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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 21:26, 13 August 2021
, 21:26, 13 August 2021no edit summary
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* 10 calendar years | * 10 calendar years | ||
The amount of the death benefit depends on how long and how much | The amount of the death benefit depends on how long and how much the deceased contributed to their 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. | As of January 1, 2019, the death benefit for all eligible contributors is set at a flat rate of $2,500. | ||
To apply, | To apply, 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). | ||
== C. Search of Wills Notice == | == C. Search of Wills Notice == | ||
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:c) Other proceedings have been commenced which may affect the distribution of the estate | :c) Other proceedings have been commenced which may affect the distribution of the estate | ||
== F. Payment of | == F. Payment of Debts == | ||
'''The personal representative is personally liable for payment of creditors if they pay the beneficiaries before the debts of the estate'''. Thus, a personal representative should advertise in the British Columbia Gazette under section 154 of ''WESA'', wait 30 days from the last publication, pay any claims that arise, and then pay the beneficiaries. Having advertised, the personal representative will not face personal liability. But the personal representative would still be responsible for the debts, regardless whether they have advertised or not, if the personal representative has knowledge of the creditor’s claim prior to distribution. | '''The personal representative is personally liable for payment of creditors if they pay the beneficiaries before the debts of the estate'''. Thus, a personal representative should advertise in the British Columbia Gazette under section 154 of ''WESA'', wait 30 days from the last publication, pay any claims that arise, and then pay the beneficiaries. Having advertised, the personal representative will not face personal liability. But the personal representative would still be responsible for the debts, regardless whether they have advertised or not, if the personal representative has knowledge of the creditor’s claim prior to distribution. | ||
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== 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 themselves before distributing the estate by obtaining a discharge per section 157 of ''WESA''. This discharge is not | When the estate is large, when litigation is involved, or when the estate is insolvent, the personal representative may wish to protect themselves before distributing the estate by obtaining a discharge per section 157 of ''WESA''. This discharge is generally not 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. | ||