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 I Administer My Mom’s Estate Without Killing My Siblings?
If you are the administrator of your parent’s estate and you have at least one sibling, chances are good that you have first-hand experience with frustration. There’s something about parental inheritance that turns otherwise pleasantly civil siblings into the snarling and scrapping toddlers they once were. When the estate administrator is also an heir, he or she might have to … Read More
Can a Corporate Executor Lighten the Probate Load?
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?
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
During Estate Administration, CRA Must Be on the Contact List
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
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
Do I Have to Accept Being an Administrator of a Will?
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
Having No Will Leaves Estate Administration to the Courts
Wills are the most common way for a person to decree how his or her estate will be handled after they have passed away. They can be set up to provide welcome gifts to grieving loved ones, or to make provisions for vulnerable heirs. However, they can only be effective if they are written, and many people in British Columbia … Read More
When the Estate Includes Digital Assets
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
Estate Administration: how to know if one is up to the task?
Some people are born to greatness; others have greatness thrust upon them, a famous saying has it. In a sense, the same is true for estate executors. Most executors know well in advance that they have been chosen for the job, while others may not find out until the testator’s wishes are revealed after his or her passing. Estate administration … Read More