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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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