Estate administration can be complicated by disappointed heirs

Fast & CompanyEstate Administration

Simply put, a will makes clear how a person wishes his or her estate to be distributed after he or she passes away. In a perfect world, the executor of the estate will see to it that the instructions are followed properly, the estate is settled, and life goes on. Unfortunately, things do not always go perfectly during estate administration, … Read More

Searching for heirs is an important part of estate administration

Fast & CompanyEstate Administration

The duties of an executor or administrator of an estate are many and varied. The court takes estate administration seriously and assumes that the executor will perform his or her duties with care and diligence. One of the more complicated roles of the executor may be locating heirs. Courts in British Columbia and across Canada expect the person charged with … Read More

Estate administration: dealing with assets without a will

Fast & CompanyEstate Administration

Though writing a will is not necessarily a difficult task, many people choose to put it off for one reason or another. Unfortunately, some put it off too long and pass away without leaving behind their final instructions. When that happens in British Columbia, the person is said to have died intestate. Will or no will, however, the process of … Read More

The executor’s tax responsibilities during estate administration

Fast & CompanyEstate Administration

At no time during the life of a man or woman in British Columbia is that person happy to pay their taxes. Imagine the surprise of discovering one is responsible for the taxes of another person after they have passed away? That is exactly what happens during estate administration: the executor is required, as legal representative, to settle the tax … Read More

Understanding how estate administration begins in BC

Fast & CompanyEstate Administration

It is more than likely that a person appointed executor of an estate has never done so previously. Needless to say, he or she may have a lot of questions about the job they’ve been asked to do. This article will discuss some of the fundamental points to know about estate administration in British Columbia. The entire process begins, once … Read More

Disinherited kids challenge will in probate, seek share of estate

Fast & CompanyProbate

When an individual in British Columbia passes away and leaves a will, the will must go through probate. In theory, the probate process is relatively simple: the will is submitted to the court and its legality is verified before then being administered by the executor. In rare cases, the will may be challenged, usually by hitherto unknown heirs, or those … Read More

Without a will, estate administration determines distribution

Fast & CompanyEstate Administration

Over the course of a person’s life, he or she may accumulate assets of value, such as real estate holdings or intellectual property. If that person passes away without a will in British Columbia, it is up to the court appointed administrator (a position that must be applied for) to manage the estate. In some cases, estate administration can be … Read More

Some less obvious aspects of estate administration

Fast & CompanyEstate Administration

Acting as an executor for an estate in British Columbia is an important, but task-laden responsibility. Some of these tasks are relatively self-evident; it will come as no surprise that the executor is responsible for identifying beneficiaries and seeing to it they are given their allotted share, for example. There are, however, many less obvious, but equally important steps to … Read More

During estate administration, CRA must be on the contact list

Fast & CompanyEstate Administration

Even after a person has passed away, an obligation is still owed to the Canada Revenue Agency. In fact, the CRA is one of the most important contacts to be made by the executor during the process of estate administration. There are many final tax-related details that need to be taken care of after a taxpayer dies in British Columbia. … Read More

What do I need to know about wills and estates?

Fast & CompanyProbate

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. Probate is needed as per the policies of the financial institutions or agencies holding the assets that are part of a deceased person’s estate. Some agencies require executors to apply for representation … Read More