2k for handling
Probate and fees 50k
Total 260K

And you wonder why people buy so much life insurance?

#46 Bob Dog on 12.03.17 at 8:19 pm

The DNA in your cells are mathematically linked to the very genesis of life. The first cell. Your body is but a vessel used to transport your emortal software through time. Always improving. Always competing with other slightly altered algorithms.

There is more DNA in onions than human beings.

#47 Some advice on 12.03.17 at 8:28 pm

If you have sizable assets, consider moving them into a family trust. Enugh said.

#48 Tony on 12.03.17 at 8:29 pm

My brother was the executor of my late father’s will. I did my father’s taxes every year except the year my brother was the executor. The imbecile filed the tax return 2 weeks late and incurred a $35,000 penalty from Revenue Canada. Always file tax returns on time.

#49 Confused on 12.03.17 at 8:32 pm

You haven’t done Calgary in a while. Things are beginning to slow down here but the Realtor thinks it’s the Nov/Dec months. Realtor also said Big-Banks already are enacting the 2% stress-test but the banks/broker I went to for a mortgage are not (or did not mention it).

#50 Waldguy on 12.03.17 at 8:35 pm

Not just the big banks and lawyers to this stuff professionally.

If you’re lucky enough to live in SK, you can find a 100 year old Trust company whose seen plenty of bickering beneficiaries and the CRA — and for less than 4%. (mtrust.net)

Look around. And don’t put a child in charge just because she “knows business stuff.”

#51 Big Daddy on 12.03.17 at 8:40 pm

DELETED

#52 Tony on 12.03.17 at 8:42 pm

My brother was also the executor of my father’s sister’s will (he had two sisters). Somehow the will got changed upon her deathbed by her other sister’s daughter (who already inherited around 50 million the same year her mother died) who wasn’t even in the will. She took everything and my brother told her just keep it all. Beware who you designate as the executor.

#53 Nonplused on 12.03.17 at 8:45 pm

Well Garth, every now and then you lean on the tiller of the great ship that is GreaterFool and point it in a new direction, and as always great advice follows.

I used to have my family members listed as executors in a sort of order that I thought was reasonable (dad, brother, sister) with language about how to choose based on if they were able and willing, but no more.

First of all, not good to rank your relatives like that. But secondly I realized they were all crazy and already trying to plunder my dad’s retirement money for crazy things of no value besides entertainment. Well, except for the house he bought my sister. Anyway it became clear to me that none of them were fit to act as an executor so my will now says my lawyer is the executor. (Some lawyers do this, you don’t have to go to the bank. And if they die in process they usually pass their practice on to another lawyer.)

I also was the executor to my dad, but asked to be removed. I couldn’t imagine being the adjudicator when it came to how much money my dad paid out for my niece’s lessons when none of the other grand-kids got a penny, how much my sister’s house was worth, and all the other seemingly senile decisions my mom and dad had made when deciding which of their children and grandchildren got helicopter money and which ones didn’t (most of them didn’t), and also dealing with the fact that my mom would probably still be alive and spends the money like there is no tomorrow and will end up broke. Unfortunately, I haven’t been told he ever removed me as executor. I will ask again next time I see him. I don’t want to do it. I know with certainty it’ll turn into a cat fight, and I’d rather watch from the sides. And I’d rather be cut completely out of the will than be expected to pay for my mom’s delusional extravagances. She plays favorites and she plays it with real money. I wasn’t the favorite. Not even when I needed help.

So the long and the short of it is don’t be an executor, don’t ask your family to be an executor, and don’t expect your parents or your siblings to play fair. Leave it to a professional. Chances are your parents are broke anyway.

#54 Tony on 12.03.17 at 8:57 pm

Re: #12 Knows that he will be an Executor one day on 12.03.17 at 4:08 pm

Here’s some good advice tell whoever or whomever is dying to give away everything before they’re dead. Probate hits in Ontario around the $50,000 mark. My father tried to get rid of everything but there was a lot to get rid.

