What is the effect of a gratuitous transfer of property between the parents of an elderly father and his adult child?
Alberta, Canada
The following excerpt is from Chelen v. Chelen, 2011 ABQB 117 (CanLII):
Based on the evidence before me, it is clear that the transfer between the parents and the adult child was a gratuitous transfer made for no consideration more or less contemporaneous with the provisions of the Last Will and Testament of the elderly father. This presumption of a resulting trust accords with the social reality in this case that the child is holding the Property in trust for the aging parent, to facilitate the efficient management of that parent’s affairs. The presumption that accords with the social reality is the presumption of the resulting trust: Reid v. Reid Estate, 2010 ONSC 2320 (Sup. Ct. of Justice).
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