TLA has everything you need to know on estate planning for children

By Tony Poland, LegalMatters Staff • Managing estates can present challenges even at the best of times, which is why the Toronto Lawyers Association (TLA) is presenting Planning for Minors, an hour-long education program intended to cut through the confusion when dealing with child beneficiaries.

“An estate planning lawyer will gain a great deal from this program. They can learn about things to keep in mind when they are advising their clients,” says moderator Kira Domratchev, an associate at Gowling WLG. “Even from a personal perspective, such as planning for your own child, there will be some useful tips”. 

“Financial advisors could also learn something they hadn’t considered before,” she adds. “They advise their clients from a financial perspective, but they could also learn to spot issues that may require their clients to seek legal advice.” 

Planning for Minors  will be presented virtually from 5:15 to 6:15 p.m. on Sept. 22. This program contains one hour of substantive content. For more information or to register, click here. 

Lawyers from across Ontario invited to attend

Domratchev, whose practice is focused on contentious estate, trust and capacity matters, says the decision was made to host a Zoom meeting so that lawyers from across the province would have a chance to attend.

The panel will include Jessica Feldman Chittley, partner at Bales Beall LLP, Susan Stamm, Property Rights counsel of the Office of the Children’s Lawyer, and senior investment counsellor Bruce Wannamaker of RBC Wealth Management.

“These panellists are experts in their respective fields so there will be something for everyone,” Domratchev says. “We are preparing the agenda and fleshing out the topics. The format of the program is a discussion between the panelists, followed by a question-and-answer session.”

She says the panel will explore:

• considerations when planning for a minor;
• the distinct perspectives of the Children’s Lawyer, an estates lawyer and an investment advisor;
• what makes for a good investment for minors; and
• common pitfalls in estate planning for minors.

Domratchev says she originally approached the TLA about an educational program focused on registered education savings plans (RESP).

Decided to make it more of general planning program

“Many people use these to invest in their children’s education. However, there is some case law that considers RESPs as trusts and that is where confusion can arise,” she says. “But we thought speaking about RESPs is very specific and may interest only a handful of people. Instead, it was decided to make it more of a general planning for minors program where we could bring in people from different areas to discuss their own considerations.

“For example, if I have a child, how am I going to create a sound estate plan? With this session we will have commentary about how a financial advisor sees things. We have a lawyer who can discuss planning points. And someone who advocates on behalf of children will offer her perspective.”

The session is the second of recent TLA educational programs dealing with estate law. In June, the association presented Thursday Tips with LAWPRO and TLA: Tips for Wills & Estates Lawyers. Video replay of the session is available here.

Next up, on Oct. 10 from 4:30 to 6 p.m., the TLA will present Estate Law Round Up! 10 Important Issues to Consider. This annual program will review various timely topics impacting the estate and trust practitioner.

Recent developments, current trends to be discussed

Moderator Suzana Popvic-Montag, of Hull & Hull LLP, will lead panelists Jordan M. Atin , of Jordan M. Atin Professional Corporation, and Ian M. Hull, of Hull & Hull LLP, as they address current trends, recent developments and fundamentals of estate planning and litigation.

Discussions will include:

• initial steps in estate administrations;
• dealing with foreign assets;
• review of common estate claims;
• executor’s compensation;
• litigating insolvent estates;
• estate administration issues relating to receipts, releases and indemnities;
• undue influence;
• wills for typical situations;
• trusts for residences; and
• planning for unusual assets.

For more information or to register, click here. This program is eligible for 15 minutes of professionalism content and offers up to one hour and 15 minutes of substantive content.