#55 dr. talc on 12.03.17 at 9:05 pm

death and taxes?
ouch, how about a royal sex scandal?

https://www.youtube.com/watch?time_continue=1&v=doeg8DemnTg

#56 Funky on 12.03.17 at 9:16 pm

Garth, with that kind of second thought they just might find you a position in the senate were you interested.

#57 Wrk.dover on 12.03.17 at 9:21 pm

We have a professional administrator chosen as executor. the estate is all hoard, what the hell?

#58 Cdn Mom on 12.03.17 at 9:32 pm

If naming an individual as executor, always name an alternate, or be aware of who the executor(s) is/are of your own exector(s).

My grandmother’s will, Mom was the named executor, I was alternate. (Very contentious situation with some crazy siblings of my mother’s.) I was asked by my exhausted mother (grandmother’s live-in caregiver for years of dementia) to accompany her to the lawyer, assist with the will. Within two months my mother was diagnosed with terminal cancer, and told to get her affairs in order. She was dead 9 months later.

I was co-executor in my mother’s will, with my only sibling. As my grandmother’s estate had not yet been settled, my sibling and I became executors of my grandmother’s estate, due to the death of the primary executor. Fortunately, my mother had warning, and either disbursed everything of her own to us, or put us on title to properties, so we’d inherit by right of survivorship. My grandmother’s estate was settled 5 months AFTER my mother died, with receipt of the tax clearance certificate.

I endured a year of abuse from my mother’s siblings over not disbursing their money prior to receiving the tax clearance certificate, while caring for my mother up to her death. One of her siblings actually claimed she was not dying. It was a hella mess, destroyed me emotionally for years (I was very close to both, helped care for my grandmother). Fortunately my sibling is awesome, however paperwork-challenged. No probs with Mom’s estate.

Pay an instutional executor if there’s any work at all, or multiple beneficiaries. I will only ever (possibly) be an executor once more, for my husband, and I am the only beneficiary. Besides, everything is joint except his car.

#59 Ana on 12.03.17 at 9:45 pm

#39 Will
We did our our will once we got married and had our first child. It was done through a lawyer for about $300 12 years ago. Probably costs more now. Haven’t had to rewrite it yet as they can include future children as beneficiaries etc. When you initially write it up.

#60 Leinnay on 12.03.17 at 10:24 pm

Great advice. Thanks.

#61 Hotdogs from Heaven on 12.03.17 at 10:38 pm

#39 Will on 12.03.17 at 7:27 pm

I’m 35 and have about $300k assets, all cash and stocks. Where can I get a will done? What will in cost?
—————————————————-
There’s some law office that has a bunch of store front offices at Wal-marts all over Toronto. A basic will cost just over $100. Check out something like that in your town.

#62 Notagreaterfool on 12.03.17 at 11:10 pm

House of cards coming to an end

https://www.theglobeandmail.com/news/british-columbia/bc-attorney-general-moves-to-curb-casino-money-laundering/article37175698/

#63 Big Daddy on 12.03.17 at 11:11 pm

Did you all know that CMHC is also on the books for billions in bad debt after loaning Ontario municipalities mega bucks for solar power arrays that went dead?

#64 Fritz on 12.03.17 at 11:56 pm

Thank You! Just going through this with a good friend (RIP).

#65 Gentle ,Loving Kindness on 12.03.17 at 11:59 pm

Thank You for this blog. I showed it to my wife and it got us talking about what is really the pragmatic thing to do. Right now, we have asked our only son to be the executor and he has agreed. Pat & I were the executors to my parent’s estate and it was a tediously emotional experience. Pat did most of the heavy lifting when it came to sorting out the details and I could not have done without her. Things got complicated when my brother lost his very well paying job and started requesting “loans” from the estate to hold him over before it was completely finalized. We accommodated him once and he was totally insulted when we took these loans into account on final calculations. To make a short story long, the whole process was painful and emotional. I doubt we paid ourselves a tenth of the minimum wage if all the time is accounted for. Our son’s wife is not an asset to him in organizing or helping him out with this kind of stuff, so it will be a chore he will have to manage himself. WE have a property in AZ and one in Ontario .He too is very busy, and Pat and I are now thinking to just ask our lawyer to be our executor. Mark doesn’t need the head ache. Pat thinks we should discuss it with Mark, I am leaning towards “Just do it “and explain later. (It is easier to ask for forgiveness than for permission). Thanks for the vent.

