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loby Jenkins. develope of TechTown, said: "The services in TechTown are designed to bring together technology staff and profes sionals in the community, prov l(’l”].: convemience, aceess and new services in restaurant/coffee shop medical centre and finan cial services lechlown is designed to meet the needs of the techâ€" nology and professional communities, as well as the University of Waterloo and Wilfrid Laurier University. The building will provide space for Columbia Lake Health Club, Kids and Com pany for dayâ€"care services, a stonal services building being constructed in the University of Waterloo Research and lechnology Park. al Tl'('h lown, a developâ€" ment _ planned _ by Columbia Developments Inc., held a groundbreaking ceremony at its building site Thursday. lechlown is a protes Welcome to TechTown * There are also other expenses associated with probate including legal, accounting and executor fees, and these are typically based on the size of the estate and the amount of work involved. * The rules differ from province to province, but probate fees generally apply to the entire value of your estate with no deductions for debts, although some provinces allow a deduction for mortgages on real estate. o f y by which a will is validated by a court and is paid for through fees to your provinâ€" cial government. In most provinces, probate fees are calculated on the fair marâ€" ket value of all the assets in your estate. In Quebec, proâ€" bate is not required for wills prepared by a notary, and for other types of wills, the probate fee is a flat amount. robate â€" what the Phcc'l\ does that mean? Many people have only a vague idea. They may know probate is a "government thing" that has something to do with wills and estates and that it‘s probably a costly process. But what they don‘t know about probate can cause a drain on their estate in the form of higher probate fees and elevated income taxes that can significantly reduce their legacy. What these folks need â€" and you need. too â€" is a wellâ€"considered estate plan. And the first step is a clear understanding of what proâ€" bate is and how it works. * Probate is the process by which a will is validated by a court and is paid for 40 Hagey Blvd To probate or not to probate â€" that could be a costly question somey oc _ JUNE OIL CHANGE SPECIAL FOR HYUNDAI oOwniERrs ub, Kids and Com it y5f Call 886â€"2625 To Book Your Appointment centre and finan \:':Ll’h developer $ 95 * own. said Dhe HYunor f a ncow IN 'llhll'\\" art ‘: , (' to bring together ~"I. [ beuiad i l C | ' ppal n Hurry In <2 K * *4 m g convenience Ends June 30/06 SCh|ueter Hyundai t 1 wune* Ao| ts n im d new services in what the ast * While it‘s true that proâ€" bate is not a legal requireâ€" ment. avoiding the process can be a costly mistake. In most cases, financial instituâ€" tions will not release estate assets until the completion of probate. With certain exceptions, real estate can‘t be transâ€" ferred without a probated will. If a will that has not obtained probate is subseâ€" quently ruled invalid (by the discovery of a later will, legal challenges, etc.) the execuâ€" tor or any third party that erroneously paid out money or property can be held perâ€" sonally liable. *$19.95 for vehicles with 3 31 HYUNDAL and 3.8L engines * Distributing assets through certain types of RRSPs, RRIFs and segregatâ€" ed funds offered by insurâ€" * Distributing assets durâ€" ing your lifetime either directly or through a trust reduces the value of your estate, but can trigger a tax bill for unrealized capital gains and loss of control of the asset. ~ that transferring a part interest to your spouse may result in immediate capital gains tax consequences. Spouses often use this strategy, but keep in mind assets held in joint ownerâ€" ship are normally split equally _ between _ the deceased estate and the other joint owner.) Spouses often use this the surviving owner when a joint owner dies and are not subject to probate. (The exception is Quebec where Summer Service Hours 8a;n Schlueter Hyundai 625 Davenport Road,Waterloo Group Financial Services Inc.. is presented as a general source of information only and is not intended as a solicitation to buy or sell investments, nor is it intendâ€" ed to provide professional advice including. without limitation, _ investment, financial. legal, accounting or tax advice. For more inforâ€" mation on this topic or on any other investment or financial matters, please contact Russ McEachnie at 886â€"2360 ext 241 or eâ€"mail him at russell.mceachnie@investors group.com . This column, written and published | by Investors lawyer can help ensure you structure your assets and estate to limit probate costs and taxes while maximizing your legacy. Spm Monâ€"Fri, Closed Sat t ADVERTISERS appreciate it when you tell them ... I saw your ad in the Chronicle. i swue se i * * www.waterloohotel.net 5 l 9â€"885â€"2626 1â€"877â€"885â€"1890 King Street N. WiaterIon yat?" 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