The Five Costliest Mistakes in Estate Planning By Tara R. Britnell.
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Transcript of The Five Costliest Mistakes in Estate Planning By Tara R. Britnell.
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The Five Costliest Mistakes in
Estate Planning
By Tara R. Britnell
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Five Problem Areas
Wills Variation Act
Joint Title
Undue Influence
Fraudulent Conveyance Act
Incapacity
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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
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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
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Joint Title
How to protect against resulting trust: Deed of Gift
Independent legal advice
Good notes
Payment
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Undue Influence
Invalidates the transaction
Coercion
Protect against it
BC Law Institute Guidelines
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Fraudulent Conveyance Act
Transferring property to defeat creditors
Wills Variation Act “creditors”
Family Relations Act “creditors”
Best defence strategies Good notes
Inform spouse
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Incapacity
Invalidates transactions
How to spot it
Preventative measures
Meet with client alone
Medical opinion
Independent legal advice
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Tara Britnell [email protected]
Hamilton Duncan Armstrong & Stewart
1450 – 13401 108th Avenue, Surrey, BC(604) 581-4677
www.HDAS.com