Estate administration without help could be a daunting prospect

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The time immediately after a loved one’s death is a time for grieving. However, if you were appointed to handle the estate administration, you might have to suppress emotions and tackle this detailed, time-consuming process, which many people might find overwhelming. Fortunately, the lawyers at the British Columbia law firm of Garton & Harris can provide the necessary support and guidance to make sure you meet every legal duty.

The lawyers can steer you through the checklist of duties, which will include making arrangements for a funeral and burial and locating all the heirs. You might have little knowledge of where the deceased loved one held his or her assets; however, you will have to find and secure it and then arrange for it to be sold. You will also have to pay his or her debts and cancel any subscriptions he or she had.

Another task will be to file a final tax return and pay estate taxes. Once all those tasks are done, it will be time to make a final report to the beneficiaries. Sadly, family feuds sometimes lead to contention, and accusations of unethical administration or liability could arise.

However, if you secure the services of the experienced British Columbia lawyers at Garton & Harris, you can avoid such allegations. The skilled legal team can assist with the management of the entire estate administration process and make sure the legal requirements of every step is met. The lawyers can also answer any questions you might have about probate or any other matters related to estate administration.

The importance of talking to loved ones about an estate plan

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Talking with family members about death is not an easy prospect. However, doing so can significantly limit future surprises, especially regarding an estate plan that contains important information about the last wishes of their loved one. Having that difficult discussion may actually show loved ones their welfare is paramount.

The grantor, or the person to whom the estate plan belongs, not only wants to look after his or her own financial well-being, but likely also wants to ensure his or her last wishes don’t cause any dissention, including the possibility of legal problems.

Broaching the subject

It may be wise for one to have a plan of action before speaking to loved ones. In other words, preparing a roadmap of sorts for an all-encompassing plan may make the actual writing of it easier. The design phase is when the grantor is likely to turn his or her thoughts to what he or she would like the document to contain along with any potential problems those details could cause.

If the plan includes children — adult children particularly — the grantor may give thought to certain plausible complications that could arise from an estate plan such as:

  • A sense of expectation as to who will be getting what
  • A lack of financial transparency of his or her assets
  • Children who could veer off an educational course or quit working altogether in the event that they stand to inherit a considerable amount

Parents don’t want to think their children aren’t getting along after they’re not around to calm the storms. That is why having frank discussions about an estate plan will typically do family members a huge favour. Communication can do so much to assuage hard feelings. By sharing the intricacies of the plan, a grantor may also be able to determine changes that need to be made, depending upon feedback.

Deciding what would work best

Not all families are the same. There are distinct personalities that make up a unique family dynamic, and making the decision on how and when to discuss the particulars of an estate plan merits taking that into consideration. It may be wise before having such an important chat to ascertain whether to divulge all information in an estate plan or just some of it.

Are the grantor’s family members more formal or less so? That might answer the question regarding how to present the information. Should it be at a formal dinner or a casual lunch? Is it better to talk to each person one-on-one or to gather everyone for a group discussion? The answers to these questions likely hinge upon what the grantor intends to share in the plan and if any of that information is sensitive to just one or a couple of individuals.

The rationale behind decisions

If family members have questions about the rationale behind what the estate plan includes, it’s up to the grantor to make the decision whether he or she wants to discuss the reasons for the decisions. Expounding upon those decisions may help prevent misunderstandings and hurt feelings. The unique, personal dynamics within a family will typically determine if this is the appropriate course of action to t ake.

Where to turn for help and support

Preserving one’s legacy and ensuring one’s final wishes are met can come with many questions and concerns. Obtaining legal counsel can help to smooth out many of the issues involved with this process. An experienced lawyer can help clients construct clear, concise estate plans, allowing them to more easily discuss the plans’ contents with loved ones.

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Source:

https://www.theglobeandmail.com/globe-investor/personal-finance/taxes/how-to-discuss-estate-plan-with-heirs/article19535344/

Abstract:

This article discusses the significance of discussing an estate plan to one’s potential heirs.

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*Why discussing an estate plan with loved ones is crucial*

Take a look at this article that explains why letting loved ones know about an estate plan is both beneficial for them and for the grantor. Honest communication might alleviate a potentially stressful situation if family members know what an estate plan encompasses and how they figure into it. Assistance from a lawyer for any aspect regarding estate planning can greatly increase the odds of a smooth transition in the event of one’s passing.

Important considerations before pursuing a business purchase

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British Columbia residents have different reasons for potentially purchasing a business. A particular company may interest you because it is successful, or it may be available at a low price because it is failing. Will you be able to maintain the success of the first choice, or can you rebuild a failing business? These and more questions will need answers before you commit to a purchase, which can risk your financial stability.

When you are looking for a business that would be a worthwhile proposition to buy in Port Coquitlam and the surrounding geographical areas, be aware that advertisements for many businesses that are for sale are often misleading. Doing due diligence before committing to a commercial investment could prove imperative to your chances for success.

