If you are responsible for the probate and administration of an estate here in British Columbia, you might want to know what you will wind up having to pay.
If you are handling the probate process as an estate administrator, one challenge you may encounter are disappointed beneficiaries. There can be many reasons for their disappointment, and few of them will likely be because of decisions that you make.
One of the problems that estate administrators can encounter during the probate process is dealing with an insolvent estate. This occurs when the decedent owes more to creditors than the estate is worth.
People tend to seek out the most trusted friends and relatives they have to serve as estate administrators of their estates after they die. After all, who best to carry out one's wishes but a trusted loved one?
If you are involved in the probate of a will as an estate administrator, you may find yourself dealing with a situation of a life estate or life interest.
The intent of the 2014 Wills, Estates and Succession Act was to modernize estate law in the province while also making the probate process easier for the public.
If you are in charge of probating an estate, at some point you may need to valuate real estate that was owned by the decedent. It's vital that this is accurately done in order for the heirs and beneficiaries to receive their fair share of the estate's true value.
Some British Columbia residents are surprised to learn that they have been named as executor of a deceased person's estate.
If you have been named as administrator of an estate, one of the duties is to see that all fees and costs associated with the estate are paid fully and in a timely manner.
When accepting the responsibility of being the executor of a decedent's estate, one also accepts any liabilities. According to one senior will and estate planner in Newfoundland, the primary risk to executors is the last will and testament.