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PROBATE IN ONTARIO – SMITH ESTATE TRUSTEE ONTARIO BEGINS

probate in ontario

Introduction

I have written several blogs on the topic of when someone dies and their estate is insolvent. One of our most popular blogs is WHAT HAPPENS TO DEBT WHEN YOU DIE CANADA: ARE YOU FREE OF DEBT? I have also written on estate matters including probate in Ontario. Not from an insolvent estate perspective, but as to why a licensed insolvency trustee (formerly called a trustee in bankruptcy) has the skill set to be an estate trustee.

Historically, estate trustees have been a trust company, a lawyer or family of the deceased, such as children. Based on our work with insolvent deceased estates, we have learned all about the emotions and even pain that family and business ties can cause and place parties in conflict.

So, I am pleased to announce that today we have opened up a new business division, Smith Trustee Estate Ontario. You can click on the button above or below to take you to our website. Have a look and let us know what you think.

Why use a licensed insolvency trustee as an estate trustee?

We have the skillset to perform the duties of an estate trustee. We also understand the role and responsibilities that the statutes demand, such as the:

Estate trustee problems we can help solve

In Ontario, an estate trustee is the only person with the lawful authority to look after an estate. Probate in Ontario is a process to ask the court to:

  • give a person the authority to work as the estate trustee of an estate; or
  • verify the authority of a person named as the estate trustee in the deceased’s will.

Sometimes an objective and experienced party have to be assigned to function as the independent estate trustee. Take into consideration the possible circumstances:

  1. Moms and Dads select all their kids to work together as an estate trustee. Each child has various degree of abilities, and some may have no desire, to do is called for to carry out the estate trustee duties. Stress and anxiety, clashes and pain results without any end in sight.
  2. Lots of well-off family members have disagreements over just how the family’s assets need to be invested. Rich family members aren’t beyond turning family squabbles into public fights in the courts. Often the circumstance simply calls out for a caring, skilled and neutral party to become the Officer of the Court to aid everybody gets to a good and fair outcome. This also will ideally decrease or prevent the demand for costly lawsuits.
  3. Somebody passes away with assets however no will. Many people think they are entitled to all or part of the deceased’s estate. Somebody without a financial interest yet with the abilities and experience is required to intervene to work things out in a reasonable and objective and cost-effective method.
  4. You are the lawyer or financial advisor to a great client. You have hesitantly consented to be the estate trustee of the estate of the person that is the driving force behind one of your best corporate clients. The person passes away and you find that you are now in the middle of an illogical dispute amongst the beneficiaries that is driven not by business sense but by passion and hate. The dispute is so serious, it endangers your capability to maintain the corporate client and the prospective future earnings to your business that this client can generate.
  5. As the lawyer or financial advisor to a person, acting as the estate trustee is not a problem. Nevertheless, the time required to take care of all the intricate estate problems may be that it takes you far from the remainder of your professional practice. You believe that you really cannot afford to do so. You want to relinquish the estate trustee duty, however, you don’t have a reasonable alternative to make sure that the estate can be effectively carried out.
  6. The person names as the Estate Trustee has a real conflict and must be replaced. Again, a skilled party who has no financial interest in the outcome and is easily recognized as an expert by the Court is required, and fast!
  7. There is a crucial demand for an Estate Trustee Under Litigation. Our experience in working as an Officer of the Court has actually resulted in our being identified for acting in a proficient and neutral way. We comprehend exactly how to navigate the different regulations and Court procedures associated with being an estate trustee. The Court acknowledges our capabilities and approves our qualifications without question.

The fact of the matter is with many problems such as these, the estate is most likely to be involved in significant expensive lawsuits. It will certainly not finish anytime quickly. Nevertheless, in the meanwhile, there are actual time problems that require to be attended to in managing the estate assets so they do not dissipate or otherwise are at risk.

Probate in Ontario – Why work with us?

Our mix of empathy, experience and impartiality provides us with a distinct viewpoint and the capability to appropriately administer the estate, minimize problems and accomplish outcomes for all stakeholders in an economical way.

