Most British Columbia residents do not live in a vacuum. They obtain identification, purchase assets, incur debts and more. When executors begin the estate administration process, part of their duties involves notifying all relevant parties of the benefactor's death. Estate problems can arise when all parties do not receive notification, especially they have a legal right to a notice.
When your British Columbia loved one approached you with the request to fulfill an important function in his or her estate plan, you may not have considered all the angles. When the time came for you to serve as trustee, you quickly realized it was not what you thought it would be. Even if you have no trouble with performing your duties, the beneficiaries may make your job more of a challenge.
When British Columbia residents create an estate plan, they probably make arrangements for what will happen to their assets and debts after death, along with what would happen to them should they become incapacitated. Creating a power of attorney gives another person the authority to make health care decisions for the person granting the power when he or she is not able to due to make them. Understanding the choices the agent may face could help in choosing the right person and leaving instructions that are as clear as possible.
For most British Columbia residents part of being married is taking care of each other emotionally, physically, and yes, financially. When it comes to estate planning, spouses may want to make sure they adequately provide for each other. Failing to provide for a spouse upon death could mean estate litigation for surviving family members.
Incapacitation is always a possibility. People suffer illnesses and injuries that could make it impossible for them to make decisions for themselves. Many British Columbia residents prepared for this eventuality by executing powers of attorney in which they entrust their finances and health to someone they trust. Sadly, not everyone deserves that trust, and estate litigation could ensue because of it.
One of the most difficult things in life is watching an elderly parent lose his or her mental faculties. As parents get older, they may be in the difficult and dangerous position of being unable to care for themselves or manage their own affairs. In such cases, British Columbia residents may have the heavy burden of seeking committeeship over their parents.
British Columbia residents may make bequests to their loved ones as they see fit. However, the terms of those bequests must meet certain standards in order to avoid wills and estates litigation. Below are examples of the types of standards individual bequests must meet in order to remain valid upon death.
When British Columbia residents are asked to serve as executors by family or friends, they may want to think carefully before accepting. Even though they may feel honored that someone would trust them with something so important, it pays to better understand what will be expected of them before agreeing to serve in this capacity. The simple fact is that when an executor makes mistakes, it can lead to wills and estates litigation.
In creating an estate plan, British Columbia residents often execute documents not meant to handle their affairs after death, but instead, to handle them if they become incapacitated. They appoint a power of attorney to act on their behalf when they cannot make decisions for themselves. The creator of the document believes the person chosen to take on this crucial responsibility is trustworthy and will fulfill their obligations to the incapacitated person.
Even British Columbia residents who do not yet have an estate plan often understand the utility of having one. Making sure that surviving loved ones receive the inheritance they intend requires careful planning, but even with it, some obstacles could arise. For instance, what happens to joint property prior to death could derail the best-laid plans if a joint owner has unpaid debts or too much access to the asset.