OBA members met on February 20th for the monthly Brown Bag Lunch. BBLers discussed a variety of interesting topics, and shared practice tips and suggestions.
Participants began the meeting with a fascinating discussion about the use of trusts for registered plans. It was noted that some financial institutions may be uncomfortable with these kinds of arrangements. BBLers shared their understanding that drafting a stand-alone trust is likely the best way to do so. Blair Botsford has written an article about this, and Katy Basi is in the process of writing one; for more information on this issue those resources may be consulted.
Next, BBLers in attendance discussed several issues relating to limited Wills, multiple Wills in separate jurisdictions, and the administration of a person’s estate where there are assets in multiple jurisdictions. These situations can be complicated, but one major takeaway was to always be careful with revocation clauses.
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