When spouses, parents or others die, their heirs may have concerns about any responsibility they may have to pay the debts the deceased accrued over a lifetime. In short, the answer is that they have no responsibility. However, just as with many of the complex aspects of estate administration and probate, there are exceptions, and they include: Joint debts where … Read More
What Happens When There Is No Money in an Estate?
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. An insolvent estate presents a unique set of challenges to estate administrators. By definition, an “insolvent estate” is one that doesn’t have sufficient funds to pay the … Read More
Understanding the Probate Process
In March of 2014, British Columbia enacted the Wills, Estates and Succession Act, which modernized estate law and made the probate process easier. Whether probate is necessary or not depends upon the policies of the financial institutions or agencies that hold any assets that are part of a decedent’s estate. Some agencies require that executors apply for representation grants so … Read More
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