#66 Darren on 12.03.17 at 11:59 pm

Holy isht!
I’ve been nominated by my father, sister, a cousin and 2 friends. I need to start acting like a complete numbskull, stat!

#67 Ace Goodheart on 12.04.17 at 12:00 am

Well it’s official:

http://www.news1130.com/2017/12/03/realtors-want-parents-withdraw-rrsp-help-kids-buy-home/

Let the lobbying begin. If you thought that cashing out your investments to let your kids stay kids a little longer was enough to satisfy everyone, you were wrong. Now they want you to use your retirement savings, too.

How many Toronto realtors own more than 5 speculation houses? On our street, most of the houses that have sold in the last four years, were purchased by realtors and are being rented out.

Is this just a massive wealth transfer?

If T2 and wild Bill didn’t get your retirement savings (to give to their entitled defined benefit pension plan civil servants) the realtors want it so they can sell your kids their spec houses.

Has society gone completely nuts?

#68 Buy? Curious? on 12.04.17 at 3:13 am

Stupid, stupid boomers!

#69 Daniel, Certified Executor Advisor on 12.04.17 at 3:29 am

Hello blog dogs. As a professional who helps Executors, I wanted to point you in the direction of the Canadian Institute of Certified Executor Advisors. It is an organization that educates diverse professionals on the challenges Executors face. If you or someone you know has accepted this responsibility and would like some guidance, you will be able to find a CEA in your area through their website at http://www.cicea.ca.

#70 jane24 on 12.04.17 at 4:06 am

Garth I am truly sorry about your friend, she sound like the sort of friend we all wish we had known.

Death in Canada is like everything else in Canada, very complicated, bureaucratic and expensive. Let me compare a few known average costs for death between Canada and Britain in Cdn dollars for a million dollar estate.

Funeral- Canada $25,000. Uk – $7650 but we don’t usually muck about with the body. Just dress it and into the coffin. Used to be a funeral director.

Probate to fee govt – Canada $15,000. UK – $365

Probate and execution of will if goes through a lawyer – Canada $40,000. UK – starting at $848 for an on-line lawyer and going to $8500 if you want a live one you can talk too. No-one I have ever known here have paid more than this.

Conclusion do not die in Canada. Pick somewhere else.

Garth your friend could certainly have made it easier for her son by simplifying her estate before she died. We are in our mid-60’s and in good health but we have already started simplifying stuff for our daughter, our executor. We have got rid of extra bank accounts, extra houses, extra RSSPs and extra investments and pulled everything together into a few pots for her. We love her and don’t want to make work for her at a time that she will be upset. Plus it has simplified our lives too to have our assets in less places.

We will all die, so do think ahead at the work you may be leaving your loved ones. In another 10 years if we are still here God willing, we will start to move titles and assets into her name to make things even easier for her to deal with.

#71 I’m stupid on 12.04.17 at 5:19 am

#39 Will

I’m 35 and have about $300k assets, all cash and stocks. Where can I get a will done? What will in cost?
————

Do the following… go onto your smart phone or computer and open google. Type Wills near me, and you’ll have your answers. Smh

#72 Big Daddy on 12.04.17 at 6:43 am

Trudeau goes to China to try and avoid negotiating NAFTA with Trump ….likely on orders from Obama ….our little puddle jumper didn’t even get a meeting with top officials…..apparently the Chinese aren’t playing the Hate Trump card on behalf of an ex president and a bunch of Euro loons. Canada gets embarrassed…..once again. Not that free trade with China is possible behind the back of the US…..who after all already speak for Canada…..not Pooky Two Socks.

