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Inheritance Law In Canada
Inheritance law in Canada is constitutionally a provincial matter. Therefore, the laws governing inheritance in Canada is legislated by each individual province. Provincial and territorial estate laws Ontario Inheritance law in Ontario is governed by the ''Succession Law Reform Act'' (SLRA). The SLRA sets out the rules for how property is distributed when someone dies without a will (intestate) and how to probate a will. The Act provides for certain family members to be entitled to a portion of the deceased's estate, including spouse, children and parents. The Act also includes provisions for the distribution of property in certain situations, such as when a person dies without a will and has no living relatives. Wills * In order to have a valid will in Ontario, it must meet the following requirements: * The will must be in writing and signed by the testator (the person making the will) * The testator must be of legal age (18 years old) and have mental capacity to make a wil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constitution Of Canada
The Constitution of Canada () is the supreme law in Canada. It outlines Canada's system of government and the civil and human rights of those who are citizens of Canada and non-citizens in Canada. Its contents are an amalgamation of various codified acts, treaties between the Crown and Indigenous Peoples (both historical and modern), uncodified traditions and conventions. Canada is one of the oldest constitutional monarchies in the world. The Constitution of Canada comprises core written documents and provisions that are constitutionally entrenched, take precedence over all other laws and place substantive limits on government action; these include the ''Constitution Act, 1867'' (formerly the ''British North America Act, 1867)'' and the ''Canadian Charter of Rights and Freedoms.''Monahan, Patrick J.; Shaw, Byron; Ryan, Padraic (2017). ''Constitutional Law'' (5th ed.). Toronto, ON: Irwin Law Inc. pp.3-9. The ''Constitution Act'', ''1867'' provides for a constitution ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Will And Testament
A will and testament is a legal document that expresses a person's (testator) wishes as to how their property (estate (law), estate) is to be distributed after their death and as to which person (executor) is to manage the property until its final distribution. For the distribution (devolution) of property not determined by a will, see inheritance and intestacy. Though it has been thought a "will" historically applied only to real property, while "testament" applied only to personal property (thus giving rise to the popular title of the document as "last will and testament"), records show the terms have been used interchangeably. Thus, the word "will" validly applies to both personal and real property. A will may also create a testamentary Trust (property), trust that is effective only after the death of the testator. History Throughout most of the world, the disposition of a dead person's estate has been a matter of social custom. According to Plutarch, the written will was i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inheritance Law By Country
Inheritance is the practice of receiving private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual. The rules of inheritance differ among societies and have changed over time. Officially bequeathing private property and/or debts can be performed by a testator via will, as attested by a notary or by other lawful means. Terminology In law, an "heir" ( heiress) is a person who is entitled to receive a share of property from a decedent (a person who died), subject to the rules of inheritance in the jurisdiction where the decedent was a citizen, or where the decedent died or owned property at the time of death. The inheritance may be either under the terms of a will or by intestate laws if the deceased had no will. However, the will must comply with the laws of the jurisdiction at the time it was created or it will be declared invalid (for example, some states do not recognise handwritten wills as valid, or only in specific ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal History Of Canada
Law is a set of rules that are created and are law enforcement, enforceable by social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. It has been variously described as a Social science#Law, science and as the art of justice. State-enforced laws can be made by a legislature, resulting in statutes; by the executive through decrees and regulations; or by judges' decisions, which form precedent in common law jurisdictions. An autocrat may exercise those functions within their realm. The creation of laws themselves may be influenced by a constitution, written or tacit, and the rights encoded therein. The law shapes politics, economics, history and society in various ways and also serves as a mediator of relations between people. Legal systems vary between Jurisdiction (area), jurisdictions, with their differences analysed in comparative law. In Civil law (legal system), civil law jurisdictions, a legislature or othe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Canada
The legal system of Canada is pluralist: its foundations lie in the English common law system (inherited from its period as a colony of the British Empire), the French civil law system (inherited from its French Empire past), and Indigenous law systems developed by the various Indigenous Nations. The Constitution of Canada is the supreme law of the country, and consists of written text and unwritten conventions. The ''Constitution Act, 1867'' (known as the British North America Act prior to 1982), affirmed governance based on parliamentary precedent and divided powers between the federal and provincial governments. The Statute of Westminster 1931 granted full autonomy, and the '' Constitution Act, 1982'' ended all legislative ties to Britain, as well as adding a constitutional amending formula and the ''Canadian Charter of Rights and Freedoms''. The ''Charter'' guarantees basic rights and freedoms that usually cannot be over-ridden by any government—though a notwithstand ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Segregated Fund
