Timeline of Estate Administration, Part 2

Fast & CompanyEstate Administration

Last month we reviewed the timeline of estate administration in the days and weeks following the death of the decedent. Today, we pick up the timeline where we left off — several weeks after the person’s demise.  By this point, the estate administrator should have obtained contact information for all heirs and estate beneficiaries for the purpose of sending a … Read More

Administering an intestate estate

Fast & CompanyEstate Administration

If you are the spouse, adult child or other relative of a person who died without leaving a will, you could wind up applying to the court to administer that person’s estate. If the decedent dies intestate and has no spouse, parent or children to handle these duties, or if those relatives are not willing or able to execute the … Read More

Timeline of estate administration, Part 1

Fast & CompanyEstate Administration

If you are newly appointed as the administrator of an estate, it can be confusing knowing what needs to be done when. Below is a list of the duties you will be responsible for performing and the approximate time you will need to do them.  Immediately after the death of the decedent, you will need to:  Arrange to donate the … Read More

Why might a will be challenged during estate administration?

Fast & CompanyEstate Administration

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 … Read More

Funeral costs are often the first matter of estate administration

Fast & CompanyEstate Administration

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. It is quite possible the deceased left instructions for his or her funeral in the … Read More

Are you Struggling to Administer an Estate? Get Help!

Fast & CompanyEstate Administration

When acting as executor of a decedent’s estate, you have a duty to be an earnest steward of their assets until all are disbursed to the beneficiaries and heirs. Sometimes, through no fault of the diligent executor, assets depreciate, such as if the housing or financial markets nosedive. In those type of situations, there may be little that you can … Read More

So…you are the estate executor. Now what??

Fast & CompanyEstate Administration

“Learning you have been named as executor of somebody’s estate can come as a surprise. While it is better for the decedent to have already pre-arranged with his or her intended executor to carry out these duties, many never get around to having that important conversation. As one estate lawyer in the United States remarked, “”A common adage says to … Read More

Preparing the executor for estate administration

Fast & CompanyEstate Administration

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 … Read More

Determine which assets must be included in probate

Fast & CompanyEstate Administration

If you are named as administrator of an estate, there may be some assets that fall out of the breadth and scope of the probate process. These non-probate assets must be dealt with separately as the rest of the decedent’s estate goes through the probate process. Some non-probate assets may include the following: Assets owned solely by the decedent but … Read More

What is an estate freeze and how do you manage it?

Fast & CompanyEstate Administration

Some estate administrators in British Columbia might have to deal with an estate freeze. The term refers to the transfer of business assets while the business owner is still alive to the intended heirs for the purposes of business continuity. At the same time, the individual is given valued shares of the business locked-in at today’s worth, which has favorable … Read More