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

Understanding the Probate Process

Fast & CompanyEstate Administration, General

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

Do I have to accept being an administrator of a will?

Fast & CompanyEstate Administration, General

If you are named as executor of someone’s estate, that is an indication that the person had great confidence in you and your ability to carry out his or her wishes. But while it may be considered an honour, it is also a big responsibility. Some people who are named as executors wind up renouncing those duties. There can be … Read More

When the Estate Includes Digital Assets

Fast & CompanyEstate Administration, General

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

Definitions of the Wills, Estates and Succession Act

Fast & CompanyGeneral

If you are involved in the probate of a will, below are some definitions and interpretations as set forth in the Wills, Estates and Succession Act that took effect in British Columbia in 2014. Beneficiary¬†– An individual named in wills to receive a portion or all of an estate, or an individual who has a beneficial interest in any trusts … Read More

Can I Disinherit my Children?

Fast & CompanyEstate Administration, General

Many people find great comfort in knowing that their will clearly designates who will take possession of their treasured belongings and other assets after their deaths. However, what about those to whom they prefer to leave nothing? Are people able to disinherit family members if they so choose? Under the Wills, Estates and Succession Act of British Columbia, the testator … 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