#73 N on 12.04.17 at 7:52 am

In the next five to 10 years, barring regulatory intervention, more than three in four conventional mortgage shoppers will choose an extended amortization.
In time, more lenders could roll out even longer amortizations (35, maybe even 40 years) to meet borrower demand.
Not only that, but countless more will flock to home equity lines of credit (HELOCs) where amortizations are virtually infinite – not to qualify for a bigger mortgage, but to avail themselves of lower interest-only payments.
For 2018, however, the new standard for uninsured mortgages will be the 30-year amortization. And it’ll stay that way … unless the federal government outlaws them. Now there’s a mortgage rule they haven’t tried yet.
https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/chasing-down-a-new-trend-in-mortgage-repayment/article37145762/

#74 Ponzius Pilatus on 12.04.17 at 8:04 am

#72 Ponzius Pilatus on 12.04.17 at 8:00 am
#71 I’m stupid on 12.04.17 at 5:19 am
#39 Will

I’m 35 and have about $300k assets, all cash and stocks. Where can I get a will done? What will in cost?
————

Do the following… go onto your smart phone or computer and open google. Type Wills near me, and you’ll have your answers. Smh
———-
What is google?
And do I need a key to open it?
———————–
Never mind.
Got it.
Lots of people named Will in my neighborhood.

#75 Grey Dog on 12.04.17 at 9:35 am

Within the last year, our local financial advisor lined us up with a local lawyer to rewrite our outdated wills, (no…FA will NOT inherit anything, for dogs thinking about insider benefits). FA now has a copy of our new will, and it will make it clearer to implement.

Garth, does your firm have this option for your clients?

All fee-based advisors would be happy to do such. — Garth

#76 Capt. Serious on 12.04.17 at 11:01 am

Very interesting post, including some things I’d never considered. Will now look into getting an institutional executor.

#77 JohnnyBoy on 12.04.17 at 11:05 am

#72 Big Daddy on 12.04.17 at 6:43 am

Trudeau goes to China to try and avoid negotiating NAFTA with Trump ….likely on orders from Obama ….our little puddle jumper didn’t even get a meeting with top officials…..apparently the Chinese aren’t playing the Hate Trump card on behalf of an ex president and a bunch of Euro loons. Canada gets embarrassed…..once again. Not that free trade with China is possible behind the back of the US…..who after all already speak for Canada…..not Pooky Two Socks.
…………………………………………………………………..
How could we be more embarrassed. Trudeau is an embarrassment already to Canada. He cries only for all of those impoverished imports who wish this country nothing but ill will. No tears for the potential tens of thousands of tax paying citizens that may loose their jobs if the Crazy Old Orange Lying Fart in the USA goes through on carpet bombing the NAFTA agreement. He has a legacy of stupidness that runs rampant in the Liberal party. He is a wannabe poster boy that has no substance on the world stage other than his good looks and a bunch of dumb millennials who adore him for giving them legalized marijuana. Dam I miss Stephan Harper more and more every day. What the hell did this country do to deserve that heap of liberal cow shit. I hope Trudeau is a one pump chump!

#78 The Final Cut on 12.04.17 at 11:10 am

Sorry for your loss Garth.

If you are unfortunate enough to expire with sufficient assets to attract the professional and familial vultures, there are some steps you can take to ease your ascension to Valhalla. My father’s estate took several years to settle with hand-wringing lawyers muttering “it’s very complicated”. Settling my mother’s more meagre estate took me a week in total, including organizing the wake, cleaning out the apartment, and spreading her ashes where she wished (illegally of course). The cost of the wake was the largest disbursement, as per her wishes.

Joint ownership of assets was the most useful step, a recent will is gold, and funeral directors provide a list of whatever else needs to be done. It is not difficult, but if you have “complicated” assets or any of your relations are greedy ingrates then do as Garth recommends.

#79 Mr Happy on 12.04.17 at 11:33 am

Thank you for this incredibly valuable advice…

Crap…now I have to make a lawyers appointment. Quick question, would the lawyer be a good Executor choice? Or better with the bank service?

Some lawyers will agree to do so, some will not. But lawyers are people – they retire and even die like the rest of us. Institutional executors do not. — Garth

#80 TurnerNation on 12.04.17 at 12:04 pm

I see Bandit’s latest IG post: https://www.instagram.com/p/BcQie7hljiT/

For sure King St business is down. On the other hand I seem to recall a “store closing” Rug outlet always on that strip years past?!