Professional and impartial Officer of the Court

  • Acting as estate trustee
  • Obtain probate in Ontario
  • Asset management
  • Investigation and valuation
  • Monetization of assets
  • Trust accounting
  • Beneficiary reporting and distribution

Estate Trustee Under Litigation

  • Professional and impartial Officer of the Court
  • Asset investigation, valuation and safeguarding
  • Trust accounting
  • Reporting to the Court and all stakeholders

Conflict resolution

  • Protecting assets
  • Experienced as Officer of the Court if estate trustee has conflict – perceived or real
  • Minimize costs
  • Stakeholder strategies

Insolvency

  • Planning and strategy to safeguard assets
  • Restructuring and Turnaround
  • Acting as Trustee of an insolvent estate

We provide a full range of services to provide solutions for the complex Estate issues to end the pain and frustration the stakeholders are experiencing. We apply our expertise and creative thinking to take care of all details to end your pain and achieve the goals of the beneficiaries and other stakeholders. Contact Smith Estate Trustee Ontario today for your free consultation.

Get our free full-scale analysis of your issues and our recommended options to solve your problems allowing you to move forward confidently. Check out our website by clicking on the button below. All our details are there.

probate in ontario

 

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FINANCIAL NEW YEAR’S RESOLUTIONS 2019: WILL YOU KEEP YOUR FINANCIAL NEW YEAR’S RESOLUTIONS 2019?

financial new year's resolutions 2019

If you would prefer to listen to the audio of this financial new year’s resolutions 2019 version of this Brandon’s Blog (with an introduction from a celebrity guest), please scroll to the bottom and click on the podcast.

Financial New Year’s resolutions 2019: Introduction

The New Year has arrived. I wish all of my readers a healthy, happy and prosperous New Year. By now, many people have made themselves promises on how they will improve in 2019. Many people make New Year’s resolutions, including financial new year’s resolutions 2019. In this Brandon’s Blog, I explore what are many of the common resolutions people make and what the chances are on people actually carrying them out.

Financial New Year’s resolutions 2019: The 8 most common resolutions

Other than the first one, in no particular order, the 8 most common New Year’s resolutions are:

Lose Weight. The Number 1 New Year’s Resolution is to drop weight. We’ve all seen it, or become aware of it. Many resolve to lose weight, but few truly complete it in the long-term. That is why January every year is when the weight loss programs, gyms and workout products advertise heavily.


Do Better Than Last Year. Often, life is simply hard. In between family members, good friends, your work, and all the various other stress and anxieties that life can toss at you, it simply appears sometimes that absolutely nothing can go right. And also some years are simply a plain draw. So, after a year of grinding via the days, weeks, and months, you’re prepared for a do-over. You’re prepared to do anything to make sure that the following year begins the very best way it can. So, this resolution is to merely attempt to have a better year than the last one.

Exercise. One of the most usual New Year’s resolutions has to do with ones very own health and wellness. Among the many health and wellness promises, is working out. When you consider it, it’s not just wishing to slim down (which is the number 1 resolution), it’s in fact about wishing to be more powerful, quicker and generally in better shape.

When your body is in peak condition, it does do far better. An in shape body functions far better, provides you with much more power, boosts your mind’s abilities and a lot more. DON’T try to push your body in the beginning to do more than it can handle. Any personal trainer will tell you to begin slowly and work yourself up from there. Set realistic goals for yourself.


Save More/Spend Less. Cash is what people need and the most common of all the financial New Year’s resolutions 2019 is to make sure that we have more of it in the New Year. This is especially true for most Canadians, who are living paycheque to paycheque.

The best way to start your financial plan for the New Year is to first look at what happened in the year that just ended. Reflect on your year. I’m certain you’ll realize some things about your immediate past financial behaviour. Some items that you wish you had not purchased or lost money on. Or, if you understood then what you currently know, you would certainly have done things in a different way and saved yourself a couple of bucks in the process.

