Your Role as the Estate, Will Executor in British Columbia
Wills in British Columbia typically name an executor or an administrator to be responsible for carrying out the instructions of the will. Though the executor or administrator may be one person, in some cases it may be several people. But what is your role as the will executor? Klein Lawyers explains.
As the executor of a will in British Columbia, you take on all responsibility for the administration of the will. This means you tackle the following duties during the probate process and the distribution of assets to beneficiaries:
Maintenance of Possessions
One of your main duties as the executor of a will is taking control of all assets. This includes the transfer of ownership registrations and the collection of any debts until the property is properly disbursed to beneficiaries. This includes the deceased’s home and belongings.
Property distribution is a major component of executor duties, however, financial management is critical. Part of the financial responsibilities of the executor includes canceling subscriptions and credit cards.
In addition to these roles, you will also be responsible for handling all outstanding debts and releasing payments from the estate. Other financial roles include taking final action of investments, reviewing insurance policies, etc.
You will also be responsible for notifying all financial institutions and organizations of the deceased’s passing.
It’s no surprise that documentation is a large part of the will executor’s responsibilities. From tax forms to beneficiaries’ assets and rights, you will be in charge of handling any and all documentation of the will. Not only is it important for the sake of keeping track of the roles, but it also ensures that any issues will be backed up by documentation.
When the Executor Breaches Responsibility, What Do You Do?
When the executor breaks the trust of the family by breaching responsibilities, there may be certain things that the family can do to recoup losses.
Claim against a fiduciary may include:
- Waste of estate assets
- Failure to act in the interest of the beneficiaries
- Bad investment choices
- Fee disputes
While this may remove the executor from the will, there may also be concerns about wills variation and the role of the executor.
As an estate’s executor, should a wills variation claim arise, you will have even more responsibilities. In general, this includes attending court to provide information while remaining neutral throughout the process.
Contact Our Wills Variation Lawyers Today
Whether you are the executor of a will that is undergoing variation or you are the family member whose loved one’s will is undergoing estate litigation, you likely have concerns. But Klein Lawyers can help.
Contact Klein Lawyers at (604) 874-7171 today for a free, confidential case evaluation. Our wills variation lawyers serve clients throughout British Columbia from offices in Vancouver, Abbotsford, Burnaby, Coquitlam, Langley, and Surrey.