Executors & Fiduciaries Archives

The obiligations and options of executors when dealing with debt

When executing a will, many people think primarily about distributing assets. However, paying off debts is another important job British Columbia executors hold. Bills that remain to be paid after a person dies should be covered by the estate before any distribution to beneficiaries. If the estate holds less assets than the debts, executors must negotiate with lenders.

What are the duties executors perform?

Many people who agree to execute an estate have limited information about what that process actually entails. Executors in British Columbia may have many questions, including what their duties are, how long settling a will can take and who can help along the way. While the responsibilities can be varied depending on the estate, there are a few basic tasks for which every executor is responsible.

Dying Without A Will

Having a legal will in place is important. Without one, you relinquish control of your estate following your death which could spell disaster for beneficiaries and loved ones. The time and money spent planning your estate and writing a will are well worth the investment, especially when it comes to peace of mind.

When A Beneficiary Disagrees: Part Two

Beneficiaries may choose to challenge a will for a range of reasons. In some cases, they might feel as if though they were unfairly excluded or received less than they were entitled to. In other instances, there are concerns about whether the testator created the will under the right conditions. 

Important Questions That Executors Should Always Ask

Given the challenges associated with being named an executor, it would follow that no one should agree to the job without understanding what is expected from them. From interactions with beneficiaries to handling tax matters, there is no shortage of responsibilities that come with estate administration. A lot of thought is put into choosing an executor but it is important to remember that just as much consideration should be made before accepting.

What must executors do if an estate is reopened?

From paying probate to distributing assets, there are many things on the to do list when it comes to executing a will. The question is, is a British Columbia executor's job ever over? The answer depends on the will in question. If previously unknown beneficiaries or creditors surface years later, executors may still be responsible for correcting the situation. 

What executors must do before distributing assets

When someone passes away, it can sometimes be difficult to figure out which steps to take first. There are many responsibilities faced by British Columbia executors, including overseeing probate, hiring an accountant, conducting an inventory of assets and even distributing those assets. Beneficiaries will often pressure executors to distribute assets as soon as possible if they know they will receive a big payout. But what is really the best order of operations?

Tips to help executors file the final tax return

Once someone passes away, those in charge of overseeing the estate administration have many tasks ahead. One of the most challenging times of year for British Columbia executors can be tax season. While some people make robust plans to provide their executors with the information they need for their last tax return, others leave their estate representatives scrambling without the details to complete important forms.

How to use trusts and trustees to protect inheritance

One of the main reasons people choose to draft a will is to ensure their assets end up with the intended people. For most British Columbia residents, their estate plans involve the majority of their assets being passed to family members such as a spouse or children. But is it possible to make sure assets stay in the family once they are distributed to beneficiaries? While this can be a challenge, setting up a trust and naming the right trustees can help defend these last wishes.

Lunny Atmore

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