When people think of estate planning, the first thought often goes to writing a will. A key part of the process, wills are important but there's more to consider when getting your affairs in order.
Why do people put off writing wills?
Many people are aware of the need to put an estate plan in writing, but they put it off for various reasons. As a result, many British Columbia families need to settle an estate without any wills or formal documentation in place. In these cases, distribution of wealth is left up to the courts. Why do people allow this to happen? The truth is there are many reasons.
Estate Administration: What Every Executor Should Know (Part 2)
As an executor, your duty is to fulfill the requirements set out by the testator's will. In other words, you are responsible for making sure that a person's final wishes are carried out according to plan. Depending on the will (or lack thereof) and the size and nature of the estate, this has the potential to be a long, complicated job.
What Every Executor Should Know: Part 1
At first glance, being asked to serve as executor may seem like an honour. After all, it indicates that someone trusts you enough to handle what matters the most to them. While in some cases this certainly rings true, taking on the role of an estate executor has the potential to be a long, thankless job.
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