MONTREAL -- Many Canadians live frugally for years in the hope of leaving large legacies to their children, but without proper estate planning those legacies can be fraught with complications.
Taxes, real estate passed down and now shared by siblings, and questions about how to best manage a sizeable inheritance can leave people facing issues they've never encountered and are ill-prepared to handle.
It's an issue that's attracting increased attention as Canada's population ages and an estimated $1 trillion is passed along in inheritances.
While beneficiaries don't pay inheritance taxes, settling estates can be daunting tasks for children who are named executors and have to determine how much income taxes and probate fees are owed. .. Read more from Huffington Post