There’s a menswear shop in a downtown hotel. Store closing owner retiring said its signs. I even asked him. This was years ago.
Few year later…still there, same signs.
See the transitory conventioneers and guest never will know this. Everybody wants a deal. His brilliance.

#81 jls on 12.04.17 at 12:26 pm

Go to Ontario Ministry of Finance and key in Estate Administration Fees (formerly probate). That will give you a good start. Make sure it says ontario.ca to avoid phishers.

#82 Leo Trollstoy on 12.04.17 at 12:39 pm

Good post from gartho today and some good stuff from blog dogs. Definitely a bookmark

#83 JohnnyBoy on 12.04.17 at 1:02 pm

Where are the tears Justin Trudeau? You bring in undocumented refugees that don’t contribute to the country but you deport this family that has been here gainfully employed for five years. The family was applying for permanent residence in Canada on humanitarian and compassionate grounds. After review, their application was rejected.
Now we know what a phony photo op drip you are.

https://www.msn.com/en-ca/news/canada/sri-lankan-family-deported-after-spending-5-years-in-canada/ar-BBG9bav?li=AAggNb9

Refugees ‘don’t contribute to the country’? Did you just make that up? Talk about hypocrisy. — Garth

#84 Rawinder on 12.04.17 at 1:56 pm

Great post Garth, thank you.
Should be required reading.

#85 Silent the people on 12.04.17 at 2:26 pm

“Say what you will about GT, he is an honest man who can be counted on to say and do the right thing. Irascible, yes; opinionated, you bet; scarred, sadly yes. Regardless, he is right”

Well said!

#86 Newcomer on 12.04.17 at 3:45 pm

#14 crossbordershopper on 12.03.17 at 4:12 pm

1700 month isnt a lot for minimum living in ontario but hay, its the minimum at 65
———–
I don’t think this is the case if you lived your tax-paying years outside the country. CPP and OAS are tied to contributions and years of residence (though residence in the States should count toward OAS due to a treaty).

#87 Steven Rowlandson on 12.04.17 at 4:10 pm

Why worry about death when living is too expensive to be possible? Personal survival trumps all of that. Then there is the ice age cycle and the impending end of the current inter glacial we have all come to know and depend on. Getting too wrapped up in paperwork needs to be tempered by the fact that Canada and part of the States has a best before date due to major glaciations. When the cycle turns you are either staying or you are living.

#88 Lost...but not leased on 12.04.17 at 4:30 pm

Re: Executor

My example…(FROM H–E—L—L)!!!!

My parents divorced in 1980…I have one sibling.
Each parent had a SFH.

—My Dad passed away in 2015 after being diagnosed with something called “multiple myeloma” in 2013.

— My mother had been diagnosed with dementia since late 2014 and put into a certain seniors facility by my sibling without my consultation, even though we were both AT THE TIME ” Power of Attorney” (POA)
*** MORE LATER ***.

Upon my father’s passing,we had to look for a will.
BTW,IMHO my father was abused by the system..(he was literally starved to death…he was admitted to a hospice around 10 am of the given day…I went to visit him at 7 PM…he was gone…he had just died 10 minutes after a morphine injection.

Re: WILL
My father kept many of his important papers in a “certain spot” in the house, so I rounded them up and my sibling and I went through them and luckily found the “will” as per my hunch, as he literally kept papers going back 60 years all through the house.

The will was drafted about the time of my parents divorce…and named me as the SOLE executor, and via my siblings body language she was quite peeved(but at the time she was not yet a legal adult). BTW: No other will was found.

The funeral home was great, as they also had a service that guided you into the next steps, as well as a lawyer referral.

I lived near my fathers house, but my sibling lived about an hours drive away. One day, I drove by my Dad’s house and saw my siblings car parked there. Something was amiss and I picked up my son(as a witness), entered the home and asked my sibling what she was doing…it then got very heated. I was of the opinion she was still ticked off she was not executor and was looking for “something,” which was perhaps another will…OR…? ….but IMHO she was effectively compromising the scene with her actions…I subsequently changed the locks.

