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What are an executor's first steps in estate administration?

When people agree to take on an executorship, they are often aware of the overarching responsibility to administer a will. But, many are not as clear on where to start, or what the step-by-step process is when it comes to estate administration. Here are some of the first things British Columbia executors should do when the estate owner passes away.

Dealing with estate administration without a written will

There are many steps involved in managing a person's assets, liabilities and affairs after they pass away. When no formal estate plan or will is left, this can make the estate administration process more complex. In British Columbia, the term for passing away without a valid will is dying "intestate." Fortunately, there are legal options available when this happens.

Is it worth transferring property before death to avoid probate?

Those who are planning the future of their estate often have have concerns about fees when it comes time to transfer their wealth to next of kin. These concerns are amplified for those who own a significant amount of property, as probate fees increase for higher-valued estates. Many homeowners or wealthy individuals in British Columbia have questions about how they might take actions prior to passing away to avoid expenses where possible.

Estate administration: When one executor lives abroad

Having an estate plan is vitally important for all adults regardless of their circumstances. In fashioning an estate plan, British Columbia residents must keep in mind who will be involved in estate administration once the time comes and there are a few things to think about when choosing an executor -- especially if the executor doesn't live in the country. For example, if a parent names two children as executors and one lives abroad, there may be some hurdles to overcome, but it could work.

Estate administration and estate planning for common law couples

Some couples may have lived together for years, yet choose to remain unmarried. Things are different today than they were decades ago and it has become socially acceptable for couples to live in common law unions. But some things still aren't so easy for such couples and one of them involves estate planning so that estate administration in British Columbia can be as seamless as possible when the time comes.

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