General Rules For Settling An Estate In Alberta
- In Alberta, there is a common-law rule of thumb that an Executor has one year from the date of death to complete their administration of an estate.
- This means that they have 365 days to collect in estate assets, pay estate debts and liabilities, and distribute the residue in accordance with the terms of the Will.
- Sometimes, this rule of thumb is followed and an Executor successfully completes all of their duties within one year. Other times, and generally when the estate is more complex, the administration can take far longer. This can often cause problems between the Executor and the beneficiaries and this is why choosing the right person as your Executor is important
Did you know…
the number one mistake we see people make all the time is naming more than one child as their Executor!