Vic’s Law Blog
CANADA LAW NEWS
Law is perpetually evolving. Lawyers must too.
Learn about the latest legal issues, cases, and news in Vic’s law blog.
Wills & Estates: the difference of a “gift” & a “loan” between parents, their children, & property purchases.
In this heart-wrenching legal case, a family's grief over the loss of their daughter, a young RCMP officer, erupted into a fierce courtroom battle over $300,000. The officer’s parents, who had provided the funds to help her purchase her first home, claimed it was a loan. But her spouse insisted it was a gift, a crucial distinction that would determine whether the widow or the parents would keep the money.
B.C. Homes, Joint Tenancy, & Deeds of Gift in Wills & Estates Litigation.
As the baby boomer generation slowly and sadly passes, unfortunately, they are uncertain about what to do with their family home; particular issues arise when they to leave (or more appropriately, “bequeath”), the family home to some, but not all, of their children.
In this instance, the home owner has a number of options. This article focuses the two most frequent options utilized: joint tenancy and deed of gift.