Sometimes in cases of estate administration, the person named as administrator of the estate will retain a lawyer to assist him or her with the process, only to learn later that there is a potential conflict of interest involved.
Handling the administration of a loved one's estate when there is no will can be fraught with confusion for many people. When coupled with the grief that accompanies the death, the emotions can be paralysing.
If you are named as executor of someone's estate, that is an indication that the person had great confidence in you and your ability to carry out his or her wishes. But while it may be considered an honour, it is also a big responsibility.
In order to have your wishes carried out regarding the administration of your estate, it's important to select the right executor to handle your affairs when you die. Making the wrong choice can delay the distribution of assets to your heirs, inspire contested will battles and potentially open the estate to tax liabilities.
Many executors don't need to apply for probate, depending upon the estate's assets, as some can pass on to the heirs directly. Properties owned as joint tenancies with other people don't have to be probated. All executors must do is file applications accompanied by the death certificates in the Land Title Office to register the properties in the surviving joint tenants' names.
This is the second installment of our series on the duties of an executor in British Columbia.
If you are new to the probate process in British Columbia, you may be confused about your role in the process. In this blog post, we will explain some of the basics.