What are your options?

If you are pursuing the purchase of an existing business, you may want to go the more controlled route of a franchise, or you may choose to pursue buying an independent, traditional firm that will allow you the freedom to use your own initiative.

Traditional business

If you choose to purchase an independent business, the following aspects might need consideration:

  • Control: With no control from a parent company, you will be at liberty to establish your own set of rules for the way in which you want to operate the business.
  • No profit sharing: The business profits will be yours to keep, as there will be no need to share it with a franchisor.
  • Responsibility: You will carry the entire burden of success or failure on your own.
  • Opportunities: An independent business could offer you endless opportunities, and the willingness to work hard can bring countless rewards.
  • Risk: It is essential to understand the risk of buying an existing independent business, and to prepare for the consequences if things do not go as planned.

Franchise

Investing in a franchise offers many advantages, but it comes along with some disadvantages as well. The following points might help you to evaluate this option:

  • Existing customer base: Customers are familiar with the brand, and loyalty already exists through trust in the service or the product you will offer.
  • Less control: Owning a franchise is comparable to working for someone else. You will have little say and no control over the business operations because it is a tried and tested model on which you must build your success.
  • Strict rules: Parent companies do not usually allow owner initiative to play a role in the business, and there will most likely be regulations to follow.
  • Revenue sharing: When you own a franchise and build your success on the name of an established entity, you must share the revenue with the parent company by paying over a percentage of your profits every month.
  • Track record: While the disadvantages might seem a bit much, buying a franchise comes with an established record of accomplishment, allowing you to avoid many pitfalls on the road to success. This proven record will also make it easier to line up prospective buyers if you ever decide to sell the business.
  • Established infrastructure: The parent company of the franchise takes care of equipment, uniforms, staff training, corporate marketing and other essentials for the infrastructure of the business. This will leave you free to build on already established success, knowing that the support of other franchisees and the parent company is available.

Where to find support and guidance

Purchasing a business of any type is a significant personal and financial commitment that requires careful consideration. Gaining an understanding of all aspects of any potential purchase agreement can substantially increase your odds of making the right decision and protect you from future financial harm from any oversights in the fine print. For these reasons, the skills of experienced legal counsel can be invaluable to you during this time.

Abuse of power of attorney responsibilities may be on the rise

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Those who take the time to write their estate plans more than likely give special consideration to whom they choose for specific tasks. Giving someone the responsibilities documented within a power of attorney places great trust in that individual not to take advantage of what could be a very volatile financial situation. It is surprising how many people who are formally given this role in British Columbia and all across Canada abuse it, and very often those who do are adult children.

Power of attorney abuse may cause a great deal of embarrassment, and this may be the reason not all seniors report such abuse when it happens, especially when it is a child who is taking advantage of a stressful situation. Typically, a power of attorney is created in order to designate a certain individual to look after the finances of person who formally establishes the legal document. Sadly, on too many occasions, those who are given this power use it for their own financial gain.

Experts say it may be a good idea to designate more than one person for these responsibilities within a power of attorney in order to provide checks and balances down the road if needed. By requiring two people to agree to every financial move, abuse is less likely to occur. It may be, too, that children aren’t the best choice for the role. Unfortunately, if a parent feels he or she can’t trust a child with issues pertaining to money, designating that child for this role could result in a multitude of negative consequences.

Creating a seamless power of attorney can be a challenging experience for most British Columbia residents. Acquiring experienced legal counsel during this time may prove invaluable to ensuring one’s financials are someday handled in a safe and proper manner. An estates lawyer can also help fight for justice if abuse of an existing power of attorney is suspected

What loved ones can do when omitted from wills

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When British Columbia residents are omitted from the will of a loved one, it can cause many emotions to surface, such as sadness and anger. Once they have come to terms with what has happened, they might be able to think more logically and then realize there are some things they may be able to do to remedy the issue. In fact, wills have been the reason for many litigation cases in the last few years. 

The testator – or the person who wrote the will – may have not been in the greatest mental health when the will was written. Perhaps, the testator was suffering from a cognitive disorder like dementia, and leaving a particular individual out of the will was not intentional. In any case, the estate can be challenged for this type of reason.

That is not the only reason a will can be challenged. If the testator was under the undue influence of someone at the time the will was written, that too is grounds for challenge. Other reasons include improper or no signatures on the document or no witness to it. It is important to note, however, that not just anyone can contest a will. Challengers are usually a spouse and/or dependent children — in other words, those who have a financial stake in the estate.

The laws surrounding wills and estate planning in British Columbia can be involved and complex. Obtaining legal counsel prior to and during the drafting of a will may help to avoid these sorts of possible complications. A lawyer’s advice could also prove imperative to those who believe they were wrongfully left out of a loved one’s will. 

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