Some people are born to greatness; others have greatness thrust upon them, a famous saying has it. In a sense, the same is true for estate executors. Most executors know well in advance that they have been chosen for the job, while others may not find out until the testator's wishes are revealed after his or her passing. Estate administration in British Columbia can be a major undertaking, and anyone chosen to be the executor may be forgiven for taking a moment to consider whether he or she wishes to accept the responsibility.
Very few executors are surprised to find out they were named to the position, having typically been informed during the estate planning stages. Given the prior knowledge of the eventual responsibility, it might not be a bad idea for the executor to prepare for the process of estate administration in British Columbia ahead of time. Here are some tips for the executor to aid with his or her preparation.
There are many responsibilities suddenly heaped upon the executor after a person dies. The order in which these responsibilities need to be handled is not always readily apparent. However, one of the very first tasks of estate administration In British Columbia is arranging the funeral.
At the best of times, being executor for an estate can be time-consuming and emotional. All administrators hope for a smooth and expeditious execution of their duties. Unfortunately, there are times when surprises during estate administration can throw a wrench into the works. One such wrench is a challenge to the will, which can happen for one of a few reasons in British Columbia.
Wills are the most common way for a person to decree how his or her estate will be handled after they have passed away. They can be set up to provide welcome gifts to grieving loved ones, or to make provisions for vulnerable heirs. However, they can only be effective if they are written, and many people in British Columbia either have no will, or have not kept theirs up-to-date. In some cases, this may mean estate administration becomes very complicated, or even left entirely to the courts.
The executor of an estate has numerous duties, though many people may assume it is just a matter of probating the will and distributing the assets. While those are the two main tasks of estate administration in British Columbia, there are numerous sub-tasks and related duties, as well. For example, the executor may need to make many decisions concerning the funeral for the deceased.
Generally, the task of an executor begins following an unfortunate loss. This may be a very difficult time for that person, and his or her only wish is likely to see the job of estate administration through as efficiently as possible. However, should a will be challenged, this can delay the process and make the task even more labourious. A trio of disgruntled heirs has filed suit against a large British Columbia estate and the battle has the potential to be extensive.
For many British Columbia estates, the asset with the greatest value is the testator's home. If there were no other occupants, and no other names on the title, the home is typically sold. This may be one of the more complicated aspects of estate administration as it combines estate law with real estate law.
Perhaps the greatest favour one person can do for another is to administer his or her estate. It is, by its nature, a thankless task, but also a very important one. Unfortunately, few people know exactly what estate administration consists of in British Columbia, beyond the distribution of assets. This article will touch on some of the potential complications an executor or executrix might face.
The executor of an estate in British Columbia has many responsibilities, all of them important. One of the early steps of estate administration involves settling the debts of the estate. How this is done, and what obligations the executor has to creditors, may be unclear to some people taking on the role.