OBA Trusts and Estates Section members gathered on September 20 for the first Brown Bag Lunch of the 2022-2023 term. Attendees were eager to jump back into the always fascinating practice discussions, and to share their thoughts and experiences with fellow OBA members.
The September BBL began with a discussion about beneficiary designations that name one of the deceased’s adult children, and whether assets with such designations need to be reported as estate assets in light of Calmusky v Calmusky, 2020 ONSC 1506. Participants seemed to be generally of the view that the Mak (Estate) v Mak, 2021 ONSC 4415 decision is correct in that the presumption of resulting trust does not apply to a beneficiary designation, and that such assets would not be considered as estate assets. A couple of BBLers also pointed out that, according to the estate administration tax guide, the Ministry of Finance position aligns with Mak Estate.
Please log in to read the full article.