Next, the executor must notify all the various financial institutions of the deceased and locate all the assets that will form the estate. The executor must carefully value the assets of the estate. The executor must also determine all the debts of the estate. It is usually easier to administer the estate by opening a bank account in the name of the estate. Real property, including homes, has to be treated specifically. When selling the home of the deceased, it is important to know the process of selling homes in an estate.
Wills may list out specific beneficiaries. Other times it is necessary to determine who is a beneficiary. For example of the wills says “give to all my children”. The executor then locates all of the beneficiaries.
Probate Application / Application for Letters of Administration
The next step is for the executor to apply to the courts for a grant of probate. This will confirm the role of that individual as executor. Completing probate offers protection to the executor while administering the estate. During this time is it important for the executor to protect the estate’s assets. This may mean physically securing them, getting insurance, managing investments or running a business.
Managing Trusts for Minor Children
With minor children beneficiaries, the executor may have to administer the estate until the assets inherited by them vest into their name. This may mean investing funds and / or distributing interest or capital from the estate’s account for education or day to day living expenses. The executor will work with the children’s guardians. In knowing how to probate an estate, this can be the part with the longest duration.
Legal Claims Against Estates
The executor must deal with any legal claims against the estate. The estate may pay for legal help during this process. Claims can come from left out relatives, spouses or former spouses, creditors to the deceased, dependents of the deceased, etc.
Distribution to the Beneficiaries and Accounting
The last step is a distribution of the estate’s assets to the beneficiaries. Beneficiaries may be names as a beneficiary of a specific bequest or gift or they may be the beneficiary of the residue of the estate. The residue is everything left that is given as a percentage to certain people. Once distributed, the executor must give a final accounting to all the beneficiaries and close out the estate. Any property held as a joint tenant dos not enter the estate and is easily transferred by the surviving joint tenant.
Getting the Help You Need as Executors
Our Calgary probate lawyers will help you understand the role of executor both when there is a will and in situations where there is not. Kahane Law Office would be pleased to assist you in all matters relating estate administration. You can reach us at 403-225-8810 locally or toll-free at 1-877-225-8817, oremail us directly here today to contact us.