Obligations And Duties Of An Executor: How Do You Probate An Estate?
How do you probate an estate in Alberta? With wills, probating estates or administering an intestate estate, the role of administering the estate falls to the executor, executrix, personal administrator or administrator. The title of the role will vary depending on if the deceased had a will or not. Personal representative is the new title given to an executor / executrix. The general process is described below using the term executor. It is also good to note that executors are allowed to be paid for their work on the estate. Calgary, Alberta lawyers at Kahane Law are here to guide you through the executor process. Do not wait until there are problems and call now 403-225-8810.
What Role Does the Executor Play?
After making the funeral arrangements, the executor must locate the will. If there is no valid will, then the process proceeds as an intestate estate. You are not alone during the process. It can be emotional, complicated and time consuming. You will also have to decide when to start the probate process. When faced with “how do you probate an estate” questions know you can generally, you may hire professionals, such as lawyers and accountants, to help properly administer the estate. If the person passed away with no will, then the estate is an intestate estate. In this case a Administrator “probates” the estate. This link helps administrators understand their duties.
Dealing With The Assets Of The Deceased
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 which the estate leaves to beneficiaries as a percentage to certain people of the remaining estate. 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
Managing an estate often includes complicated applications and tough decisions. Our Calgary probate lawyers 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, or email us directly here today to contact us.