Legal Minute with CBM Lawyers: Recent Episodes
CBM Lawyers
A short form podcast keeping listeners up to date with commonly asked questions in the Fraser Valley of British Columbia, Canada, for Family Law, Wills and Estates, Business Law, and more. Visit CBMLawyers.com to learn more.
CBM Associate, Janice Papp, discusses how to prepare for an upcoming Will appointment.
When I meet with a client in order to take instructions for a will, I really appreciate that they come prepared with certain information and documents that they have it in their possession. And what that does, it it really helps me utilize the time in the best way possible, especially during the initial appointment. For example, if my client already has an existing will, I will ask them to bring a copy in. Who is the client going to name as an executor and a backup or an alternate? And something I like to remind my client prior to the appointment is that they actually speak to the intended executor or the backup to make sure they have that person's consent. Acting as an executor certainly carries a huge responsibility and can very be very frustrating and stressful at times.
And not everybody's cut out for it. If there's minor children involved, those being under the age of 19, who is the client going to name as a guardian in case both guardians or parents are gone. In a traditional family setting I will ask the client, what would they like to do with their estate if they don't have a spouse or children? And what I find fascinating is most people will not think past that scenario.
They don't consider what we call or refer to as a common disaster where the deceased is not survived by any spouse or children. And why that's so important to include in a will, even though it may never happen, is that the will-maker gets to be the decision maker in who the beneficiaries will be instead of relying on the court to make that determination. I also appreciate it when a client brings in a summary of their assets and their liabilities or their debt. What that does for me, it assists me with determining if the client's instructions are going to be reasonable, fair or adequate, depending on who the beneficiaries are and related to the assets and liabilities is the question.
Has the client given out any loans during their lifetime? And is there an expectation that those will be repaid or forgiven upon the lawmakers death? Having all this information and documentation at the first appointment means that we can provide a will for the client that not only meets their expectations and needs means we can also provide it in a very timely fashion.
Learn more about our Wills, Estates and Trust division
CBM Associate, Janice Papp, discusses the details of property tax and whether a purchaser is required to pay it.
The property transfer tax is payable by a purchaser whenever they purchase real estate and that real estate can be residential, commercial or industrial, the property tax or PTT for short is calculated based on a property's fair market value and in increments.
So, for instance, on the first two hundred thousand dollars of a property's fair market value, one percent will be charged between two hundred thousand and two million. Two percent will be charged. And of course, between two million and three million, the government will collect three percent. If you have a residential property and it's three million or more. The government will add an additional two percent, taking that tax all the way up to five percent. If you notice, I mentioned that the tax is payable on the fair market value of the property. And the best way to describe that is what is a willing purchaser willing to pay for the property in an open market scenario.
Generally speaking, the fair market value is in fact the purchase price that's paid by the purchaser. But that's not always the case. What's also interesting to note is that the PTT might be applicable when you simply add a person to their title, not your typical purchase scenario. And that's why it's critical to speak to a lawyer prior to making that decision to add someone to your property.
We at CBM lawyers can provide you the information you require with respect to the PTT depending on your particular circumstances.
Learn more about our Real Estate division
CBM Associate, Janice Papp, talks about having a lawyer review a purchase or sales agreement.
I'm often asked by clients if it's a requirement that their lawyer review a contract to purchase and sale prior to them signing the actual contract. Certainly, there's no requirement for it. But in my opinion, it's highly advisable.
The contract of purchase and sale is actually what binds the parties to a transaction, and while most of the contracts are fairly uniform in nature, they remain very complex nonetheless. And it's critical that a purchaser and a seller understand exactly what they're agreeing to under the terms. When I review a contract, I will look at several items. For instance, deposit, how much is it? Who is payable to? And most importantly, what will happen to that deposit should any of the parties fail to complete the transaction?
