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Difference between revisions of "Duties of a Personal Representative (16:XII)"
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Duties of a Personal Representative (16:XII) (view source)
Revision as of 21:15, 14 August 2019
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The basic duties of an Executor/Administrator are to: | The basic duties of an Executor/Administrator are to: | ||
* Obtain a death certificate from the Department of Vital Statistics; However, ordinarily, a funeral home will order and provide a death certificate. | * Obtain a death certificate from the Department of Vital Statistics; However, ordinarily, a funeral home will likely order and provide a death certificate. | ||
* Locate the last will if there is one and apply for a search of wills notices; | * Locate the last will if there is one and apply for a search of wills notices; | ||
* Arrange for the disposition of the deceased’s body and the funeral; | * Arrange for the disposition of the deceased’s body and the funeral; | ||
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* Prepare and file tax returns; | * Prepare and file tax returns; | ||
* Notify appropriate agencies (pensions, subscriptions, charge accounts, etc.); | * Notify appropriate agencies (pensions, subscriptions, charge accounts, etc.); | ||
* Consider advertising for creditors | |||
* Paying all valid debts left to the estate (please note that an executor or administrator may be held personally liable for unsettled debts after the distribution of the estate); and | * Paying all valid debts left to the estate (please note that an executor or administrator may be held personally liable for unsettled debts after the distribution of the estate); and | ||
* Preparing and obtaining approval for the beneficiaries for distribution of estate. | * Preparing and obtaining approval for the beneficiaries for distribution of estate. | ||
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# The surviving spouse or common-law partner of the deceased; or | # The surviving spouse or common-law partner of the deceased; or | ||
# The next-of-kin of the deceased. | # The next-of-kin of the deceased. | ||
To be entitled to a CPP death benefit, the deceased must have made contributions to the | To be entitled to a CPP death benefit, the deceased must have made contributions to the lesser of: | ||
* One-third of the calendar years in their CPP contributory period, but no less than 3 calendar years; or | * One-third of the calendar years in their CPP contributory period, but no less than 3 calendar years; or | ||
* 10 calendar years | * 10 calendar years | ||
The amount of the death benefit depends on how long and how much has the deceased contributed to his CPP, | The amount of the death benefit depends on how long and how much has the deceased contributed to his CPP, with the maximum benefit set at $2,500. | ||
As of January 1, 2019, the death benefit for all eligible contributors is set at a flat rate of $2,500. | |||
To apply, you will need to complete the Application for a Canada Pension Plan Death Benefit (ISP1200), include certified true copies of the required documentation, and mail it to the closest Service Canada Centre to you. Addresses are provided on the form (ISP1200). | To apply, you will need to complete the Application for a Canada Pension Plan Death Benefit (ISP1200), include certified true copies of the required documentation, and mail it to the closest Service Canada Centre to you. Addresses are provided on the form (ISP1200). | ||
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If the deceased made a Willwill, he or she may have filed a Wills Notice with the Vital Statistics Registry. Note that the Vital Statistics registry does not keep a copy of the Willwill, but will only have a record of the date the Willwill was made. | If the deceased made a Willwill, he or she may have filed a Wills Notice with the Vital Statistics Registry. Note that the Vital Statistics registry does not keep a copy of the Willwill, but will only have a record of the date the Willwill was made. | ||
To obtain a representation grant through the court registry, a personal representative will need to provide two copies of a Wills Notice Search, which can be obtained on application to the Vital Statistics Registry. A Wills Notice Search will provide the date the person signed the will registered in the wills notice, the location of the will at that time, and the date the Vital Statistics Agency received the wills notice. | To obtain a representation grant through the court registry, a personal representative will need to provide two copies of a Wills Notice Search, which can be obtained on application to the Vital Statistics Registry. A Wills Notice Search will provide the date the person signed the will registered in the wills notice, the location of the will at that time, and the date the Vital Statistics Agency received the wills notice. | ||
If the | If the will-maker is alive, only the will-maker can request for a search of Wills Notice. However, a person who provides the documentation and payment listed below can apply for a Wills Notice if the will-maker is deceased: | ||
