Probate and Estate Administration: The passing of a loved one can be a very distressing and confusing time for family and friends. The difficulties faced seem to be compounded for those charged with the responsibility of dealing with an estate.
A grant is obtained by making an application to the BC Supreme Court. This process is undertaken by completing the courts requirements and by filing a number of forms and documents.
Overview of the Process of Dealing with an Estate
The administration can be broken down into three main parts, namely gathering in the assets, payment of the debts and taxes, and distribution of the surplus to the beneficiaries.
- The first part involves gathering funds sufficient to cover the debts and taxes of the deceased and to ensure that the estate can be distributed appropriately. During this stage, all accounts held in financial institutions will be closed and some assets may be sold.
- During the second part, the executor arranges the payment of the debts and taxes of the deceased. A tax return for the deceased and for the estate may be required as part of this stage.
- The third part involves distributing the surplus assets to the beneficiaries under the Will or in accordance with the British Columbia Estate Administration Act. The distribution can take the form of a transfer of a physical asset (such as a house or motor vehicle) or payment of money or both.
Settling an estate is a complicated undertaking. If you are named Executor of an estate or choose to seek an appointment as Administrator, you can face responsibilities that demand a great deal of time, energy and attention to detail. It is important to note that if you have been appointed as the Executor and can’t or don’t want to perform any of the required estate administration, you can decline to act before you perform any duties. Alternatively, if you do not want to perform all of the duties and/or require support regarding the steps involved in the estate-settling process, we would be pleased to speak with you regarding how we can assist in administering and finalizing the estate.