Deer Lake Law Group -Probate Of Will, Probating A Will

PROBATING A WILL

Deer Lake Law Group - Burnaby Lawyers

Probate

Probate is the process by which the Court verifies a will is real and valid under B.C. laws. Probate may be required if:

The deceased owned real estate not owned jointly with another party
The agencies and financial institutions that hold assets within the estate require the will to go through a probate before the assets are distributed.
If you are unsure whether or not a will needs to be probated, contact one of our lawyers and discuss the circumstances of your situation with them.

Our lawyers can provide you with the answers you need.

Executor's Duties

The executor of a Will is responsible for carrying out the wishes of a person after they die. The role of the executor is to manage the estate within the terms of the Will and protect the assets of the estate. The basic duties of the executor include the following:

Notify the beneficiaries

When a person dies, the executor locates the Will and immediately contacts the beneficiaries and any relevant business associates.

Look after the estate

It is important for the executor to ensure that all assets including property and investments are safe and arrange insurance protection when needed. The immediate needs of the beneficiaries must also be assessed to ensure that they do not suffer any unnecessary financial hardship.

Value the estate

The executor must identify and account for all assets and liabilities. Each item then requires written confirmation from banks, financial institutions, insurance companies, share registers, titles office and creditors etc.

The value of assets must be ascertained, often by obtaining valuations from licensed valuers or estimates from recognized sources.

Obtain authority to administer the estate

Before an estate can be administered, the executor must apply to the Supreme Court of BC for the authority to deal with the deceased's estate.

This is referred to as obtaining ' probate of the Will '.

Complete income tax returns

Before an estate can be distributed, it is necessary to file taxes for the deceased and the estate and pay all taxes that are due.

This means that the executor will have to give details of all income earned during the current financial year and past years, if the deceased failed to file a return.

In many cases, the calculation of capital gains tax is involved.

Pay all debts

Creditors, funeral expenses, income tax, fees for administering the estate and out-of-pocket expenses must all be paid.

This often requires the executor to sell some assets. Beneficiaries may choose to provide funds to cover these expenses so as to keep the assets of the estate intact.

Be aware that the executor may be held personally liable for these debts if they remain unpaid after the distribution of the estate.

Divide the estate

When all debts have been paid, the executor is then free to obtain approval from the beneficiaries, heirs-at-law or the court for accounts showing assets, receipts, disbursements, and distribution of the estate.

Establish trusts

Executors are responsible for setting up trusts for beneficiaries. Trusts are required if the beneficiary is under 18 years of age or mentally incapable, or if there are specific instructions in the Will.

Such trusts need ongoing administration, often over many years.

Representation Grant

An institution such as a pension funds administrator or a bank may require a Representation Grant / Estate Grant to prove that you are the executor named in the will.

An application for a Representation Grant is made in the Supreme Court of BC.

No Will or Executor

If the deceased did not leave a will, certain individuals are eligible to apply for a grant of administration in order to handle the estate. If successful, the person who is named as administrator is legally able to distribute the estate.

A grant of administration can also be used to assign an administrator if:
-The deceased did not name an executor
-The executor has died since the will was made and no alternate executor was named
-The executor gives up the right to apply to the court for probate

Support is only a phone call away. Call us at 604-430-2345, we will help.

Deer Lake Law Group, Burnaby Law Firm & Law Office Family Lawyers. We Want to make your Legal Matter less stressful for you! We are committed to helping you understand the legal processes in BC. A Deer Lake Law Group Burnaby Lawyer can answer general questions about probate, probating a will and the Canadian Legal Process. As a full-service Law Office Located near Deer Lake and Metrotown, our probate lawyer can help you with Estate Litigation, Probate Of Will, Subject To Probate, Probating A Will, Probate Court, Applying For Probate, Executor Of Will, Executor Of Estate, And Grant Of Probate