Estate Administration Lawyers in Strathmore, AB Easing the Estate Admin Process

Being asked to be the administrator of an estate is a difficult position to find yourself in. It can be nearly impossible if you don’t have a history of estate administration. Then, if the family starts bickering over whether the will was valid or what they were or weren’t a beneficiary, it can turn from bad to worse.

It’s hard enough to lose a loved one. No matter your support system, you can go through the following amount of time feeling lonely and overwhelmed. Getz Collins and Associates want to help you through that time. Schedule an appointment with one of our experienced lawyers by calling us at (403) 934-2500.

Until then, we will help you walk through the process of an administration checklist to make your time a little easier.

Is There a Will?

If you’ve been asked to be the executor of someone’s will, likely, you may already have at least a copy of the will in your possession. That is a step in the right direction. If not, check with spouses, descendants, and lawyers. Then follow up with safes and deposit boxes (if you are the representative appointed in the will, they shouldn’t have a problem giving your the will if you have the proper paperwork– your ID and the death certificate).

If there isn’t a will, you or a family member may go to court and ask for a grant of administration. At this point, the government of Alberta recommends a lawyer.

Time for Paperwork

Pretty much immediately, you’ll need to complete a Registration of Death form. This doesn’t have to be done by the estate administrator. It can be the spouse, next of kin, or anyone else who knows the information necessary. You can get this form at the funeral home, and they will send it to the registry.

After that, you will receive the death certificate. Request several copies, as you will need them to close accounts and collect life insurance payouts.

The personal representative or executor is legally responsible for final arrangements, which means more paperwork. The decedent may have provided last wishes, but the executor is not legally required to follow them. They are allowed by law to choose whether or not to respect the deceased’s final wishes.

List, Secure, and Manage Debts and Assets of the Estate

The deceased will have left personal documentation and (hopefully) contact information for organizations to whom they have outstanding financial obligations. Some of these may include, but are not limited to:

• Tax returns
• Pension plans or insurance benefits (contact current and former employers)
• Title documents
• Outstanding credit (you should advertise the death to let creditors who aren’t aware know)

Next, you’ll list assets and liabilities:

• Real and personal property
• Debts and when they must be paid
• Beneficiaries owed in the will and what they will receive
• Registration information
• Interest rates
• Maturity dates
• Certificate numbers
• Payment frequency

After all, this, speak with your wills and estate lawyer regarding probate and other issues, triple checking that you have listed all assets and liabilities along the way.

Manage these assets: Store valuables in a safety deposit box, make sure homes and vehicles are safe and maintained, and cancel the following;

• Credit cards
• Health insurance
• Subscriptions
• Utilities, unless someone is using the house
• And more…

Notify Beneficiaries and Begin Probate, If Necessary

Next, you’ll want to contact all named beneficiaries and anyone else who may stake a claim on the decedent’s estate. It must be the personal representative that does so, including a copy of the notice of application for probate, if necessary.

Probate isn’t necessary if the estate is less than $25,000 or if a surviving spouse or trustee jointly owns the property. If that is the case, you do not have to apply for a Grant of Probate. If the financial account is the only asset, the decedent’s bank may transfer the monies without going through probate. You’ll need to speak with the institutions the assets are held.

If you think the assets or the will is going to be contested, you are encouraged to go ahead and file for probate to begin. Do it on your own, or allow your lawyer to assist you, but be sure they are filled out correctly and completely. Executor duties can commence once the Grant of Probate is received.

First, We Wait, Then We Collect and Sell

Albertan law allows certain individuals to claim a change to will for a period of six months after the Grant of Probate. Until then, sit on the assets, as you don’t want to have to try and get them back. However, if you know all those who can make a claim, you may ask them for a release of the claim so that you may proceed.

Be sure to ask your estate lawyer for a checklist to ensure you have collected all the assets. Vehicles, real estate, bonds, and other registered assets will need to be transferred to the executor (yourself, possibly) before they can be sent to the beneficiary. Keep excellent records for your own protection so that the estate may reimburse you for any unexpected expenses.

Expenses Paid, Assets Distributed

Now the estate pays its debts. If there isn’t enough money, speak immediately with your lawyer so that you do not be personally liable for outstanding amounts. After that, apply to the Canada Revenue Agency in order to receive a Clearance Certificate before you begin distributing the assets.

At last, we come to the only part of the general public who has never been through the probate process that knows about wills, trusts, and estate administration: asset distribution.

First, distribute legacies (cash) and bequests (gifts of personal items). Then, the executor must set up and possibly oversee trusts that need to be set up or transferred. Prepare the accounting for assets, debts, income, expenses, and distribution. Beneficiaries review and approve the financial statement before it becomes ratified. Check that the checks have cleared at the estate bank account.

Each unique situation will come with its ups and downs, lefts and rights, and all sorts of situations that are impossible to predict. Get in touch with Getz Collins and Associates to speak directly about your personal situation today.