Choosing an Executor: Difference between revisions

Choosing an Executor (view source)

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 Your '''executor''' is the person you name to carry out the instructions in your will. They are responsible for settling your affairs. This usually involves paying any outstanding debts, applying for the Canada Pension Plan death benefit, selling some assets, preparing the final tax return, and distributing the estate. How much time this takes depends on how complicated your affairs are.
-Your executor may need to get a document from the British Columbia Supreme Court called a grant of probate.
+=== What is probate? ===
-=== What is probate? ===
+Your executor may need to '''probate''' the will. Probate is a legal procedure that confirms the will is legally valid. In the probate process, the executor submits special forms and the will to court. If everything is in order, the court issues a grant of probate.
-'''Probate''' is a legal procedure that confirms the will is legally valid. In granting probate, the court confirms that everything necessary has been filed to authorize the executor to act. It allows financial institutions and other organizations such as the Land Title Office to rely on the will as being the last will you made.
 Some estates that involve only a small amount of money (under $25,000) may not need to go through probate. It is up to the third parties who hold your assets whether they will give the executor those assets without probate.