(I had posted before about “COMMITEESHIP”….and will discuss later how my sibling, in what I consider a “Hostile Takeover” manouvered 100% control over my Mothers affairs by acquiring COMMITTESHIP over her ..aka as “revenge” for my father naming me as an executor?!?)

Re Executor:
As noted, we were referred to an excellent well -known estate lawyer. Given the hostilities which I blame my sibling for, I felt I had best cover my butt with no margin for error aka no way in hell I would even attempt to do it myself. Our lawyer also referred us to a CA…. estates are one of their specialties..again GET THE BEST.

I did err via ignorance in a late filing of my Dads taxes..so was a CRA penalty.

My Dad had accounts in HSBC and TD…TD staff were great…HSBC was very slow and tedious.

We sold my Dad’s place this past FALL for what we feel is a very good price, much of this due to simple things like doing THE homework and reviewing the Local Gov’t OCP and determining Highest and Best Use (which in my Dads neighbourhood was Multi- Family.

Also lucked out by having a friend refer what turned out to be an excellent realtor who negotiated a deal that the purchaser(a developer) paid the commission aka we kept the full purchase price . We set a new benchmark for the area.

Other issues are such things as cleaning out the residence…a major task…don’t leave it too long. The house was over 50 years old, but well maintained. One thing I will advise re: contents….go through the small items first..move way up to larger. Many of the items were what one could consider “Mid Century Modern”, from 1950’s-1960’s.

We had emailed photos of contents to various dealers, auctions, even had an appraiser….ZERO interest. The vast majority(95%?) of the items in the house were donated or left on curb as freebies luckily enough most of it was picked up. We also loaded (2) 18 cu.yd. containers.

One other major issue is recycling….many items cannot simply be thrown into the garbage etc. Paints, tires mattresses etc have to go through designated facilities. In my Dads case, I had to get rid of 10 mattresses and got lucky with one guy who only charged” $200.”

As we speak…we will be dealing with the disbursements soon between me and my sibling. Both our lawyer and CA have sent the Gov’t the capital gains tax hit…and have advised us to hold back a certain amount from disbursement in case CRA claims more tax owing. Once CRA approves it(could take 6 months or more), then we can tie it all up and close it out.

Executor fees?
I am claiming them @3%..if my sibling hadn’t been so mean, petty, vindictive, especially taking legal control of my mother..I may have waived them. Screw em.If they question the 3%..then I’ll claim 5% and see them in court.

SUMMARY OF ADVICE etc.
–Draft a WILL….with legal guidance..worth it morseo nowadays. Our first will in early 1990’s was about 3 pages…our latest one (2016) was over 15 pages…that’s how much the law changed.

–if you want certain items going to certain people then draft a list as an “addendum” to the will.

–put the WILL in a safe place and notify the appropriate parties WHERE IT IS ….also adviseable you notify Gov’t that a WILL exists so when someone does a “Will Search” it can be determined a Will does exist.
(NOTE : this does NOT mean the Gov’t has a copy).When we did a will search for my father,it came up empty, yet we luckily found his will in the house.

–Copies of WILLS are not acceptable
–PROBATE fees can cost thousands…but a trick to speed up the process is the lawyer goes to a smaller jurisdiction with less workload.
–The Original Will is not returned…it is kept by the Gov’t.

–Executors..get a good lawyer and accountant…cover your @ss…people are far less honourable and more litigious these days as in my case.

#89 SM on 12.04.17 at 4:53 pm

Sorry about your loss Garth.

Thank you for the (as always) great information.

#90 END GIS FOR VACATIONERS on 12.04.17 at 5:26 pm

Just found out that my buddies parents and grandparents collect GIS (welfare for seniors) while OUTSIDE the country for 6 months a year. They have like a 10,000 square foot home overseas with servants. Is this legal? Perplexed.

#91 Lost...but not leased on 12.04.17 at 5:45 pm

Further to my #87 post..

” COMMITTEESHIP ”

As noted… experienced bad year when my Dad’s physical health deteriorated starting in 2013 and my mother’s dementia diagnosis (2014).

