Bell Alliance Estate Administration · Note that any out of pocket expenses paid by the Executor can be reimbursed with estate funds once the Executor is able to access the Deceased’s

Bell AllianceEstate Administration

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bell allianceestate administration

bellalliance.ca | 604.873.8723 | 201 - 1367 West Broadway, Vancouver, B.C. V6K 1B4

INITIAL STEPSFollowing a person’s death, the appointed Executor(s) must give immediate attention to the following initial tasks:

1. Locate Will – The Executor will need to locate the original will of the Deceased. In most cases, the will can be found at the office of the Deceased’s lawyer, in a safety deposit box with the Deceased’s financial institution, or at the Deceased’s last home address. Once it’s found, the Executor must conduct a search with Vital Statistics Agency to confirm that the will is the last will of the Deceased.

2. Dependents – If the Deceased has children under the age of majority, then the Executor must inform the Public Guardian and Trustee’s Office and ensure that the children’s immediate needs are provided for until a more permanent arrangement can be made.

3. Notice – The Executor should contact family and friends, and consider preparing an obituary in a newspaper local to where the Deceased resides. If the Deceased receuved pension benefits, the Executor should notify the pension provider (whether the Federal Government or a private insti-tution) to advise of the Deceased’s passing, to ensure no overpayments will become repayable.

4. Residence – The Executor should take possession of the Deceased’s home and make sure to dispose of all perishable foods and items. The Executor should also provide for any pets of the Deceased until a more permanent home can be arranged. If the home is vacant, insurance should be obtained to secure the valuables in the home.

5. Credit Cards, Phone Plans, Cable – The Executor should contact the Deceased’s financial insti-tutions, phone, cable, and other service providers to cancel any related credit cards or subscrip-tions.

6. Death Certificate – The Executor should obtain original death certificates from either the Funeral Home or Vital Statistics. We recommend purchasing 4 to 8 copies to ensure there are sufficient original copies for the administration process.

An Executor is a person or organization appointed by a will-maker to carry out the terms of the will after the will-maker dies. Acting as an Executor of an es-tate is an onerous task, which is why many of our clients ask Bell Alliance to act as Executor or assist with probate. From beginning to end, the administration process can take up to 2 years to complete and, in some cases, even longer. This guide is intended to provide a general overview of the steps involved in administering an estate in British Columbia and to outline some of the chal-lenges faced by Executors in carrying out their administrative duties.


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7. Funeral/Body – The Executor is usually respon-sible for organizing the funeral and making sure that the Deceased’s body is cremated or buried in accordance with the Deceased’s wishes. The Executor should contact the funeral service to ascertain if a funeral has been prepaid, failing which the Executor should check with the De-ceased’s bank to see if they will release funds from the Deceased’s account to pay for the fu-neral.

8. Debts – The Executor should pay any outstand-ing debts of the Deceased, including phone bills, cable, credit cards and mortgage pay-ments.

9. CPP Death Benefits – The Executor should submit an application to Service Canada to determine eligibility for Canada Pension Plan Death Benefits or Survivor Benefits.

10. Estate Bank Account – If there are funds being received in the mail payable to the Deceased, the Executor should consider setting up an estate bank account to facilitate the Executor’s account-ing and control over estate funds.

Note that any out of pocket expenses paid by the Executor can be reimbursed with estate funds once the Executor is able to access the Deceased’s financial accounts.

PROBATEThe Wills Estates and Succession Act came into force on March 31, 2014.

It is the Executor’s responsibility to secure all of the Deceased’s assets, which may include bank ac-counts, investment accounts, real estate, personal property and other related property. Most financial institutions and government agencies will not give effect to a transfer of property from the Deceased to the Executor until the Executor has obtained a grant of probate from the Supreme Court of British Columbia. To apply for a grant of probate, the Executor will need to:

1. Provide notice of the proposed application to all beneficiaries, persons entitled on an intestacy or partial intestacy, and persons entitled to vary the Will (spouse and children). The Executor must wait a period of 21 days from the date of delivery of the Notice before filing an application for probate.

2. Identify all assets in the Deceased’s estate and obtain valuations for each of them. Govern-ment-assessed probate fees will be calculated based on these valuations, and the Executor will be required to remit payment of probate fees to the Ministry of Finance; and

3. Prepare a submission package to the Supreme Court and swear affidavits as to the accuracy of the above information.


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It is worth noting that the Supreme Court of British Columbia may take 2-4 months to process a pro-bate application.

CLOSING ACCOUNTS AND TRANSFERRING ASSETS INTO THE ESTATEOnce a grant of probate has been received from the Supreme Court, the Executor will be authorized to close and liquidate the Deceased’s accounts and, if applicable, transmit real estate into the Executor’s name. If the Executor has not already done so, he or she will need to set up an estate bank account to hold and manage the incoming funds. For tax purposes, it is important for the Executor to keep detailed financial records of all estate accounts.

FIRST DISTRIBUTIONOnce all of the Deceased’s assets are gathered and liquidated, the Executor can prepare to make a first distribution to the beneficiaries. Before doing so, the Executor should consider the following:

1. Variation of Wills – In British Columbia, a spouse or child of the Deceased has a right to file a claim with the Supreme Court to vary the Deceased’s will if they feel that they have not been fair-ly provided for. An action must be brought within 180 days of the issue of probate. The Executor must hold off on distributing assets until 210 days following the issue of probate, unless there is written consent from all beneficiaries and intestate successors entitled to the estate, or a court order. If a claim has been made against the estate, the Executor should hold off on making distri-butions until the claim is resolved.

2. Taxes – The Executor will be responsible for paying the Deceased’s taxes, including income tax (capital gains), and trust returns. Before making a distribution, the Executor should obtain an estimate of all taxes for the estate to help establish a sufficient holdback for same before making a distribution.

3. Notice to Creditors – The Executor may wish to post a notice to creditors and other claimants in the local newspaper and B.C. Gazette to ensure that any claims against the estate are known prior to distribution. The Gazette will post the notice in 4 consecutive issues requiring the creditors to present their claims within 30 days of the date of the first publication. The Executor must wait 30 days prior to making any distributions. After the 30 days have lapsed, the Executor is no longer personally responsible for any claims that may arise.

TAXES AND FINAL DISTRIBUTIONThe Executor may choose to retain an accountant to assist with filing the Deceased’s tax returns. Once all taxes are paid to Rev-enue Canada, and all other estate expenses are paid out in full, the Executor should file for a Clearance Certificate to wind up the estate. Once received, the Executor can distribute the bal-ance of estate funds to the beneficiaries, close the estate bank account, then give themselves a pat on the back for a job well done.

Please don’t hesitate to contact Bell Alliance for help with Probate.



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Documents

Bell Alliance Estate Administration · Note that any out of pocket expenses paid by the Executor can be reimbursed with estate funds once the Executor is able to access the Deceased’s