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How do I properly settle an estate in Canada?

Before an individual in British Columbia passes on, he or she may create a will and designate one person to administer the estate. In some cases, an alternate administrator or executor may be named in case anything happens to the first person. When a person is named as an administrator or executor, he or she is obligated to perform certain tasks on the estate's behalf. Primarily, that person must gather an inventory of the estate and notify the testator's next of kin.

Administration and distribution of estate when there is no will

When a person dies in British Columbia without leaving a will, the person is said to be intestate and their estate is handled in accordance with the Wills, Estates and Succession Act. According to the act, the entire estate goes to a spouse when there are no descendants.

How an estate is handled when there is no will

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.

Trust funds can still be a good idea for some families

Although many celebrities have been making a big deal about why they are choosing not to leave a trust fund to their kids, some British Columbians may want to consider it. Even if a person does not have a multi-million dollar fortune, setting up a modest trust fund could help to protect the inheritor from having their lives potentially ruined by future financial burdens that may pop up in adulthood.

The importance of periodically updating one's estate plan

British Columbia residents who have drawn up an estate plan may be surprised to learn that they may have to revisit their plan periodically to make important updates. Due to changes in a person's life and the law, these updates can potentially have a large effect on how their property is distributed.

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