My mother had designated me and my sibling as
” Power of Attorney ” (POA). My mother had had an accident at home, was hospitalized, and during this time a Dr. determined she could not return home via a dementia diagnosis. In essence, she had to go to the nearest seniors home once she was discharged from hospital.

My sibling and I scouted out homes…but my mother was placed in a facility by my sibling which I had never seen but would not have agreed with for a number of reasons. WARNING…scout out potential homes..they are NOT I repeat NOT all the same….

Apparently, with POA, there does NOT need to be a consensus of POA’s…they can act independently…first out of the gate seems to win?

However, my Mother’s brother contacted me, and showed me some document with him listed as ” ENDURING POWER OF ATTORNEY ” at a date before me and my siblings POA.

Now it gets real interesting..as apparently:

(i) ENDURING POWER OF ATTORNEY(EPOA) supercedes POA and

(ii) For any previously existing EPOA or POA must be formally notified that their powers have been revoked..which did NOT happen.Thus, technically my sibling made moves re my mother that they had no authority to do so.

My Mom’s brother consulted a lawyer,( who gave us his opinions, which seemed to side with our case), but IMHO basically milked him of over $10,000.

My Mother’s brother also contacted the Public Guardian and Trustee(PGT)….likely the most useless in a long list of useless Gov’t bureaucracies…(even the BC Ombudsman has investigated and criticized them as a combination of incompetent and heavy handed.). His concerns/ complaints led to the PGT placing a freeze on the sale of my mother home, and a circling of the wagons by PGT re: an incompetent case worker…..aka everything they did seemed to benefit my sibling.

It has been my experience that various agencies like PGT will take sides, often the wrong side, as this absolves them of their duty to perhaps properly investigate…..

ALSO:My sibling plunked her son in my mothers house for approx. 3 years RENT FREE.

COMMITTEESHIP:
It appears my sibling and her cabal( which evidence suggests were my mothers TD [email protected] advisor and the lawyer he recommended to my sibling ) needed an out..which appears to be “COMMITTEESHIP”….whereby my sibling and her cronies made an application to the court that my sibling be granted literal 100% over all my mothers affairs… legal, medical, financial etc.

Through happenstance, I found out my sibling put my Mothers home up for sale…and apparently it ” sold ” after 4 months on the market, but I cannot get it verified ? The PGT was asked why did they removed the “freeze” on the sale of the house????..they don’t answer me as I am not the “legal authority” in this case.

However, I do have a plan in place as I am currently tying up my fathers estate, then focus on these other issues.

My point ????
….is to warn others, as this blog is very informative in a variety of ways….especially tales from the various war zones in life. IMHO, my story is not only NOT the exception,( likely part of a large body of similar stories), but as civilized society continues to degenerate, it is of even more importance to PLAN ACCORDINGLY and cover all bases and leave no stone unturned.

COMMITTEESHIP, as it stands, is absolutely prime for abuse.We haven’t challenged it??? because because its already such a sordid mess and likely cost prohibitive to fight. Other strategies will be pursued.

ADVICE:
Review COMMITTEESHIP and it may be best that the party in question determine who they wish to have this ultimate authority over them (as opposed to a cabal of manipulating machiavellian scum I am in the midst of).

When I tell my Mother( though dementia,is cognitively lucid in the short term) what has happened behind her back …..she is shocked and outraged).

Note: Upon death, COMMITTEESHIP is null and void. Then Executors and probate etc. kick in.

#92 Ottawan on 12.04.17 at 6:07 pm

RIP Judy,

#93 The real Kip on 12.04.17 at 6:48 pm

The guy who sold the place in Markham (Jim’s neighbour) probably is happy to to be moving away from nosey people like Jim who’ve nothing better to do than trash talk everyone else.

#94 LivinLarge on 12.04.17 at 7:37 pm

It must piss you off Fearless Leader that a “dear friend” like Judy either didn’t heed your highly qualified and informed advice or didn’t actually ask it. BTW, I’m not trying to be sarcastic.