In other words, look at your income and expenses carefully and budget properly for the New Year. Your proper budget must include saving a certain amount from each paycheque to put away in an emergency savings fund for when there is an unexpected, well, emergency. Your budget will also hopefully allow for other savings to be able to invest for the longer term.

Use the start of the brand-new year to begin preparing just how you could invest your new savings. In your personal financial plan or budget, concentrate on things you NEED versus the many things you WANT. By doing this one simple thing, you will find you will have more in your savings account. This is the best way to stay on track to meet your financial New Year’s resolutions 2019.


Get More Sleep. Depending upon the researcher you listen to, the body requires between 6-8 hours of rest. Our bodies can work on much less, yes, yet it’s not something that a lot of medical professionals advise. This is another one of the resolutions fitting into the health and wellness category.

Get A New Hobby/Skill. Whether we intend to confess or otherwise, most of us wish to be our best selves. We do not simply intend to be the individual that undergoes the movements, we intend to have something we can expect each week, and even take pride in.

So, with a brand-new year, comes a chance to learn new skills or do something different in our lives than just the “same old, same old”. For some, it, in fact, implies attempting to get new skills for getting a better paying job. For others, they see it as a possibility to handle a new pastime or discover something that they’ve always intended to do or learn.

Quit Smoking/Drinking. Humans are animals of routine, yet in some cases, those behaviours are actually, REALLY negative for you. Two of the ones that cover the “negative for you” checklist is alcohol consumption to such an excess that it is an addiction and smoking cigarettes. Like any addiction, this is very tough to do and many times requires the help of trained professionals.

Volunteer. While practically every one of these resolutions is created to aid oneself in one fashion or another, this one helps both the self and others. One of the best ways to help others is to volunteer your time. Volunteer to what? To help any place you can certainly. In some cases, it’s at a homeless shelter, or to assist a close friend in need. There are many opportunities to help the less fortunate. However the crucial point is that you place yourself 2nd, and the needs of others first. Spreading a little happiness can go a long way for a person. Therefore if you wish to assist others, do not hesitate to ask, “What do you need?”. You may be amazed by simply just how much you can help somebody.

Financial New Year’s resolutions 2019: Why do we do it?

We cannot forecast the future. In some cases, it’s tough to anticipate what will take place in the following couple of hours, not to mention the following 12 months. Why do we do it? Well, it’s mainly since we intend to think that we have some power over the future. If we can state to ourselves, “This year will certainly be different, this will certainly be the year I will make changes for me”, it’ll place us in the best attitude to get down to business and do things. The feeling that we have control over our lives is exceptional.

Financial New Year’s resolutions 2019: Will we keep our resolutions?

It begins straightforward. We look in the mirror, see what we don’t like and resolve to make the changes that probably should have been made a long time ago. We will establish worthy ventures to do simply that thing or things. However, most people will drop off the wagon within a short period of time. What? I’m not being mean, I’m being genuine. Making significant changes in your life is hard.


We are hyped for the New Year. We are. so tired of what occurred in the previous year that we are ready to make the changes we promised ourselves we would make. We may also have invested a lot of time informing other people what changes we will make in the New Year. But then life gets in the way and we fall short.

Financial New Year’s resolutions 2019: Falling short is OK

It does not matter that I fell short all my resolutions actually. I need to so that I can ensure that I can improve further! Of course, I should not try to fail them, but it is normal to fall short. No one is perfect. As long as you see that you have made improvements in the right direction, that is what really counts.

So, make sure that your goals are realistic. Even if you fall short, you have improved immensely and that will be your new starting point for the next New Year’s resolutions. I hope all of you improve your life in some area this year, and that will be your new starting point when 2019 comes to an end. This includes your financial New Year’s resolutions.

Do you need professional help to meet your financial goals?

As I stated above, sometimes professional help is required to meet a New Year’s resolution. We may not have all the skills required. Improving your financial situation may be one of those areas where professional help is required. Maybe you only need a coach to keep you focussed on performing your financial new year’s resolutions 2019. Perhaps on a personal level, you might require only some credit counselling or debt consolidation. On a more formal basis, you may need a debt restructuring plan in the form of a consumer proposal in order to eliminate your debts and get back on the right financial path. In some extreme cases, personal bankruptcy may be what is needed.

