I'll keep this thread alive a bit longer ... my dad passed away Feb14, exactly 1 year after my kids other grandfather passed away. Spooky.
My mom's still alive.
There are 3 kids, me, a brother, & a sister. Brother is out west while sister & I are in the GTA.
We've just been through an issue where brother wanted dads car and agreed to pay us 2 our thirds. He was going to ship it out his way by train but didn't want to pay us until he got the car in his possession (shipping service wouldn't insure car as it's older than 6 years). We said no, you buy the car, you take the risk when it leaves mom's garage (mom doesn't drive btw). No different than if the shoe was on the other foot & no different than if you were to sell your car to someone else ... you don't wait for payment until the new owner gets it in his hands.
He'd basically stiff us both if the worse was to happen along the way and the car was a write-off.
He didn't agree so instead is flying here and driving it all the way to MB. It's a 2006 Subaru that's admittedly in great shape with low km's for it's age.
Anyway, my sister & I are realizing he's going to be a problem. Currently all 3 are POA and all 3 are Executors. My sister & I have discussed having mom making either me or her the Executor (we're both sensible & fair while he's self-entitled & selfish). She can supposedly do that without anyone's knowledge right?
2nd question: Probate fees. If I'm correct, the fee in Ontario for $2 mill in assets is $30k. Did not realize it'd be that much. Is it best to transfer ownership to all 3 of us before mom passes at market value? We'd then sell it asap and ideally have very little capital gains tax, right?
Thanks all.
POA revocation: Chances are that the POAs and Wills were setup the same way, meaning the POA will be a joint affair that requires all three POAs to agree on decisions.
POA can be revoked at any time by the Donor (mom). Executor changes are the same. She can do this by herself (you can help) or using a paralegal or family law lawyer which would cost $200-300 for an update. Revoking a POA can be a handwritten document with the title
Notice of Revocation. No special forms are required, all mom needs to do is write: “Effective immediately I revoke all previous Power of Attorney for Personal Care and Property.” Mom signs and dates the document - done. It's a good idea to send copies to all known POAs - AND - to any medical or financial institutions with POAs on file.
Reestablish POAs for you and Sis: If you want to protect each other against each other, make them 'Joint'. If you're trusting each can make independent decisions - make the POAs 'Several'. To make a power of attorney yourself, you can use these links:
Powers of Attorney (PDF version) Guided Pathway to preparing a power of attorney - Steps to Justice
Wills: Simple changes to a will can be done using a Codicil. A codicil is a simple amendment that cancels, adds to or changes an existing will. Here is a simple example.
-----------
CODICIL
This is a codicil to the Last Will and Testament of me, [name], of the City of [city], in the Region of[municipality], in the Province of Ontario, which will is dated the [date of will].
1. I make the following change to this my Will:
Remove Executor #3, [bro Smith].
[mom signature
______________________________
TESTATOR’S SIGNATURE
[printed name and signed by someone with no interest in the estate]
_____________________________
Witness
[another someone's printed name and signed by someone with no interest in the estate]
_____________________________
Witness
------------------
Staple the Codicil to the back of the existing Will, then mail registered copies to all impacted parties.
