March 2019 - Garton & Harris

I’m the executor of an estate: What does that mean?

March 29, 2019/in Uncategorized/by gartonandharris

When a loved one passes away, there can be a lot more to deal with than people initially realize. Beyond the emotional toll a loss takes on people, which can be overwhelming, there are also numerous financial and legal details to address.

If you are the executor or administrator of a person’s estate, you will be tasked with the majority of this work. You are the person who will manage the probate process and follow through with your loved one’s wishes, among other duties.

Your responsibilities

More specifically, as an executor, your main responsibilities will include:

Locating the will
Applying for probate (if necessary)
Finding and notifying next-of-kin and beneficiaries
Locating the assets and properties named in a will
Protecting the deceased’s property until distribution
Paying bills and debts
Keeping track of your administrative actions
Notifying interested parties, like banks and landlords, of the passing
Securing property appraisals
Arranging and paying for a funeral
Distributing property

Possible challenges

With so much on the shoulders of the executor, it is not uncommon for challenges to arise. This might be mistakes or missteps on the part of the executor, or doubts about the executor’s capabilities and decisions by interested parties. These issues could delay the estate administration process or possibly result in requests for a new administrator.

Considering the challenges that may arise, it is important for a person named as an executor to understand that they can consult a lawyer as they navigate this process. This legal guidance and perspective can help to avoid or more easily resolve conflict.

If you are the person creating a will, it can be wise to consider all that an executor or administrator will do before assigning one. Knowing all that this person will do and manage can help you make informed decisions on who may be best suited for the role.

Power of attorney: It’s a matter of trust

March 20, 2019/in Power of Attorney/by gartonandharris

There are things people can do legally to make sure their financial affairs continue to be in order should they no longer be able to take care of things on their own. A power of attorney is a document that gives one or more people the green light to manage money and/or property on someone else’s behalf. There are two types of powers of attorney in British Columbia and the rest of the country: general or enduring.

Since the person(s) named to act on a power of attorney document is given the green light to make many different decisions it is extremely important this person(s) be chosen with the utmost care. A testator must indicate if the person should have limited authority and to what extent. The more comprehensive a power of attorney document is, the better for all involved. One thing a person acting on a power of attorney can’t do is make changes to an existing will or draft a will on behalf of someone.

Powers of attorney for making health care decisions are different from financial powers of attorney and it’s important to understand the distinction. There are risks with designating someone to act on a power of attorney. There is much trust involved in the process, but as long as an individual can act on his or her own behalf, a power of attorney document need not come into play.

A British Columbia lawyer can help a client to have a better understanding of how a power of attorney can be beneficial and those things to consider before making a decision about choosing a person to act on the document. A lawyer will ensure any documents adhere to the law. Clients need to know the options available to them and a lawyer can be that source of enlightenment when it comes to estate planning documents.

Estate administration: Why it takes so long to get an inheritance

March 7, 2019/in Estate Administration & Probate/by gartonandharris

Getting an inheritance can take some time. One of the last jobs an executor is likely to do during estate administration in British Columbia is to disseminate inheritance funds. There are many things to be done with an estate before it can be closed, the first of which is taking inventory of the decedent’s assets and debts. Estate planning documents must be located and must be in order before anything else can happen.

All the assets have to be evaluated, and things can get slowed down if the estate has to go through probate. Those assets have to pay any debts the decedent may have owed. These debts include such things as credit cards, outstanding bills, utilities, etc. A final tax must be filed, and taxes must be paid if the decedent owed them.

The time it takes for all this to transpire isn’t written in stone, with a lot depending on each individual estate. If there are several beneficiaries, it may take longer for each to receive what he or she is due. An estate can be settled in a few months or it could actually take years.

Estate administration is a time-consuming process, and a British Columbia lawyer’s knowledge and experience could prove invaluable in the process. A lawyer will be able to advise executors in obtaining court approval of estate administration and to help with any challenges an executor faces. Estate administration can be confusing and overwhelming. A lawyer’s guidance may make the process much less taxing on an executor and other family members of the decedent.

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