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

The Responsibility of Estate Administration

Fast & CompanyEstate Administration

Congratulations, you’ve been named as executor of your late friend’s or family member’s estate. It may seem a dubious honour, but it means that the person trusted you a great deal. As such, it’s important that you are capable of carrying out their wishes as they intended. That may sound simpler than it is, however. An executor does not have … Read More

How do I know if probate will be necessary?

Fast & CompanyEstate Administration

In 2014 some changes were made to the Wills, Estates and Succession Act that affects residents of British Columbia. The changes are intended to modernize estate laws and make the probate process easier. Below are some general questions and answers regarding the process. For more specific information about individual probate circumstances, consult a probate lawyer in the province. Does my … Read More

Executors must step in quickly after a death

Fast & CompanyEstate Administration

When a death occurs without warning, the family members are in a state of shock. But decisions still must be made, and often it falls to the executor of the person’s estate to make them on very short notice. Since there may already be pre-planned funeral arrangements that the decedent prepaid during his or her lifetime, it’s important to determine … Read More

How do I probate an insolvent estate?

Fast & CompanyProbate

Being in charge of probate for an insolvent estate is truly a thankless task, yet if you have accepted this assignment, you must carry out your duties. These types of estates are usually best administered by a lawyer, as now the executor will need to become familiar with not just British Columbian estate laws, but bankruptcy laws as well. There … Read More

What do alternate Estate Executors need to know?

Fast & CompanyEstate Administration

Sometimes people named as executors of estates are unable to serve in that capacity. They may have died at the same time as the decedent, as in spouses killed in an accident, or they might have predeceased the decedent. There are other reasons that could preclude a named executor from carrying out his or her duties. Perhaps that person no … Read More