A segregated fund or seg fund is a type of investment fund administered by Canadian insurance companies in the form of individual, variable life insurance contracts offering certain guarantees to the policyholder such as reimbursement of capital upon death. As required by law, these funds are fully segregated from the company's general investment funds, hence the name. A segregated fund is analogous to the U.S. insurance industry " separate account" and related insurance and annuity products. Usage A segregated fund is an investment fund that combines the growth potential of a mutual fund with the security of a life insurance policy. Segregated funds are often referred to as "mutual funds with an insurance policy wrapper". Like mutual funds, segregated funds consist of a pool of investments in securities such as bonds, debentures, and stocks. The value of the segregated fund fluctuates according to the market value of the underlying securities. Segregated funds do not issue unit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Power Of Attorney
A power of attorney (POA) or letter of attorney is a written authorization to represent or act on another's behalf in private affairs (which may be financial or regarding health and welfare), business, or some other legal matter. The person authorizing the other to act is the ''principal'', ''grantor'', or ''donor'' (of the power). The one authorized to act is the ''agency (law), agent'', attorney, or in some common law jurisdictions, the attorney-in-fact. Formerly, the term "power" referred to an legal instrument, instrument signed under Seal (contract law), seal while a "letter" was an instrument under hand, meaning that it was simply signed by the parties, but today a power of attorney does not need to be signed under seal. Some jurisdictions require that powers of attorney be Notary, notarized or witnessed, but others will enforce a power of attorney as long as it is signed by the grantor. Attorney-in-fact The term ''attorney-in-fact'' is used in many jurisdictions instead o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Will Contest
A will contest, in the law of property, is a formal objection raised against the validity of a will, based on the contention that the will does not reflect the actual intent of the testator (the party who made the will) or that the will is otherwise invalid. Will contests generally focus on the assertion that the testator lacked testamentary capacity, was operating under an insane delusion, or was subject to undue influence or fraud. A will may be challenged in its entirety or in part. Courts and legislation generally feel a strong obligation to uphold the final wishes of a testator, and, without compelling evidence to the contrary, "the law presumes that a will is valid and accurately reflects the wishes of the person who wrote it". A will may include an '' in terrorem'' clause, with language along the lines of "any person who contests this will shall forfeit his legacy", which operates to disinherit any person who challenges the validity of the will. Such no-contest clauses a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Will Aid
Will Aid is a British charity will-writing scheme designed to reinforce the need for everyone to have a professionally drawn-up will and to raise funds for their partner charities. Will Aid was founded in 1988 following the example set by Band Aid and Live Aid and continues to run each November. Scheme operation Will Aid recruits solicitors all over the UK who agree to waive their usual fee for writing basic wills during ' Make a Will Month' in November. Supported charities Will Aid is a partnership of nine charities: ActionAid, Age UK, the British Red Cross, Christian Aid, NSPCC, Save the Children, SCIAF, Sightsavers and Trócaire. Fundraising Will Aid has raised over £21m since its launch and many tens of million more has been pledged as legacies by people making their Will through the scheme. The 2020 campaign raised over £600k in donations. Will Aid and the legal profession Will Aid is the largest scheme of its kind in the UK and is a major charitable contribution fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Holographic Will
A holographic will, or olographic testament, is a will and testament which is a holographic document, meaning that it has been entirely handwritten and signed by the testator. Holographic wills have been treated differently by different jurisdictions throughout history. For example, some jurisdictions historically required that a holographic will had to be signed by witnesses attesting to the validity of the testator's signature and intent. In many jurisdictions, holographic wills need to meet only minimal requirements to be valid: * In case of doubt, there must be evidence that the testator actually created the will, which can be proved through the use of witnesses, handwriting experts, or other methods. * The testator must have had the intellectual capacity to write the will, although there is a presumption that a testator had such capacity unless there is evidence to the contrary. * The testator must be expressing a wish to direct the distribution of his or her estate (or pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ethical Will
An ethical will () is a document that passes ethical values from one generation to the next. Rabbis and Jewish laypeople have continued to write ethical wills during the nineteenth and twentieth centuries. (Riemer) In recent years, the practice has been more widely used by the general public. In ''BusinessWeek'' magazine and in an American Bar Association electronic newsletter it is described as an aid to estate planning; (Murphy; Friedman) in health care and hospice (Baines; Freed) and as a spiritual healing tool. (Weil; Freed). Origins The ethical will is an ancient document from the Jewish tradition. The original template for its use came from Genesis . A dying Jacob gathered his sons to offer them his blessing and to request that they bury him not in Egypt, but instead in Canaan in the cave at Machpelah with his ancestors. Other biblical examples of ethical wills include Deuteronomy where Moses instructs the Israelites to be a holy people and teach their children, and M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Estate Planning
Estate planning is the process of anticipating and arranging for the management and disposal of a person's Estate (law), estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or Charity (practice), charity, and may include legal tax avoidance. Estate planning includes planning for incapacity, reducing or eliminating uncertainties over the administration of a probate, and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can only be determined by the specific goals of the estate owner, and may be as simple or complex as the owner's wishes and needs directs. Guardians are often designated for minor children and beneficiaries with Capacity (law), incapacity. Taxation Tax avoidance, Avoidance of income tax, gift tax, capital gains tax, inheritance tax, and generation-skipping transfer tax plays a significant role in choosing the str ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
