In March of 2014, the Wills, Estates and Succession Act made estate administration and probate a more simplified process. Now, testators have a modern and easy to understand resource for learning about the laws that govern estates and wills in British Columbia and other Canadian provinces. Ideally, WESA will make estate administration and even probate easier after a testator dies. Another thing that can simplify these procedures is appointing an executor of your estate.
Without an executor or estate administrator, the court will step in to manage your finances and belongings upon your death. The relatively simple act of appointing an executor means that your estate will be managed according to your wishes. This includes making disbursements to your loved ones as well as handling the financial matters left after your death.
An executor performs important duties following your death such as:
-- Closing out your charge card accounts
-- Collecting any funds owed to you or your estate
-- Taking charge of your pensions and insurance policies
-- Paying off your debts
-- Filing your final tax return
-- Distributing your estate to beneficiaries
Appointing an executor can also lessen the stress your heirs may feel upon your death. With someone else in charge of your estate, they are free to grieve without worrying over how to handle your finances and your property.
Making end-of-life preparations can be difficult, but guidance from a lawyer can make the estate planning process easier. The Garton and Harris law firm of Coquitlam, British Columbia, is available to offer you advice about appointing an executor. Please browse our informative website for additional information.