The executor of an estate in British Columbia has many responsibilities, all of them important. One of the early steps of estate administration involves settling the debts of the estate. How this is done, and what obligations the executor has to creditors, may be unclear to some people taking on the role. It is important to know that a debt … Read More
Understanding How Estate Administration Begins in BC
It is more than likely that a person appointed executor of an estate has never done so previously. Needless to say, he or she may have a lot of questions about the job they’ve been asked to do. This article will discuss some of the fundamental points to know about estate administration in British Columbia. The entire process begins, once … 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
Timeline of Estate Administration, Part 2
Last month we reviewed the timeline of estate administration in the days and weeks following the death of the decedent. Today, we pick up the timeline where we left off — several weeks after the person’s demise. By this point, the estate administrator should have obtained contact information for all heirs and estate beneficiaries for the purpose of sending a … Read More
Timeline of estate administration, Part 1
If you are newly appointed as the administrator of an estate, it can be confusing knowing what needs to be done when. Below is a list of the duties you will be responsible for performing and the approximate time you will need to do them. Immediately after the death of the decedent, you will need to: Arrange to donate the … Read More
Check a Will Carefully Before Going Through Probate
There are many responsibilities thrust upon an estate administrator in British Columbia. Chief among them is putting the will through probate. This is an important process and requires completion before the estate can be administrated. However, it may be that not all the listed assets will need probating. Here are a few things to look for before getting started. Some … Read More
Determine Which Assets Must Be Included in Probate
If you are named as administrator of an estate, there may be some assets that fall out of the breadth and scope of the probate process. These non-probate assets must be dealt with separately as the rest of the decedent’s estate goes through the probate process. Some non-probate assets may include the following: Assets owned solely by the decedent but … 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