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 […]
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 […]
There are many terms associated with wills. Those who are involved in any form of estate planning and administration will have likely come across the term executor. So what, exactly, does an executor do? A person named as an executor of an estate wears many hats. An executor’s main job is to carry out the […]
Life can quickly become overwhelming. Often people in Canada are so focused on the present, they may not see a need to focus on the future, including creating a will. While there are a variety of factors that delay people from creating wills, a recent report by the Angus Reid Institute reveals some information that […]
There is an old adage that says there are two certainties in life — death and taxes. When it comes to estate administration in Canada, those two things play a large part as well, death for obvious reasons and taxes because inheritances and gifts, in some cases, may be considered taxable. There is no inheritance tax […]
In this technological world, things change at a rapid place and people can get from one side of the world to another in no time. Many people don’t stay in one place for long. When it comes to estate planning and estate administration in Canada, it might be wise to know how the rules change […]
When people are no longer able to make decisions for themselves, yet still want some control over what happens in their lives, having a health care or personal directive drawn up may be the answer. Wills in Canada can incorporate such directives, which will appoint someone to make healthcare decisions on their behalf should they not have […]
There may be times when decisions pertaining to someone’s estate have to be made by other than the estate holder. Someone named power of attorney could act in that capacity — a relative or good family friend. British Columbia residents could name whomever they choose to make decisions for them. For instance, a power of attorney […]
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 […]
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 […]