Selling Real Estate as an Estate Executor in Alberta
If you’re named as an executor of a will (or “personal representative” as it’s termed in Alberta), you have the responsibility to administer the estate of the deceased. This is no small undertaking as you will have a fiduciary duty to follow the terms of the will, ensure that the named beneficiaries receive their inheritance, and manage all the assets and liabilities of the estate. If property forms part of the estate, your duty as the estate executor may involve selling real estate, such as the deceased person’s home. This can introduce extra complexities into the administration process. A [...]
Mistakes Executors Make When Probating Estates in Alberta
An executor of a will or personal representative (as it is now termed in Alberta) carries considerable responsibilities. While it should be regarded as a great honour to be named as the individual entrusted to look after the affairs of a deceased person, it can also be a stressful time. You must carry out the last wishes of the deceased, transfer assets to beneficiaries, and sometimes deal with difficult family members. The actions of a personal representative are often closely scrutinized. You can be held personally liable for mistakes or misconduct associated with administering a will. But what [...]
Ultimate Guide to Executor Fees in Alberta
Executors and Settling an Estate in Alberta If you are named as a personal representative (executor of a will) in Alberta, it comes with significant responsibilities and considerable time and effort may be involved. The estate laws in Alberta protect you to some degree, ensuring that you are not out of pocket for performing duties or for fees associated with administering the estate or carrying out the decedent’s final wishes. But what executor fees should you be paid, specifically? And how will you be reimbursed for out-of-pocket expenses? Whether you’ve taken on the role of personal representative recently [...]
How long does an executor have to settle an estate in Alberta?
Executors and Settling an Estate in Alberta Anyone appointed as a personal representative in Alberta is taking on a considerable task and responsibility. A personal representative (also known as “executor” or “executrix”) is named in a will as the individual responsible for settling an estate, i.e., disposing of the assets of a deceased person in accordance with his or her final wishes. While no two estates are the same, many executors face similar challenges: for instance, they must be patient while court and administrative processes are navigated before an estate can finally be settled. They must also act [...]
Difference Between an Estate Trustee and an Executor in Alberta?
If you’re estate planning in Alberta, it’s common to hear terms like executor, trustee, and personal representative. What do these terms mean and how do they differ? Should you name an executor or trustee in your estate plan? While executors and estate trustees both play an important role in estate planning, there are important differences between the terms. Most people name an executor but an estate trustee is only necessary for some estate plans. Assistance from an estate planning lawyer is necessary to draw up the relevant documents, even though the wording in the Wills and Succession Act [...]
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