#95 westcdn on 12.05.17 at 12:16 am

This news release got me going again. “Calastone, the global funds transaction network, today announces that the technology underpinning the core of Calastone’s global transaction network will be migrated onto a full blockchain-enabled infrastructure”.
https://www.tmxmoney.com/en/news/company_releases/index.html?rkey=20171204C3864&filter=8242

Mutual Fund blockchain application

I am still waiting for the practical applications of blockchain technology in business practices so I can examine the operational aspects. The elimination of middlemen who often hid information for financial advantage has great appeal to me. I live to prove myself on a more level playing field. Boiler room mentality and Mutual DSC’s I will not miss or ever wanted. A transparent environment where I can directly deal peer to peer for business transactions is what I want. I put my trust into progressive goods or services producing corporations with strong leadership as my first choice store of value.

When on an Italian tour, we passed through old medieval towns and I noticed beautiful buildings and posing castles on hills overlooking the towns. They were isolated from the towns and hardly conducive to commerce. I asked the tour guide for a reason. He said the gentry and lords obviously lived there in comfort but more importantly it gave the elite a view over the lay of the land. These towns were located on trade routes. When the elite saw a trade caravan heading to the town, the elites would send down their minions to collect protection fees from the travelling merchants. The elites also collected regular protection fees from the town plebs.

Unfortunately, when a large group of raiders approached the town, the elite would close their castle gates and leave the plebs to be pillaged. It is not a surprise that populism is always boiling under the surface of society.

Cryptocurrencies have a perceived value by many that I think is flawed. I do prescribe to a monetary system that is democratic, transparent and bypasses gatekeepers. Whether you hold scarce rocks, “digital tokens”, cash in the mattress, bonds, RE, equity shares, etc. as stores of value is your choice. I find money/currency is primarily used for consumption and is converted to and from wealth. The stores of value determine wealth. I think the cryptocurrency flaw is in the conversion from asset to money. I wonder who will block bitcoin transactions when there are no more coins to mine profitably. I like money for nothing but effort creates opportunities to prosper rather being dependent on the fee/tax whims of gatekeepers. I will stay on my course until I realize I am the flawed one – hopefully with minimal penalties.

#96 Andrea Sargeant on 12.05.17 at 1:15 am

Hi Garth,
I’m so sorry about your accident and also the loss of your friend Judy. She sounds really wonderful. I am in that 99% and am changing that asap. The job is much more than I realized and I hadn’t put myself in the other person’s shoes regarding the emotional impact. This is a really important topic! I hope you will heal fully.

#97 Aprilagain. on 12.05.17 at 2:49 am

Thank you for this. I didn’t know such a thing existed.

#98 westcdn on 12.05.17 at 11:48 am

I was prowling around a found a junior cannabis company worth a gamble. I threw a couple of hundred at it though I generally only buy companies with positive cash flow, low debt and history. It looks like it will work out. It seems cannabis extracts are big business in certain US states and probably will replicate in Canada. I also see gaming Canadians trying to get medical prescriptions for recreation.

The good dog
https://www.bing.com/images/search?view=detailV2&ccid=%2FMx3boCr&id=38219F145A33F3C7684ABC543A36CC8D3A836CEF&thid=OIP._Mx3boCrVUNurgVQNRAnaQEsDh&q=japanese+bowing+tradition+cartoon&simid=607994511498742270&selectedindex=99&qpvt=japanese+bowing+tradition+cartoon&mode=overlay&first=1

Trump’s corporate tax cuts are going into effect. The problem is the CEO’s want to use the tax savings for shareholder payouts. No wonder the DOW is up and the NASDAQ down as you need earnings to benefit. No soup for the (guess).

https://www.marketplace.org/2017/11/30/economy/how-will-corporations-spend-their-tax-cuts

Off to the gym and grocery shopping then some household drudgery before I get back to the computer.

#99 Piet on 12.05.17 at 4:13 pm

Thanks for an informative piece, Garth. You have motivated me to get moving on updating my 25-year-old will that was written when the kids were small. The executor appointed back then is now too old to do the job, and circumstances have changed. It’s time to shell out some fees to a lawyer and figure things out anew.