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Difference between revisions of "I Am the Executor or Administrator of an Estate"
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I Am the Executor or Administrator of an Estate (view source)
Revision as of 20:13, 1 April 2014
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== What happens next == | == What happens next == | ||
If there was a will, the executor may apply to the BC Supreme Court for a ''grant of probate''. If there is no will, someone (usually the next-of-kin) will have to apply to the BC Supreme Court for '' | If there was a will, the executor may apply to the BC Supreme Court for a ''grant of probate''. If there is no will, someone (usually the next-of-kin) will have to apply to the BC Supreme Court for a ''grant of administration''. The person to whom administration is granted is called the administrator. | ||
To apply for probate the executor must send copies of the will to beneficiaries and certain other family members, with a notice that the executor intends to apply for probate. Someone who is applying for administration must give notice of the application to those who are entitled to a share of the estate, and may need to get a consent to the application from others who would also be able to apply as well as from creditors. | To apply for probate the executor must send copies of the will to beneficiaries and certain other family members, with a notice that the executor intends to apply for probate. Someone who is applying for administration must give notice of the application to those who are entitled to a share of the estate, and may need to get a consent to the application from others who would also be able to apply as well as from creditors. | ||
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Certain affidavits must be completed and filed in court, together with the original will if there is one. The affidavits will include an inventory of the assets and the debts of the person who died. | Certain affidavits must be completed and filed in court, together with the original will if there is one. The affidavits will include an inventory of the assets and the debts of the person who died. | ||
Once a grant of probate or | Once a grant of probate or administration has been issued by the Supreme Court of BC, the executor or administrator will have full authority to deal with the estate assets. He or she must pay the debts of the person who died. He or she must also file tax returns in respect of that person, and apply for a clearance certificate from Canada Revenue Agency. He or she then distributes the estate to the beneficiaries. | ||
There are waiting periods before he or she can distribute the estate. If there is no will, the administrator must wait at least one year from the date of death before distributing the estate. The executor must wait six months from the date of probate if the person who died left a spouse or children. | There are waiting periods before he or she can distribute the estate. If there is no will, the administrator must wait at least one year from the date of death before distributing the estate. The executor must wait six months from the date of probate if the person who died left a spouse or children. | ||
