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
Funeral costs are often the first matter of estate 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!
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
What Is an Estate Freeze and How Do You Manage It?
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
Turn to the Professionals for Estate Administration
If you are struggling with the administration of someone’s estate, it can be quite frustrating. You might want to rush it through to appease family members and/or beneficiaries, but that could come back to haunt you with the liability. There are many factors involved with estate administration, and some decedents’ estates can be quite complex, involving real estate holdings in … Read More
Are You Up to Managing the Estate of Your Relative?
How convenient it would be if our loved ones always managed to have their affairs in tip-top shape at the time of their deaths. While some do manage to prepare for the inevitable and get their ducks in line, others’ personal affairs are in disarray when they pass on. If your spouse, parent or other loved one is one of … Read More
When the Administrator Cannot Serve in That Capacity
There are cases where it is appropriate that the Public Guardian and Trustee (PGT) administers estates when the circumstances do not permit the beneficiary, intestate successor, executor or other eligible person to serve in that capacity. When that occurs, the PGT can agree to an appointment as executor. However, when these situations arise, it’s important to understand that the PGT … Read More
Unruly heirs? Welcome to the estate administration world
Sometimes the administrators of estates have to deal with demanding and unpleasant heirs and beneficiaries. If they are really unlucky, they may even be related to them by blood or marriage. In cases like that, the best strategy is learning how to best manage these types of people. Often their disagreeable behaviours stem from a lack of control over what … Read More
During Estate Administration, CRA Must Be on the Contact List
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
When the Estate Includes Digital Assets
If you are selected to administer a family member’s, close friend’s or business associate’s estate, chances are that in this digital age, your responsibilities could include management of the digital assets of the deceased. When you consider that may entail responsibility for a lifetime’s worth of accounts and files uploaded to the cloud, coupled with bereaved loved ones clamoring for … Read More