Estates and trusts | Trusts | Express trust
Testator died in 2015, and was survived by wife and three children. Testator purchased cottage property as trustee in 2001, partially using funds from sale of wife's former family cottage. Several transfers of cottage property were made prior to testator's death, and at time of death property was owned by investment company owned by testator. Estate trustees brought application for determination of beneficial ownership of cottage property. Application granted. First transfer resulted in testator holding property in trust for himself and wife as equal tenants in common. Purported transfer to investment company was set aside as testator did not have consent of wife to divest her of beneficial interest in property. Wife and estate trustees were each granted undivided one-half interest in property as tenants in common.
Berg v. Jaylevy Limited (2019), 2019 CarswellOnt 6038, 2019 ONSC 2255, Dietrich J. (Ont. S.C.J.).
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