Perhaps your company is in need of financial restructuring. Perhaps your lender is threatening receivership or bankruptcy so you are in need of a financial advisor skilled in insolvency matters. A licensed insolvency trustee (formerly called a bankruptcy trustee) is the only professional licensed and supervised by the Canadian Federal government skilled in both personal and corporate insolvency matters If you or your company have too much debt, call the Ira Smith Team for your free consultation. We understand your pain, and we have the prescription to end your pain forever. Call the Ira Smith Team today, so that you can begin your improved life for this New Year 2019, Starting Over, Starting Now!

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FINANCIAL LITERACY BOOKS ARE GREAT BUT MAY NOT BE YOUR BEST RESOURCE

Financial literacy books: Introduction


The power of today’s technology enables one to discover ways to learn without needing to look very hard for it. The Internet has changed the ways we learn and in general, approach life. To gain financial literacy, financial literacy books are now merely one of many ways we can use to improve our financial acumen.

The academic system, for the most part, still uses classical teaching methods. As a standard, literacy is defined as the ability to write and read. Financial literacy is the ability of people to learn and understand basic financial concepts, strategies and information.

Unfortunately, financial literacy is not so common after all. With 21st century education, financial reading and financial writing can be used to make financial liberty. Financial literacy ought to not be a far-flung idea for people, starting at a very young age.

Financial literacy books: Think differently

In his best-selling book “What I Didn’t Learn in School however I Wish I Had“, author Jamie McIntyre talks about the relevance of financial literacy and 21st-century education. From the title of his book, he freely tells us that we are not discovering what could have been general information for success. The standard view forces the most people to be and follow a structure in a system before all the modern tools available to us today.

As a self-made millionaire, Jamie McIntyre advocates that to be a financial success, people need to be doing the opposite of what others have actually been doing for so long. By being financially literate, we can find reasons why people fail and discover ways to avoid these factors.

Financial literacy transcends the standard read-write approach. By having a different method or viewpoint to one’s life, financial literacy can be used to establish various monetary strategies with the hope of accomplishing financial flexibility.

Financial literacy books: There are many methods to increase financial literacy

To become financially literate, there are many ways people historically have learned about finance, with some new ones. I think some people would say that we can take financial courses or try to get the best financial advice from the best financial advisor. Others may suggest to read the best financial advice books of all time or go to the most popular money advice websites.

However, a research paper released in September 2018, may just give us a glimpse into a different way of gaining financial literacy.

Financial literacy books: What is financial literacy?

Financial literacy is the ability of people to get an understanding when it comes to standard monetary strategies and information. With 21st century education, financial reading and monetary writing can be used to obtain monetary flexibility. Financial literacy needs to not be a far-flung idea for individuals of any age.

Financial literacy books: A new research study

A brand-new research study discovered that people with reduced financial knowledge have a tendency to find out more and make far better choices about money if they are helped by peers that have comparable degrees of financial expertise. This is the case more than if they read financial literacy books or got financial advice from people with much more financial experience and knowledge.

The study, Peer Advice on Financial Decisions: A case of the blind leading the blind?, was released in September 2018. The research showed that the majority of university undergrads with little financial acumen learned better after looking for help from a peer that was in a similar way unenlightened and not somebody having a lot more financial savviness.

While this may strike you as being strange, the study described why it makes good sense. Learning was better between people who can understand and had the patience for each other’s learning gaps stated Professor Sandro Ambuehl, a co-author of the research and an assistant prof at the University of Toronto’s Rotman School of Management. His fellow researchers are B. Douglas Bernheim of Stanford University, Fulya Ersoy of Loyola Marymount University and Donna Harris of the University of Oxford.

