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British Columbia estate administration: Plans for the family home

October 30, 2017/in Estate Administration & Probate/by gartonandharris

Estate planning is something people do to make things easier on their families once they have passed on. If all the i’s are dotted and the t’s are crossed, estate administration should go smoothly. The one big thing in a British Columbia resident’s estate plan is the family home and it is one with sizable worth, there may be some things testators can do to ensure the family home can be passed down while keeping the family peace.

If adult children are the heirs of their parents, then it is likely they have homes of their own. In such cases, the executor of the will could sell the home and distribute the proceeds to the beneficiaries of the estate. There might be a chance, however, that one child may want to keep the home. Parents might do well to discuss these things before planning their estates. An executor who isn’t a family member may be a wise decision if someone anticipates problems arising.

If the home is worth millions, testators should consider if beneficiaries will be able to pay the taxes along with maintaining the home in proper order. Upkeep is costly. In these cases, it may be wise to consult an accountant. A lot is at stake when it comes to a family home.

There are various ways a lawyer could help with this kind of scenario. A lawyer is aware of different things like trusts and how they can help in estate planning and ultimately with estate administration. A British Columbia lawyer can explain all the complex issues around estate planning.

Source: theglobeandmail.com, “How to keep the family home from becoming a lightning rod in estate squabbles“, Kathy Kerr, Oct. 20, 2017

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Estate administration: Dealing with a cross-border estate

October 24, 2017/in Estate Administration & Probate/by gartonandharris

There are some Canadians who own property stateside. Many snowbirds purchase property in the United States and when British Columbia residents who own such a property die, estate administration could get dicey. Executors of wills could find themselves in a pickle if they aren’t familiar with cross-border tax laws and/or regulations regarding reporting.

The federal estate tax on a U.S. estate applies to worldwide assets of any estate worth in excess of $5.34 million. The same is not true for Canadian estates. There are different rules in the States regarding probate as well, which could be more costly and proceed more slowly than in Canada. Executors must wait for a court day in the United States before anything can be done with the will. One other significant difference between the two countries when it comes to estate administration is that tax payments due to the government in the United States come from the estate; however, if the executor doesn’t file it, he or she could be held liable.

Then there are issues within issues such as whether the testator held dual citizenship between Canada and the United States or whether he or she had children that are U.S. citizens. Also, many individual states require court-supervised estate administration. In Canada, once probate is granted, an executor is free to administer the will. There is a lot more red tape involved south of the border.

Estate administration can be complex, especially when some assets are located in the United States. Getting the advice of a British Columbia lawyer who has wills and estate planning experience can be invaluable in these circumstances. A lawyer will guide his or her client on involved issues like cross-border assets and probate.

Source: advisor.ca, “How to deal with a cross-border estate“, James Dolan, Accessed on Oct. 21, 2017

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Can wills made in British Columbia be revoked?

October 16, 2017/in Wills/by gartonandharris

Many people state clearly in a will what they would like to have happen after they die. British Columbia resident fashion wills to state what should happen with their assets and their belongings and anything else having to do with their death such as funeral arrangements. Every province and territory in Canada has laws protecting the writers of wills, also known as testators. These laws are fairly consistent and protect testators’ wishes.

But there are instances when the contents of a will comes into question and when there could be cause to find it invalid. To be legal, a will must be in writing, signed at the bottom by the testator and have two witnesses, although there may be exceptions to this rule. Some provinces recognize holographic wills which are written in a testator’s hand, but British Columbia is not one of them.

Once a will has been written, there are some ways it can be revoked. A new will can be written to override the old will, and in most provinces marriage will revoke a will. If a testator destroys a will or has someone else do it for him or her, that’s also considered to be a revocation of the will. If there is a separate document found that states any intention to revoke an existing will, that could also be grounds for revocation as can making changes to a will improperly.

Wills can be involved documents. British Columbia testators might do well to have their wills updated every four years or so by a lawyer experienced in wills and estates law. Life changes and those changes should be reflected in a person’s will. A lawyer will know how to make such changes with his or her client’s wishes in mind.

Source: findlaw.ca, “Can my will be revoked?“, Accessed on Oct. 13, 2017

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British Columbia estate administration: Debt and death

October 10, 2017/in Estate Administration & Probate/by gartonandharris

Like it or not, debt is a big part of modern life. Most homeowners carry mortgages, many people have car payments and some people carry balances on their credit cards. But when it comes to estate administration in British Columbia, what happens to all the debt — and rewards in some cases — after a person dies? Most people believe their loved ones will be on the hook for their debts, but that’s not the case.

The fact is that any outstanding debt will be paid from a deceased person’s estate before beneficiaries receive what’s left. There is one exception. If someone has signed on as a guarantor of someone’s debt, that person would be held responsible. There are some instances, too, when an asset cannot be touched by a creditor. These include any life insurance policies or a Registered Education Savings Plan opened for someone.

If the estate has no assets at all, the executor would do well to seek the counsel of a lawyer. An executor is not liable for the debts, but if he or she distributes any money before any debts are paid, then he or she could be held accountable for that money until debts are paid if the deceased person’s estate files for bankruptcy. But filing bankruptcy may be unnecessary unless there are significant assets yet still not enough to clear all the debts.

In these kinds of estate administration instances, a British Columbia lawyer with experience in wills and estates law could offer assistance by drafting a letter to creditors telling them the debtor is deceased. A copy of the death certificate will also be necessary. This may be enough to prevent creditors from pursuing the debt.

Source: creditcards.com, “What happens to debt (and rewards) after you die?”, Aaron Broverman, Accessed on Oct. 7, 2017

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Wills can spell out who inherits digital accounts in B.C.

October 2, 2017/in Wills/by gartonandharris

Living in a technological age, most people have social media pages on sites like Facebook, Twitter and Instagram. All these sites need passwords to access. What happens if tragedy should strike and the owner of the pages dies? British Columbia residents can make provisions in their wills as to who looks after their digital accounts when they die.

It could be the person designated to look after the estate, perhaps a spouse or a family member. However, if the deceased person does not mention his or her digital assets in a will, the one who inherits the estate may have a problem when it comes to trying to access any accounts. Ownership of digital assets is not that clear cut. Often, the service provider is the one to control it. Sometimes, in the fine print of these sites, service providers will indicate that the deceased doesn’t own the rights to online material, in which case digital assets may not be transferable.

To be on the safe side, people may want to provide log-in information to someone trusted and include it in all estate planning documents such as powers of attorney and wills. By doing so, family members will have a clear understanding of how these accounts should be treated. They will be given a clear indication as to whether accounts should be shut down or used as a means to memorialize the memory of the deceased.

Wills typically provide loved ones with clarity. Sitting down with a wills and estates lawyer who is seasoned in wills and estates law will provide British Columbia residents with answers as to the legalities of estate planning. A lawyer can help prepare a will particular to a client’s personal wishes.

Source: findlaw.ca, “Who gets your digital accounts when you die?“, Miriam Yosowich, Accessed on Sept. 30, 2017

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