GIFTS - Inter vivos - Presumption of advancement - Parent to child - Rebuttal

Law360 Canada ( November 7, 2017, 6:01 AM EST) -- Appeal by the Executor of the Chris Kyle Estate from an order in favour of the Executor of the John Kyle Estate. Chris, now deceased, was named Executor of the Will of his father, John. At the time of John's passing, Chris held a joint account with John totaling $400,000. Upon John's death, Chris transferred the funds to his personal account and applied them to pay a mortgage on property owned by his company. Chris failed to disclose the existence of the joint account or the whereabouts of its contents to his three brothers. Upon learning of the true circumstances, one of the brothers, Robert, sued Chris seeking the return of the money to John's Estate. Chris's defence of the action put him in a conflict as the Executor of John's Estate. Robert's action sought an accounting, removal of Chris as Executor, a grant of Probate to Robert, related Estate relief, and judgment against Chris in respect of the missing funds from the joint account. The trial judge determined that John, in creating the joint account, did not intend a gift of the funds therein to Chris. The trial judge declared Chris held the monies in trust for himself and three brothers and ordered disgorgement of the funds. Chris appealed....
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