Being an Executor isn't easy. There is a lot of paperwork to be done, a lot of interaction with government agencies, Alberta Registries, banks, insurance companies, accountants, realtors and lawyers. And there are always beneficiaries pressuring you to do things quicker or questioning everything you do. It comes as no surprise that Executors make mistakes. We thought we would look at the top eight mistakes Executors make:
Mistake #1 – Executors Do Not Keep Proper...
An Executor* is the person appointed by the testator (the person that created a Will) to carry out the provisions in the Will and see to the settling of the estate. Asking someone to be your Executor is not an easy task. This person will become responsible for nearly 150 duties after your death, including:
When acting as the Personal Representative of an estate, your conduct must meet a certain standard. In legal terms, you have a duty of care in how you handle things and you owe this duty to all persons interested in the estate. If you do not meet the standard, you will be held personally liable for the losses that occur.
We suggest treating the property as if it were your own. You must act honestly, prudently and to the best of your ability. If you do, it is unlikely that you will be held...
Many of us make New Year’s resolutions each year and, more often than not, these resolutions prove to be unsustainable. In fact, right about now, you may be starting to question whether or not you will be able to achieve some of your goals! Making a new Will or updating an existing Will is a resolution that is relatively easy to achieve.
Two of the most important functions of a Will are:
A Trust allows you to control your assets from beyond the grave. You can clearly outline who gets your assets, when they get them and under what regulations or situations they’re able to use them. It provides a means for you to spread your assets out and spread the tax liabilities. It also allows your assets to flow to people outside of your estate. If you create a Trust today for all your family members, that money will leave your estate and it will not pass through your Will, so...
If your parent has written down their wishes and it is entirely in their own writing, we will treat it as a holograph Will.
A holograph Will is a Will that is in the testators writing with no other written words on the document.
One of the most famous holograph Wills is actually found at the University of Saskatchewan. In that Will, a farmer was out farming, cut off his arm and bled to death. He wrote his Will on the fender of a tractor saying ‘I leave everything to my loving...
The following is excerpted from No Thanks Mom: The Top Ten Objects Your Kids Do NOT Want (and what to do with them) by Elizabeth Stewart.
In the following list of the Top Ten Objects Your Kids Do Not Want — inspired by conversations (or lack thereof) about my keepsakes with my 30-year-old son, Lock, and his wife, as well as by similar conversations I’ve had with hundreds of boomer clients and their millennial heirs — I will help you find a remedy for dealing with...
We were sitting in the coffee shop
Telling lies and swelling tea
When the subject of our treasures rose
Mainly those belonging to me
I thought about the question
And all the stuff I've come to cherish
50 years I've been collecting things
Where'd they go if I should perish
You see my kids, they're not mechanical
Though I taught them the best I knew
To save these things all wizzy
Some were rolled, a lot were new
Now the barn's right full of old car parts
Some fenders, lots of chrome
But I just...
1. Pick someone who lives in the Province of Alberta:
When you are looking at picking an Executor for your estate, you want to make sure you pick somebody who lives in the province of Alberta. If you pick someone from outside of the province, we may have to post bond which can be time consuming and costly. Additionally, if you have an Executor who is a United States citizen, there can be tax implications as they are considered our foreign trustee.
No, not every Will has to be probated. For instance, assets that are held jointly with a right of survivorship would pass outside the Will. As another example, a home held jointly between a husband and wife would pass to the survivor of them upon the death of one of them. Probate is not needed to transfer title to the home and for this reason, probate does not typically occur on the death of a spouse.
Many people place their children on title to their home in the hopes of avoiding probate....
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