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

Estate Administration Headache Number 1: Battling Heirs

Fast & CompanyEstate Administration

Even professional estate administrators and lawyers dislike handling estates where there are multiple contentious heirs working at cross-purposes with one another. Sometimes dissatisfied heirs try to undermine the probate process by selling off some of the estate’s holdings, but more often than not, the in-fighting is demoralizing and creates chaos. Siblings dredge up decades-old grudges and revert to their childhood … Read More

Protecting Estate Assets as an Executor

Fast & CompanyEstate Administration

If you are the executor of someone’s estate, it’s incumbent upon you to preserve and protect the assets that now belong to the estate. Sometimes this is relatively simple, such as locking up the decedent’s former home with their property safe inside. But other times, it may be far more difficult. For instance, if there are valuable pieces of jewelry … Read More