So, you have been named the executor of an estate. Maybe you were expecting this, or maybe it came as a surprise. What to do? The first thing is to understand what an executor (also called estate trustee or estate administrator) is: “An estate trustee is the only person with the legal authority to manage …
When someone passes away, they have bills that need to be paid, income tax returns that need to be filed, and numerous other expenses. It is the responsibility of the estate trustee to search out all the debts of the deceased, close the accounts and pay the balances out of the assets of the deceased …
If you have by now decided that you need to make a will, one of the very first decisions is to choose an estate trustee (also known as the executor or administrator). You can name one person, or multiple people to act individually or jointly. The right decision is based on the individual circumstances of …
When someone dies without having made a will they are said to be “Intestate”. There are rules called intestacy rules which dictate the distribution of the estate in these circumstances. Dependents and spouses have rights to the estate of the deceased. In this case married and common law spouses do not have the same right. …
In the last article, we introduced some of the terms common in estate planning, namely What is a Will? An estate? An Executor? Probate? A beneficiary? The next important question is: Do I need a Will? Maybe yes, maybe no. A Will establishes what you want to happen to your “stuff” when you pass away. …
The sad reality is that sooner or later everyone dies. And no matter how organized you are, after your passing, someone else has to step in and take care of your responsibilities. So how do you let the world know who should take care of your affairs, and what they should do? Make a will. …
