tag:blogger.com,1999:blog-4402283548766807872.post8891716883524665966..comments2024-03-20T02:26:06.500-04:00Comments on The Blunt Bean Counter: Holy Hotchpot—Equalizing Uneven Advances to Children in your WillThe Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-4402283548766807872.post-86070826944349894752018-07-30T21:34:00.587-04:002018-07-30T21:34:00.587-04:00Hi Anon
It is my understanding if you have gifted...Hi Anon<br /><br />It is my understanding if you have gifted money it is not legally yours and thus not subject to probate. However, I am not a lawyer, so you need to confirm such with an estate lawyer.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-60718724400233479822018-07-20T16:46:49.405-04:002018-07-20T16:46:49.405-04:00Thanks for this explanation of Hotchpot. I am tryi...Thanks for this explanation of Hotchpot. I am trying to find out whether, any amounts previously gifted and settled under hotchpot, are included in the probate fee calculation? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-68260806338026524872012-10-14T18:32:53.706-04:002012-10-14T18:32:53.706-04:00Albert and Mark - thank you both for your response...Albert and Mark - thank you both for your response.<br /><br />I can see the practical advantage to maintaining those records outside of the will itself. Given that gifts and funds might be distributed over many years, keeping track could prove difficult. It's good food for thought when it comes to designing a will - broader financial and personal considerations need to be taken into account.Bruce Harphamhttp://bruceharpham.canoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-3026849192003660172012-10-09T09:30:40.101-04:002012-10-09T09:30:40.101-04:00Bruce- this is Albert Luk. Thank you for the quest...Bruce- this is Albert Luk. Thank you for the question. The quick and dirty answer is that you would NOT attach advances to beneficiaries in the will. A probated will are public records. Accordingly, for privacy reasons, most people do not want to make their family affairs public. As Mark indicated, record-keeping for this purpose would consist of things like photocopies of cheques, bank statements, receipts, promissory notes etc. There is no "official" form to follow. The emphasis is on whether the executor has sufficient records to administer the estate properly. You can email me directly at albert.luk@devrylaw.ca if you have any questions. Thanks.Albert Lukhttp://www.devrylaw.ca/wills-and-estates-lawyers/albert-c-luk/noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-35687071585328547342012-10-09T07:25:31.480-04:002012-10-09T07:25:31.480-04:00Hi Bruce- I have emailed Albert Luk to get his leg...Hi Bruce- I have emailed Albert Luk to get his legal take on this. What I have seen in the past is the parent just photocopy the cheque and have the child sign an acknowledgement they received the money. I think the idea of the hotchpot clause is to not put specific amounts in the will, since they could constantly change, but that the parent keeps the records (provide a copy to accountant or lawyer)and the hotchpot clause takes into account whatever monies have been advanced at the time of their passing.<br /><br />I will follow up with Alberts commentsThe Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-50704103588667358162012-10-06T17:58:09.093-04:002012-10-06T17:58:09.093-04:00"“However, one must always be aware that a ho..."“However, one must always be aware that a hotchpot clause requires evidence of provable advances to the beneficiaries. Bad (or no) book-keeping may render a hotchpot clause ineffective. The key is to keep good records.”"<br /><br />This is an interesting perspective on wills and estate planning that I rarely see directly addressed. I agree that it is wise to look at the estate in the context of one's full financial life.<br /><br />I do have a question about the "keep good records" comment. In your experience, what does that look like? Is it simply records left at the family accountant/lawyer? Or does it involve something more formal in the will (e.g. "Veronica would receive $233,333 ($433,333-$200,000), the $200,000 deduction as per Schedule 2" (schedule 2 could then provide dates and amounts of the payments already made)<br />Bruce Harphamhttp://bruceharpham.canoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-9603388802125745582012-10-04T08:01:05.279-04:002012-10-04T08:01:05.279-04:00CI, very funny. I also had that happen once and it...CI, very funny. I also had that happen once and it ruined a great round, I could not shake it off the rest of the round. Hit em straight this weekend and watch those two footers :)The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-44853322604335228882012-10-04T04:06:26.757-04:002012-10-04T04:06:26.757-04:004ft?!! that's long range. I missed a 2 footer ...4ft?!! that's long range. I missed a 2 footer the other day with strong wind blowing across a steeply sloped fast green. From uphill as the ball trickled by the hole it kept going going going going and stopped 15 yards away off the green. From a nice par to an 8 from 2 ft! Now that's worthy of "boll_ _ ks" though in Scotland they might say "sh_te"!CanadianInvestorhttps://www.blogger.com/profile/05645767559302303541noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-36248010651953298312012-10-03T14:04:04.734-04:002012-10-03T14:04:04.734-04:00Hey CI
Although derived from a french word, the c...Hey CI<br /><br />Although derived from a french word, the common use is from English law. So what do you expect from a country that gave us knackered, the loo and Bees knees :). One of my golfing buddies provides me with a new British/English slang word every golf round, although most cannot be repeated and most follow a missed 4 ft. putt. The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-9254082427151342012-10-03T13:03:36.058-04:002012-10-03T13:03:36.058-04:00Useful stuff to know ... but about the weird name ...Useful stuff to know ... but about the weird name "hotchpot" Wikipedia http://en.wikipedia.org/wiki/Hotchpot - why not call it "child equalization" or the "pie sharing clause" i.e. something more descriptive?CanadianInvestorhttps://www.blogger.com/profile/05645767559302303541noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-12941940007026707892012-10-02T08:00:25.185-04:002012-10-02T08:00:25.185-04:00Anon, I am to please :)Anon, I am to please :)The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-30058014316434555272012-10-01T22:33:59.752-04:002012-10-01T22:33:59.752-04:00Mark, this is what I like about your blog, I alway...Mark, this is what I like about your blog, I always learn something that has practical application. Keep it up.Anonymousnoreply@blogger.com