Toronto Estate Lawyer : Hull & Hull Law Firm : Trust Mediation and Succession Planning : Serving Ontario, Ottawa, Mississauga, Hamilton

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The business pages, especially in this uncertain economy, can be interesting.  Recently I gravitate toward Paul Waldie's column in the Globe & Mail.  Frequently, he identifies the gifts, causes and reasons provided by individuals whose donations range from under $100,000 to a million dollars or more. It's a spot of good news in this economic downturn.

We have covered legacies from several angles at Hull & Hull; there are 25 hits when "legacy" is searched on the Blogs and Podcasts section of our website.  The law dictionary defines legacy as "A gift by will, esp. of personal property and often of money;  a bequest."

Individuals can leave a legacy in their respective Wills, but as the Globe & Mail column highlights, people who have the means enjoy the satisfaction of leaving a legacy during their lifetime. Stories abound, as www.leavealegacy.ca illustrates.  There are as many reasons to leave a legacy as there are donors.

The principle of leaving a successful legacy applies to many realms, including the family business.  In some instances, it is advisable to not leave the kids the family business.  Rick Spence, of Moneysense, suggests passing on values, rather than gifting the family business.  Certainly we are not all in the position of "firing the kids", but there may be many good reasons to do now what you would otherwise do in your Will. 

Jonathan

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Today, if I have my count right, is day eleven of the Olympics. For certain, the Olympics stimulate debate on a spectrum of important social, political, economic and, of course, athletic issues of our time. I do not intend to touch upon those debates. Over the past ten days of the Olympics, however, incredible stories of the athletes have arisen, and will no doubt continue to arise. Some, like Michael Phelps’ eight gold medals, involve incredible success, almost beyond one’s imagination, while others involve success on a more personal level or, as the saying goes, the agony of defeat. These stories, from whatever viewpoint, are quite remarkable and have no doubt involved the setting of objectives, planning and dedication and commitment to the goal.

While perhaps obvious, it continues to strike me as to the extent that these athletes live in the moment or for the day. So much rises and falls for them with one or in some cases several performances. What onlookers of the Olympics take away from the Olympics is no doubt personal but perhaps the notion of setting objectives, striving to obtain them while living for the day is the most universal.

What do these stories actually have to do with Estates? From a legal standpoint, nothing. However, perhaps the above notion may focus us to consider our own legacy and the steps that have been taken, or should be taken now, to ensure that those that benefit from that legacy are the intended ones.

Keep watching.

Craig
 

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Amidst the hustle and bustle of preparations for the holiday season, I'm always amazed by the kinds of matters that can bring a sudden reality check to our situations and to life in general.

Recently, after having attended the funeral of a friend of the family, I had my own reality check. Pat, a remarkable 37-year old woman, passed away after a courageous 2 and a half year battle with breast cancer. Pat was survived by her husband and two beautiful children, a daughter and a son. Learning about the amazing legacy that Pat left behind, I started to consider the legacy which I was creating and what it was that I hoped one day would be said at my funeral.

So often, we get wrapped in all the little things that, in the grand scheme of things, really do not matter. Struggling to maintain the professional and home life balance is challenging at best, but, in the end, nothing can be more fulfilling.

Everyday, we deal with clients who are either trying to create an estate plan for themselves or deal with the one that has been left to them. The whole area of estates and trusts is premised on the desire to deal with our material possessions for the benefit of others when we are gone. Sometimes, however, the emotional legacy that we leave behind is much more important than the financial one. 

All the very best,

Suzana.