the five costliest mistakes in estate planning by tara r. britnell
TRANSCRIPT
The Five Costliest Mistakes in
Estate Planning
By Tara R. Britnell
Five Problem Areas
Wills Variation Act
Joint Title
Undue Influence
Fraudulent Conveyance Act
Incapacity
Wills Variation Act
How to avoid it
1. No assets on death Joint Title Gifts before death Trusts
2. Explain the Will In writing Valid and rational reason
Joint Title
Leading cause of estate litigation
Why is it a good idea?
The Problem: Resulting Trust The property goes back to the Estate
Demonstrating Intention Transferor’s intention is key
Joint Title
How to protect against resulting trust: Deed of Gift
Independent legal advice
Good notes
Payment
Undue Influence
Invalidates the transaction
Coercion
Protect against it
BC Law Institute Guidelines
Fraudulent Conveyance Act
Transferring property to defeat creditors
Wills Variation Act “creditors”
Family Relations Act “creditors”
Best defence strategies Good notes
Inform spouse
Incapacity
Invalidates transactions
How to spot it
Preventative measures
Meet with client alone
Medical opinion
Independent legal advice
Tara Britnell [email protected]
Hamilton Duncan Armstrong & Stewart
1450 – 13401 108th Avenue, Surrey, BC(604) 581-4677
www.HDAS.com