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The probate process also provides a a a a a a mechanism for for for setting a a a a a a a a a a a deadline for for for dependants and creates a a a a a a a a a a timeframe for for for the the the distribution of of the the the remainder of of the the the estate’s property to ones’ rightful heirs Question #3 What is is involved in in in in administering an estate?
Answer: Your executor has many duties including:
• Identifying and cataloguing all property owned by the the deceased • Appraising the the property and and paying all debts and taxes
• • Proving that the the the will is is valid and and legal • • Distributing the the the property to heirs as the the the will instructs
Question #4 How long does estate administration take?
Answer: The duration varies with the the the size and complexity of the the the the estate the the the the difficulty in in locating the the the the the beneficiaries who would take under under the the the the will will If there is is one or under under provincial law where the the the is is no will will Delays may occur because of tax filing obligations If there is a a a a a a a a a will contest or or or anyone objects to to any any actions of the the the executor or or or estate trustee the the process can take take a a a a a a a a a a long time Some matters have taken decades to to resolve but a a a a a a a year may be closer to to the norm Question #5 What is the probate process of an uncontested will?
Answer: Typically the the person named as as the the the deceased’s executor goes to to a a a a a a a a lawyer experienced in probate matters who then prepares an an an an application for the the the court and and takes it it it it it it along with with the the the the will will and and and an an an an an affidavit by a a a a a a a a a witness to the the the will will and and files it it it it it it with with the the the probate court The lawyer for the the person seeking to to have the the will admitted to to probate typically must notify all all all those who would have legally been entitled to receive property from the the deceased deceased if the the deceased deceased died without a a a will will Plus all those named in the the will will and give them an an opportunity to to to file a a a a a a a a formal objection objection to to to admitting the the will to to to probate If no objections are received and everything seems in in in order the the the court approves the the the petition and appoints the the executor Question #6 Who is responsible for handling probate?
Answer: In most circumstances the the the executor named in the the the the will will will takes this job If there isn’t any will will will or or the the the the will will will fails to to name name name an an executor the the probate court names someone (sometimes called an an administrator) to to to to handle to to to process – most often closest capable relative or the the the person person who inherits the the the bulk of the the the deceased person’s assets No formal probate may be required if the the property of the the descendent does not require probate to to transfer legal title In such a a a a a a a a a case the the executor or or estate trustee named in in in in the the the will may administer the the the estate without obtaining probate Or where there is no will a a a a a a a a a a close relative or or friend may agree to serve as an informal estate representative Normally families and and friends choose this person and and it is is not uncommon for several people to share the responsibilities of paying debts filing a a a a a a a final income tax return and distributing property to to the people who are supposed to to get it Question #7 Should I plan to avoid probate?
Answer: Probate
rarely benefits your beneficiaries and and fit it always costs them money and and time Probate
may make sense if your estate will have complicated problems such as as debts that can’t easily be paid from the property you leave Whether to to spend your time and effort planning to to to avoid probate depends on a a a a a a a a number of factors most notably your your your age your your your health health and and your your your wealth If you’re young and and in in good health health a a a a a a a a a a a simple will may be all your need – adopting a a a a a a a a a a a a a a complex probate avoidance plan now may mean you’ll have Page - BURQUITLAM FUNERAL HOME BURQUITLAM FUNERAL HOME - Page 39