* A photocopy of the death certificate | * A photocopy of the death certificate | ||
* A completed VSA 532 form | * A completed VSA 532 form | ||
To apply for a search, a person has to mail the requested documents to: Vital Statistics Agency, PO Box 9657 Stn Prov Govt, Victoria, BC V8W 9P3. Alternatively, they can deliver the requested materials to a Service BC Counter to request for a | To apply for a search, a person has to mail the requested documents to: Vital Statistics Agency, PO Box 9657 Stn Prov Govt, Victoria, BC V8W 9P3. Alternatively, they can deliver the requested materials to a Service BC Counter to request for a Search of Wills Notice. Please note that you cannot ask for a search online unlike filing a Wills Notice. | ||
The cost to conduct a Wills Notice search is $20 per will search, plus $5 for each additional name the | The cost to conduct a Wills Notice search is $20 per will search, plus $5 for each additional name the will-maker may have used. The results are usually printed within 20 business days. If you are pressed for time, you can also request Courier Delivery. In the case of Courier Deliveries, there is an additional $33 fee for the courier, but it prints next business day. | ||
== D. Other Asset Distribution Instruments == | == D. Other Asset Distribution Instruments == | ||
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However, there have been changes in Canada Revenue Agency (CRA) procedure. It is now possible to review information via online terminals, and usually it is not necessary to obtain the return itself from a taxation centre. The clearance request and necessary documents are not filed with the return, but are forwarded separately to CRA’s district office. | However, there have been changes in Canada Revenue Agency (CRA) procedure. It is now possible to review information via online terminals, and usually it is not necessary to obtain the return itself from a taxation centre. The clearance request and necessary documents are not filed with the return, but are forwarded separately to CRA’s district office. | ||
The personal representative needs to file a terminal tax return, as well as an estate tax return for every year following death. Generally, the terminal tax return is due on or before the following dates: | The personal representative needs to file a terminal tax return, as well as an estate tax return for every year following death. Generally, the terminal tax return is due on or before the following dates: | ||
* If the death occurred between January 1 and October 31 inclusive, the due date for the terminal tax return is April 30 of the following year | * If the death occurred between January 1 and October 31 inclusive, the due date for the terminal tax return is April 30 of the following year; or | ||
* If the death occurred between November 1 and December 31 inclusive, the due date for the terminal tax return is six months after the date of death | * If the death occurred between November 1 and December 31 inclusive, the due date for the terminal tax return is six months after the date of death | ||
== H. Discharge of Personal Representative == | == H. Discharge of Personal Representative == | ||
When the estate is large, when litigation is involved, or when the estate is insolvent, the personal representative may wish to protect | When the estate is large, when litigation is involved, or when the estate is insolvent, the personal representative may wish to protect himself or herself before distributing the estate by obtaining a discharge per section 157 of WESA. This discharge is not generally necessary where a small estate is involved. | ||
Generally, a personal administrator can consider their duties at an end once all the residuary or intestate beneficiaries have approved their accounts and signed a release, and when they have obtained clearance from the CRA. | Generally, a personal administrator can consider their duties at an end once all the residuary or intestate beneficiaries have approved their accounts and signed a release, and when they have obtained clearance from the CRA. | ||
== I. Passing of Accounts == | == I. Passing of Accounts == | ||
Section 99 of the Trustee Act, RSBC 1996, c 464 sets out the procedure for the passing of the trustee’s accounts. Absent written and approved consent by all beneficiaries or a court order, an executor, administrator, trustee under a will and judicial trustee must within two years of the grant of probate or grant of administration or within two years from the date of appointment, pass his or her accounts. | Section 99 of the Trustee Act, RSBC 1996, c 464 sets out the procedure for the passing of the trustee’s accounts. Absent written and approved consent by all beneficiaries or a court order, an executor, administrator, and trustee under a will and judicial trustee must within two years of the grant of probate or grant of administration or within two years from the date of appointment, pass his or her accounts. This is often the process by which an executor, administrator, and trustee will have their fees approved. | ||
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