I also like to look at conditions and the condition dates or the timelines set aside for those condition dates sufficient for the purchaser to gather all the information they need. Is the seller are aware that the property will be off the market during those condition timelines. When I out for a purchaser and reviewing a contract, I'd like to know if they understand what instruments might be registered against the title. Is there a leasehold interest that perhaps the seller hasn't disclosed in the contract, or is there a caveat registered against the property that could possibly restrict the building height or have strict architectural controls, thereby preventing the purchaser from possibly building their dream home?.
If the property that's being purchased is classified as strata, does the purchaser understand all the strato documents that have been provided to them?.
If I'm acting for a seller, are they aware that they could potentially be responsible in its entirety for any special assessment that might be levied even after the completion date? Having this type of legal advice before you actually sign on the dotted line is invaluable and that he could save the client from potential litigation issues and of course, substantial legal fees.
Learn more about our Real Estate division
CBM Associate, Janice Papp, is here to discuss the details of Probate and if it is required when someone passes away. Learn more about Janice.
The process of probating a will can best be described as the court certifying or verifying the validity of a will and the ability of a person to act as an executor.
The process itself involves submitting not only the original will, but the application and a number of supporting documents, including a deceased assets and their liabilities. The process itself can be incredibly lengthy, running from anywhere from eight to nine months to well over a year after the deceased has passed.
Much of the time that it takes to probate an estate depends on what I consider two primary considerations: How efficient is the executor in obtaining all the information that's required for the probate itself and how quickly the courts are processing those applications? Of course, when there is a probate application, in most cases there are probate fees that are applicable and payable to the court. For instance, the fee is payable on the gross value of a person's estate and up to the first twenty-five thousand dollars there is no probate fee payable between twenty-five thousand and fifty thousand the fee is zero point six percent and anything over fifty thousand dollars the fee is one point four percent.
Tied in with grant of probate is the question, is probate required in every instance of death? And my answer to that would be it actually depends if a deceased owns real property solely in their name or perhaps as a tenant in common, probate will certainly be a requirement in that instance. If the deceased owns a bank account, that financial institution that handles the account may or may not require a probate. So I would say in the majority of cases, it's actually the institution that is holding the assets of the deceased that makes the determination whether probate is required. Unfortunately, that decision making can vary from branch to branch, bank to bank and even institution to institution; making it incredibly frustrating for an executor to manage the assets of a deceased.
On the other hand, if the deceased owns property jointly with another party, generally speaking, probate will not be required and the deceased's interest in that property will merely transfer to the other owner by rights of survivorship.
Learn more about our estate litigation division
CBM Associate, Janice Papp, discusses what makes a will valid. Learn more by visiting CBMlawyers.com.
Most of my clients understand the importance of having a will and what actually makes that will valid in B.C.
For a will to be valid, it must meet certain requirements set out in the wills, estates and succession out of our province. First, it must be in writing. Secondly, it must be signed by the word maker at the end of the document. Third, the will maker's signature must be properly witnessed by at least two witnesses. Those witnesses must actually be present at the same time and also present at the time the will maker signs. The will maker must be at least 16 years of age and the witnesses must be at least 19 years old.
What happens in the event a will doesn't meet all the requirements to set out in the legislation? That will might be cured by way of a court order, and that simply means that the court can uphold the entire will or possibly only portions of it. I have to stress that curing of a will is more of an exception than the rule.
This is why it's so important that if a client is considering preparing a will, that they speak to a lawyer about doing it on their behalf. This not only gives the client peace of mind that the will will meet all the formalities are set out in the legislation, but also that there's less likelihood that the will will be challenged down the road.
Learn more about our Wills, Estates and Trusts division
Lawyer Byron McCarthy talks about Spousal Support Eligibility.
Even if you've never been married, you can qualify for spousal support. There are slightly different qualifications. Number one, it falls under the provincial legislation and the current legislation states that a person has to be living in a marriage-like relationship for at least two continuous years with the other person or have a child with the person that they're living with. Once a person is deemed a spouse, then they have the same entitlement and rights as married couples do.
