The estate administration process is often a daunting one. With many moving parts, coupled with grieving family members and complex legal issues, many individuals who administer an estate are unprepared for what the role entails. Our Estate Administration Webinar Series provides practical information on topics related to estate administration to shed some light on the process and to assist clients and their advisors in spotting and dealing with various issues that could arise during its course.
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Please Note:
To clarify our response to one of the questions in the Question and Answer portion, where the presumption of resulting trust applies with respect to an adult child who is holding an asset jointly with a parent, the doctrine of the presumption of a resulting trust is not the same as inter vivos trusts, such as a joint partner trust or a spousal trust. A resulting trust is an implied trust that is used in determining the intentions of the transferor, for example, whether the adult child is implied to have held the property for the benefit of their parent. There would be no change in beneficial ownership of the property for the purposes and application of the principal residence exemption.