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Tax rules governing gifts, inheritances and estate administration

There is an old adage that says there are two certainties in life -- death and taxes. When it comes to estate administration in Canada, those two things play a large part as well, death for obvious reasons and taxes because inheritances and gifts, in some cases, may be considered taxable. There is no inheritance tax in Canada per se, but there are still some taxes that will affect the deceased person's estate and his or her beneficiaries.

Estate administration: Beneficiaries in multiple jurisdictions

In this technological world, things change at a rapid place and people can get from one side of the world to another in no time. Many people don't stay in one place for long. When it comes to estate planning and estate administration in Canada, it might be wise to know how the rules change for those beneficiaries named in wills who change locations a lot and perhaps even marital status. When there is more than one jurisdiction involved, beneficiaries would be wise to find out how to manage taxes and assets in various provinces or countries. 

British Columbia estate administration: Plans for the family home

Estate planning is something people do to make things easier on their families once they have passed on. If all the i's are dotted and the t's are crossed, estate administration should go smoothly. The one big thing in a British Columbia resident's estate plan is the family home and it is one with sizable worth, there may be some things testators can do to ensure the family home can be passed down while keeping the family peace.

Estate administration: Dealing with a cross-border estate

There are some Canadians who own property stateside. Many snowbirds purchase property in the United States and when British Columbia residents who own such a property die, estate administration could get dicey. Executors of wills could find themselves in a pickle if they aren't familiar with cross-border tax laws and/or regulations regarding reporting.

British Columbia estate administration: Debt and death

Like it or not, debt is a big part of modern life. Most homeowners carry mortgages, many people have car payments and some people carry balances on their credit cards. But when it comes to estate administration in British Columbia, what happens to all the debt -- and rewards in some cases -- after a person dies? Most people believe their loved ones will be on the hook for their debts, but that's not the case.

Estate administration in B.C.: Handling parents' debts

Statistics Canada says one in three retired citizens 55 years of age or older and two in three citizens 55 years of age or older who are still working are in debt. In terms of estate administration in British Columbia, this is something adult children of the 55-plus crowd need to think about. Are they legally responsible for their parents' debts?

Estate administration and the Titanic clause

It's horrible to think about, but what if disaster should strike and an entire family perishes at the same time? British Columbia residents in the process of fashioning their estate plans might do well to consider adding a "Titanic" clause to their wills to make estate administration easier should the unthinkable befall an entire family. The clause gets its name from Ida Straus's refusal to leave her husband on board the ill-fated Titanic steamship. The elderly pair died together.

Estate administration brings raw emotions to the surface

No one relishes administering the assets of an estate. For one thing it means a loved one has died and for another, it may mean that volatile emotions are making the process even more stressful. Estate administration in Canada can be smooth sailing or it could get caught up on some rocks, depending upon how unified family members are.

A trustworthy executor is key for probate administration

When a parent dies, there are many uncomfortable things an adult child must endure. The loved one may have suffered through a long illness that was difficult to watch, or the funeral may have been particularly emotional. Before the dust even settles, however, the matters of estate and probate administration begin, including some of the fiduciary duties of the designated executor. However, do family members in British Columbia have any say if they don't trust the estate executor?

Choosing an executor for estate administration

It isn't always easy to know who to trust. However, hopefully by the time a person is old enough to think seriously about writing a will, one will have ongoing relationships with people who are concerned with one's best interests. From that pool of people, a person writing a will in British Columbia must choose an executor to take on the onerous task of estate administration

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