Executors often find that the probate process can be both time consuming and expensive. Planning strategies exist that may eliminate or reduce the requirement of having assets probated.
What is probate?
Probate is a legal procedure that validates a deceased’s will and confirms the executor’s authority to carry out the testator’s wishes. This provides assurance to third parties such as financial institutions and land registry offices that the executor has the power to deal with assets according to the will. Read more
By Carla Hindman, Director of Financial Education, Visa Canada
One of the most important decisions you’ll make when writing your will is determining who should be named executor of your estate. Even if you’re just leaving behind household goods and a small savings account, someone – whether appointed by you or the government – must settle your affairs.
Some people consider it an honour – or duty – to take responsibility for ensuring that their loved one’s final wishes are carried out. But serving as an executor can be onerous and time-consuming, even for those with a strong financial or legal background. In a worst-case scenario, executors who act imprudently or in violation of their duties can be sued by beneficiaries and creditors. Read more
By Elaine Blades
Having a well-drafted will that clearly expresses your intentions is essential.
If you’ve written instructions someone will find confusing, they can’t ask you for clarification. It’ll be too late.
I’ve reviewed far too many wills where not enough was said to truly reflect the testator’s intentions. For instance, say your will has the following clause:
To pay $10,000 to each of my sister Elizabeth and my friend Catherine.
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