What must be done when probating an estate?

Fast & CompanyGeneral, Probate

If you are in charge of probating an estate, it can be confusing trying to remember to cross every “t” and dot every “i.” But yet it must be done correctly or you could face financial and legal liabilities for being remiss in your duties. Below are some important tasks to check off of your list. Make sure that you … Read More

How can I correctly value a decedent’s real property?

Fast & CompanyGeneral, Probate

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. A professional real estate evaluator can look at the net operating … Read More

Can I contest my relative’s will?

Fast & CompanyGeneral, Probate

The courts and government of British Columbia recognize the autonomy of individuals to leave their estate to the people they choose. With that being said, however, there are certain circumstances wherein it may be possible to contest the terms of a will being probated here in British Columbia. There are three categories of heirs or potential heirs who may contest … Read More

Let a legal professional probate the estate

Fast & CompanyGeneral, Probate

The responsibility for filing for probate of a deceased person’s estate can sometimes be burdensome, especially when the estate is large or complex. Sometimes an estate can include multiple properties and/or business entities that all must be sufficiently managed and valuated by the estate administrator. For some in that position, it can be a bit more than they ever bargained … Read More

What are the main duties of a trustee of an estate?

Fast & CompanyGeneral, Probate

At some point during the probate of an estate, the estate’s personal representative ceases to act as the executor and becomes the estate’s trustee. This usually happens once all of the personal representative’s duties have been met. Trustees are responsible for maintaining the assets of the decedent’s estate once all legitimate debts have been paid. According to the Law of … Read More

What happens when there is no money in an estate?

Fast & CompanyGeneral, Probate

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

Can a corporate executor lighten the probate load?

Fast & CompanyEstate Administration, General, Probate

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?  Actually, in many cases, the administrator, while trustworthy and well-intentioned, is not the ideal person for the job at hand. Perhaps they … Read More

How can I minimize my liability as executor during probate?

Fast & CompanyEstate Administration, General, Probate

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. Many people draft wills that are quite vague and fail to specify important information about bequests to heirs and beneficiaries. For example, … Read More

Dealing with Disgruntled Heirs

Fast & CompanyEstate Administration, General, Probate

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. However, it will be to you whom they turn with their dissatisfaction, so you must be prepared should this occur. … Read More

Avoiding Problems with Probate

Fast & CompanyGeneral, Probate

Despite the best intentions, not all probates proceed smoothly. If you are responsible for probating and administering an estate, you might run into some of these typical problems. Inadequate will searches. The process must include all variations of names. When handling land transfers, the names must be listed exactly as they appear in the first part of the Title of … Read More