September 2018 - Garton & Harris

Badly written wills may leave hard feelings in the family

September 17, 2018/in Wills/by gartonandharris

Planning a well-rounded, legally sound estate goes a long way to keeping the peace in the family. By the same token, estate plans in British Columbia with wills that are poorly written and unclear may cause family angst that need not have happened, especially when there is a lot of stake. The last thing anyone would want to have happen is a family pulled apart because of a will.

Sadly, it can and does happen, especially when there are a number of assets involved. But with appropriate legal planning and accounting, a will can be beneficial to all heirs and can maintain the peace. Having an updated, well-written will that will hold up legally is imperative as is communicating what is in that will. Leaving surprises might not bode well with loved ones.

Many Canadians aren’t the greatest when it comes to writing wills let alone having them updated as life changes. In fact, of the 51 per cent of Canadians who do actually have a will, 35 per cent admit the will is outdated. That in itself could cause a rift between surviving family members.

Wills that are written to the letter of the law are important to keep family squabbles at bay after loved ones pass away. A lawyer in British Columbia may be able to provide insight into the logistics that accompany a well-written will and offer advice on such things as probate, tax ramifications and how a business should be addressed in a will. A lawyer might be able to guide his or her clients on writing a will that would satisfy family members and keep the peace amidst a time of grief.

Being an executor involves more than just distributing assets

September 12, 2018/in Uncategorized/by gartonandharris

If you agree to serve as the executor of someone’s estate, it means taking on immense responsibility. If a friend or family member appointed you to this position in his or her will, it may be to your benefit to carefully consider whether you wish to take on this role now that the individual has passed away before taking any action that could legally obligate you to carry out an executor’s duties.

Distributing property to the heirs and beneficiaries of the deceased is just one of the duties you will undertake. Before making your decision to serve, you may want to know what duties the law here in British Columbia expects you to fulfill. Fortunately, you may enlist help in completing these tasks, but the ultimate responsibility falls to you.

An executor’s duties

As an executor, your responsibilities include the following tasks:

You make all the funeral arrangements. You may want to consult with the decedent’s family members and consider his or her wishes as you do so.
You must identify, gather and secure all assets of the estate. This may include changing locks on a home or apartment, putting items into storage and ensuring insurance policies remain in place in case of a loss.
You need to notify anyone considered an heir or beneficiary of the decedent regardless of whether the deceased named him or her in the will or any other estate-planning document.
You must identify all of the estate’s debts and notify all creditors, both known and unknown. If you fail to address a debt of the estate, a creditor could hold you personally liable for the amount owed.
You must file any final tax returns of the estate and determine whether estate taxes require payment. Do not make any distributions until you receive clearance from all applicable taxing authorities that no further taxes are due.
You need to cancel any credit cards or subscriptions as soon as possible.
You will oversee the sale of any estate assets that may be required.
You will need to wait at least the minimum amounts of time required by law in order to ensure that no creditor, heir or beneficiary comes forward to make a claim against the estate. Failing to do so could make you personally liable and vulnerable to litigation against you.
You will make a final report to the heirs and beneficiaries.
You may then distribute the estate’s remaining assets in accordance with the will.

Some assets pass to beneficiaries outside of the probate process such as those held in trust or distributed through a beneficiary designation.

If you decide to undertake the responsibilities of an executor, it may be worthwhile to consult with an experienced lawyer who can help guide and assist you throughout this process in order to ensure that you complete each task to the best of your ability.

Estate administation: The public guardian and trustee’s role

September 4, 2018/in Estate Administration & Probate/by gartonandharris

Where there is a will, there is a way. And when the person named in a will to be the executor cannot take on the task of estate administration in British Columbia (nor can an intestate successor or beneficiary or any other person), the province may step in and appoint a public guardian and trustee (PGT) who may do so. This individual would follow the directives in the will.

When a person dies without a will, or intestate, a PGT may step in to administer the estate if there are no family members available. However, a PGT will only consider doing so when there is enough money in the estate to cover funeral costs and to pay for the PGT’s services. Those services include anything an executor would have done such as make funeral arrangements, file a final tax return, paying off debts and distributing assets to beneficiaries.

A PGT can also actually be included in a will to act as an executor. British Columbia residents can inquire about this possibility through PGT Estate and Personal Trust Services. There may be occasions when family members or friends can’t take on the role of an estate administrator and knowing this before writing an estate plan would be helpful.

A British Columbia attorney familiar with estate administration can field questions relating to the public guardian and trustee’s role and how it may be beneficial to a client’s individual situation. There are many laws that govern estate planning, and an experienced lawyer may be able to clear up some confusing areas. It is better to have the facts straight prior to planning an estate in order to avoid making estate planning mistakes.

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