Does the presumption of advancement no longer apply between adult children and their parents?
British Columbia, Canada
The following excerpt is from Proznik and Smith v. Proznik, 2011 BCPC 300 (CanLII):
In Hawley v. Paradis 2008 BCSC 1255, Madam Justice Brown concludes at paragraph [30] that the presumption of advancement no longer applies between adult children and their parents and that in such transactions, there is a presumption of resulting trust when parents make gratuitous transfers of money to their children. She also concluded that the factors set out in Locke v. Locke will assist the court in determining whether such transfer was a gift or a loan.
"The most advanced legal research software ever built."
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexi.com.
Other Questions
Does the presumption of advancement apply when a parent funds in a joint account with an adult independent child? (British Columbia, Canada)
Does the presumption of advancement apply to children of an adult child? (British Columbia, Canada)
Does the presumption of resulting trust apply to adult children and parents? (British Columbia, Canada)
Is there a presumption of advancement between parents and adult children? (British Columbia, Canada)
Can a party who receives funds from a parent to their adult child to be considered a gift from the parent to the adult child have to prove that the transfer is a resulting trust? (British Columbia, Canada)
What is the consequence if one parent deliberately prevents the other parent from exercising parenting time as stipulated in a parenting order? (British Columbia, Canada)
Does the presumption of resulting trust apply in the case of gratuitous transfers of property to adult children? (British Columbia, Canada)
Is there a reasonable expectation that adult children will share equally in a parent's estate? (British Columbia, Canada)
When parents are separated, can the children be involved in dangerous activities with each parent? (British Columbia, Canada)
What factors will be considered in determining whether funds advanced by parents to children were a presumed gift rather than a loan? (British Columbia, Canada)