Related Videos:
Custody Consultations https://www.youtube.com/watch?v=r6W5bWqyuMs&t=0s
Family Law Topics https://www.youtube.com/watch?v=VzQOplaU8G0&t=0s
Byron McCarthy practices Family Law at CBM Lawyers. You can contact him at https://cbmlawyers.com/our-lawyers/byron-mccarthy
To learn more about our Family Law department click here: https://cbmlawyers.com/legal-services/family-law/
Lawyer Byron McCarthy talks about what you should know when looking for a Family Lawyer.
There are many different topics in family law that come into play. For example, if there are children, then parenting time, parental responsibilities, child support, are all issues at the forefront. On top of that, there's possible issues of spousal support, division of property; and if parties are married, obviously they're concerned about when they can get a divorce.
Related Videos:
Eligible for Spousal Support https://www.youtube.com/watch?v=Jw0_nwc2arc&t=0s
Custody Consultations https://www.youtube.com/watch?v=r6W5bWqyuMs&t=0s
Byron McCarthy practices Family Law at CBM Lawyers. You can contact him at https://cbmlawyers.com/our-lawyers/byron-mccarthy
To learn more about our Family Law department click here: https://cbmlawyers.com/legal-services/family-law/
Byron McCarthy, one of CBM's Associates talks about how to find the right lawyer for your case.
To find the right family lawyer for your case, one of the key questions to ask is whether or not family law is the main part of their practice. Some lawyers have a mixed practice, and these days the law is changing so fast that you really want someone who's up to speed and up to date on the latest developments.
You also want to find a lawyer who's willing to go to court, not necessarily eager to go to court, but who is willing and who does go to court because it's important in case the courtroom becomes necessary.
You can contact Byron at https://cbmlawyers.com/our-lawyers/byron-mccarthy
To learn more about our Legal Services in the Fraser Valley click here: https://cbmlawyers.com/legal-services/
The most common reason people come to see me as a family lawyer is to find out what their rights and obligations are for themselves, to their spouse, and to their children if they have any children. As well, clients come because they want to find out what options they have for moving forward. And we're here to help whether it's in the court process or outside the court process. Byron McCarthy practices family law at CBM Lawyers.
You can contact him at https://cbmlawyers.com/our-lawyers/byron-mccarthy
To learn more about our Family Law department click here: https://cbmlawyers.com/legal-services/family-law/
CBM Associate, Michael Dupuis, shares the benefits of incorporating in terms of the protection of your business name.
Learn more about Michael here: https://cbmlawyers.com/our-lawyers/michael-dupuis
CBM Associate, Michael Dupuis, provides insight on how incorporating a business can affect the liability.
Learn more about Michael here: https://cbmlawyers.com/our-lawyers/michael-dupuis
CBM Associate, Michael Dupuis, shares what growth opportunities are available when you incorporate your business.
Learn more about Michael here: https://cbmlawyers.com/our-lawyers/michael-dupuis
CBM Associate, Michael Dupuis, gives insight into how incorporating your business can affect taxes and the benefits of it.
Learn more about Michael here: https://cbmlawyers.com/our-lawyers/michael-dupuis
Do I have any rights to my child, if I'm not on the birth certificate? CBM associate, Julia Tchezganova talks about the parenting rights one has depending on the birth certificate status.
Does my ex-partner need consent to relocate with our child? CBM associate, Julia Tchezganova discusses the importance of time when it comes to consulting relocations of a child.
CBM associate, Julia Tchezganova, discusses the ways in which you can formalize previously informal parenting agreements.
Can I collect retroactive child support? CBM Associate, Byron McCarthy discusses the circumstances when parents qualify for retroactive support as well as how the Supreme Court of Canada has changed this law.
When should I be hiring or speaking to a lawyer for professional services? CBM Associate, Byron McCarthy, discusses how CBM Lawyers can support with different professional services.
During the current pandemic, clear understanding of what is essential travel has been limited. CBM Associate, Byron McCarthy, shares details about what is currently allowed for parenting time in regards to crossing the US border.
How has COVID-19 affected parenting time? During this pandemic, there has been confusion or uncertainty regarding parenting time and visiting limitations.