The legacy of love blog

Advancing money to children

Sometimes our children or close family members run into a financial bind and need to borrow money. In many cases both the lender and the borrower assume that this money will be paid back quickly. What happens if the lender, who is frequently an elderly parent, dies before the loan is repaid? In my experience this is when the family feud begins, as the borrower will say this money was a gift to them, and the other beneficiaries, frequently the borrower’s siblings, will feel it is a loan...

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Does adoption affect inheritance?

Most Wills state that the estate must be shared among the testators children. In many families, it’s obvious who the “children” are while in other families it is less so. An adopted child’s rights against a biological or adoptive parent are very different under Alberta law. When an adoptive parent passes away, an adopted child has exactly the same legal status as a biological child born to that parent. When the Will makes a gift to “my children”, adopted...

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