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Estate Administration & Probate Archives

Estate adminstration: RRSPs and RRIFs of a decedent

Taxes are something about which most adults are concerned. It's no different when it comes to estate planning. An individual who has been tasked with estate administration duties in British Columbia needs to have some knowledge of how RRSPs and RRIFs are taxed after a person's death. The values of both are usually included in the amount of assets of the deceased person and subject to taxation, but it's not always that simple.

Estate administration for single British Columbia residents

Everyone needs estate planning documents. Single British Columbia residents should also have wills and other estate planning documents, but when it comes to choosing an individual for estate administration duties, a single person without children may wonder who to choose for that task. When other family members are too busy with their own lives to take on the task, a single person does have other options.

Estate administration: Dealing with an insolvent estate

Being named as a beneficiary of some estates may not exactly be a windfall. During the estate administration process it may be found that some British Columbia estates are actually insolvent. In other words, they have more debts associated with them than assets and that can pose problems for beneficiaries and executors who should be aware of what to do and what not to do in such cases.

Estate administration: Why it takes so long to get an inheritance

Getting an inheritance can take some time. One of the last jobs an executor is likely to do during estate administration in British Columbia is to disseminate inheritance funds. There are many things to be done with an estate before it can be closed, the first of which is taking inventory of the decedent's assets and debts. Estate planning documents must be located and must be in order before anything else can happen.

Estate administration: Keeping the wealth in the family

People work hard for their money. Having a family's wealth protected from unforeseen events like divorce will likely ensure that when the time comes for estate administration in British Columbia, there won't be issues connected with a divorce. The last thing prosperous Canadians want is for the money they've worked so hard for to end up going to those who they wouldn't want it to go to and that sometimes means to a divorced adult child's former spouse or common law partner.

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