Those who take the time to write their estate plans more than likely give special consideration to whom they choose for specific tasks. Giving someone the responsibilities documented within a power of attorney places great trust in that individual not to take advantage of what could be a very volatile financial situation. It is surprising how many people who are formally given this role in British Columbia and all across Canada abuse it, and very often those who do are adult children.
There are many terms associated with wills. Those who are involved in any form of estate planning and administration will have likely come across the term executor. So what, exactly, does an executor do? A person named as an executor of an estate wears many hats.
British Columbia residents interested in probate and estate planning issues may want some information on the different types of trusts. Depending on how they are used, there may be issues with the trust changing categories.
Individuals in British Columbia who are working on their estate plan may wonder whether the location of the estate executor has any impact on their estate. After a person's death, the residency of their estate will be the same as the residency of the estate executor. The executor's location, therefore, can have a major impact on how the estate is taxed.
It may be difficult for some readers to think about and plan for end-of-life issues, and it can be tempting to put off estate planning and will preparation. The Wills, Estates and Succession Act recently passed in British Columbia outlines how a person's estate will be handled in probate in the event that there is no will.