Executors & Fiduciaries Archives

Estate planning helpful for will writers and executors alike

Estate planning can be an emotional process. From picking the right executors to trying to understand tax implications, there are many things British Columbia adults must consider in preparing their estate plans. Understanding basic terminology and strategies is a good place to start.

What forms to executors need to file for an estate's taxes?

Everyone knows they must file their own taxes by the Canada Revenue Agency's deadline, but what about the taxes for close family members who may have passed away in the past year? Executors in British Columbia are often faced with tax-related responsibilities around springtime, and may have questions about what exactly they need to do. The answers to these questions can be situations depending on the income sources of the deceased and who inherited these assets.

Benefits to naming trustees instead of just powers of attorney

Revocable living trusts are one of the many things which may come up during estate planning. British Columbia residents who undergo the process to create a living trust should understand how to make the best use of it. This includes naming the right trustees and understanding how to use the living trust to save on estate administration.

Executors cannot choose where to probate a will

Handling probate fees is one of the many challenges people face when executing a will. Executors in British Columbia may be tempted to look at the different probate fees in different provinces to see if there is a less expensive location to undergo this process. However, under Canadian law a person's will must be probated in the province where the individual lived primarily. The only exception to this is if there is an estate asset in another jurisdiction that must be probated there.

Considerations for those named executors without prior knowledge

While many people have conversations and share documents with the person they have chosen to execute their estate, occasionally someone will learn of their position only after a person has died. Unwitting executors may be confused about their next steps upon finding out they are responsible for taking care of a person's will. There are often many questions about their next steps or even their ability to decline the position under British Columbia law.

Tips for picking executors

Picking the right person to carry out a will is a difficult and important decision for an estate planner. An executor will be tasked with an immense amount of responsibility once the person whose will they are executing passes away. British Columbia estate planners and their executors should be fully aware of these tasks and responsibilities when they enter into this arrangement. 

Executors should discuss details with terminally ill relatives

When a family member is diagnosed with a terminal illness, one of the many things to consider is the steps to be taken after he or she passes away. For those named as executors, understanding these responsibilities is even more important. While it can be emotionally difficult to discuss these issues with a dying loved one, understanding his or her estate plans, assets and last wishes before they pass away can alleviate a lot of stress for British Columbia families.

Executors benefit from an organized estate plan

When making estate plans, it is a good idea to discuss key decisions with those who are impacted. Executors are particularly critical to communicate with, as they are responsible for administering the estate under British Columbia estate law. Not only should this person know what the estate planner's wishes were in detail, they should also have all the documents they need to see it through.

Picking trustees can be challenging for some

While some people have an easy time naming people to handle their estates, others face a more difficult decision. British Columbia residents should take the necessary steps to name executors and/or trustees prior to passing away, even if it is a complex choice. Addressing the issues behind the indecision is a good idea for those looking to resolve these challenges.

Understanding responsibilities important for executors

While many people readily agree to be the executor of someone's estate, few understand the long list of responsibilities they are taking on in doing so. Many British Columbia residents only act as executors one or two times throughout their lives, so few have experience when they take on the task. It is a good idea to review the duties before getting started with probating the will of a loved one.

Lunny Atmore

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