Financial literacy books: A new way of learning

What this suggests to me is that one of the best ways to teach financial literacy is to start in the elementary schools and continue it throughout high school. Let groups of students interact with their peers to learn together on age proper financial and investment definitions, terms, subjects and strategies. The study suggests that and not leaving it up to people to try to learn it for themselves, promoting learning in peer groups, may be the easiest and most efficient way for learning financial literacy.

Our provincial governments should be taking the lead in encouraging our teachers to start teaching financial literacy to children at a very young age. The study indicates that by having peers work in groups to learn about financial matters, may just be the way for us to have more financially literate adults and a society that has great financial literacy. Peer groups working together to increase their financial knowledge may just be the best resource.

Financial literacy books: Do you have too much debt?

Do you feel that you don’t have sufficient financial literacy? Do you believe that the lack of knowledge has led to you making financial mistakes? Have these mistakes caused you to now have too much debt? Is the pain and stress of too much debt now negatively affecting your health?

If so, contact the Ira Smith Team today. We have decades and generations of helping people and companies in need of financial restructuring and counselling. As a licensed insolvency trustee (formerly known as a bankruptcy trustee), we are the only professionals licensed and supervised by the Federal government to provide debt settlement and financial restructuring services.

We offer a free consultation to help you solve your problems. We understand your pain that debt causes. We can also end it right away from your life. This will allow you to begin a fresh start, Starting Over Starting Now. Call the Ira Smith Team today so that we can begin helping you and get you back into a healthy, stress-free life.financial literacy books

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WOMEN’S FINANCIAL INCLUSION: WOMEN’S EMPOWERMENT – FINANCIAL INCLUSION

women's financial inclusion
womens financial inclusion

Women’s financial inclusion: Introduction

When it comes to financial matters there’s no equality of the sexes. Although completely unfair, women’s financial inclusion faces financial barriers. According to the most recent Statistics Canada income numbers, overall in Canada, the earnings gap between men and women who work is about 31%. Full-time working women, meanwhile, earn 26% less than full-time working men.

Women’s financial inclusion: Five tips to lower the financial barriers facing women

Unfortunately change is slow to come. I want to present five tips on how to try to; (i) level the playing field; (ii) lower the financial barriers facing women; and (iii) promote womens financial inclusion.

  1. Find out if you’re being paid fairly: This many take a little digging. Ask friends or family. If you have a good relationship with someone in human resources, they may be willing to share information with you. Websites like Glassdoor should give you an idea (not necessarily right) of what other people in similar jobs are making.

  1. Ask for a raise: In a recent survey by Maclean’s and Insight West, out of 875 working Canadians polled, only 11% of women said they’ve tried negotiating a higher salary because of a perceived disparity with a male colleague and only 41% of those who tried were successful. According to Sarah Kaplan, director of University of Toronto’s Institute for Gender and the Economy, it’s important to be prepared before sitting down with the higher-ups. “The best thing you can do is take as much documentation you have about the wage differences and approach your boss and say, ‘I just want to understand why there might be this difference,’” says Kaplan. “All you can do is be as evidence-based as possible and go have that matter-of-fact conversation.” If you don’t succeed, try again in six months.

  1. Set financial goals: What are your long-term goals? Do you want to make a large purchase like a house or car? Are you saving for retirement? Do you have an emergency fund? To reach your financial goals, work with a trusted professional who can help you realize your financial goals.

  1. Learn about different types of investments: Knowledge is power. Understanding different types of investments will allow you to take part with your advisor in how and where to invest your money.

  1. Review your finances annually: Meet annually with your advisor and review your finances to decide whether your investments are performing as expected. Make changes as required.

Women’s financial inclusion: It must start with getting out of debt

As we often state, always get yourself out of debt as quickly as possible, especially high interest debt. It’s impossible to move forward financially when debt is keeping your trapped. Unfortunately, women’s financial inclusion may at times include too much debt also.

If debt problems are preventing you from achieving your financial goals, contact the Ira Smith Team today. Our team of professional trustees can help you overcome your financial difficulties. Give us a call today and Starting Over, Starting Now you can be on your way to debt free living and achieving your financial goals.

womens financial inclusion
womens financial inclusion
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