Many Canadians wish they had bought cryptocurrency as the value of a single BitCoin rose from $1,229 to $17,618 throughout 2017 (in Canadian dollars). Everyday investors have begun to dive into the Bitcoin craze to make their fortunes even though the cryptocurrency has received criticism financial experts around the globe.
Canadians who plan for the day when they must pass on their estates face a quiet fear that many of us don’t acknowledge for most of our lives. It takes courage to follow the necessary steps to ensure that their legacies survive as intended.
That leaves us asking the question should Executors have unlimited liability while grieving?
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Have you ever considered the amount of time and attention many people spend organizing, pre-planning, or writing down their preferences for their funeral?
It’s a very important statement for some people, but for many others, it is done simply to minimize the emotional discomfort and potential tension that final arrangements can create within the family.
But you can’t help but wonder, what will happen after my funeral is over? Is my family prepared to handle the rest of the job closing my estate?
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So you’ve been made an Executor, but what does that actually mean?
Your Executor duties are quite extensive (it takes about two years to close an estate in Canada) but not to worry, we have a free Executor Guide that can help you every step of the way.
Want a sneak peek?
You can see the complete** list of your responsibilities below.
**This is a complete list of basic executor tasks only. Each estate is different and may require different actions. For example, one testator could be a small business owner and an organ donor while another is not. Be sure to review your duties and their timeline for completion with a legal professional. Don’t have a legal professional? You can find one here.
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A growing number of pet-owning Canadians are revising their Wills to include their four-legged family members.
Though the idea may seem a bit bizarre, the reasons for including pets in your will are quite the same as including a child:
by Sarah Shipley
Wills and Estates Lawyer since 2011
(more…)The passing of accounts refers to the formal process by which a personal representative, whether Estate Trustee, Trustee, Attorney or Guardian collectively referred to herein as a “Trustee”, presents the estate or trust accounts in the court approved format to the beneficiaries and the court.
“Who should be my executor?” is one of the first and most important questions to ask yourself when you’re making your estate plan or Will.
Planning an estate or preparing a will involves important decision making. Every year, Canadians consider which items to include in their will. Some of these items include choosing a guardian for their children and who will obtain their assets.
However, one of the most important choices Canadians should consider is who they name as the executor to their will or estate plans. After all, this person will be responsible for all financial obligations.
“A surprising 51% of Canadians have an estate without a Will.”
Angus Reid Institute
Why are so many of us neglecting this important part of planning for our future? And what happens to an estate when it doesn’t have a Will or Executor to direct it?
Relaxing lake-side at the cottage is a classic Canadian past-time, but at the end of the day it leaves many families with the same cottage co-ownership challenge: who’s going to inherit it?
Unfortunately, the sentimental value intertwined with many cottages makes them a common target for estate disputes and conflicts.
So how can Canadians prepare their estate to make sure fond cottage memories don’t fuel a heated legal battle?
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Feature By Marg Bruineman
Canadian Lawyer Magazine
Disgruntled beneficiaries are increasingly prepared to challenge wills, leaving the executor’s challenge of struggling to carry out the deceased’s instructions.
Instructions from beyond the grave can be a difficult thing. As with most things, wills too have limitations.
But how far should he or she go in fulfilling the will?
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