Estate Administration Commonly Asked Questions
Whether you're navigating the intricacies of probate, dealing with beneficiaries, or simply seeking guidance on how to handle a loved one's estate, we're here to provide clarity and support. From understanding the role of an executor to unraveling the legal jargon often associated with estate planning, our goal is to address the most commonly asked questions and empower you with the knowledge needed to navigate this important process with confidence. Let's dive in and explore some of the most asked questions surrounding estate administration together!
Can a Will be changed?
Your Will is triggered upon your death, however, it can be changed at any point while you are still alive. A formal change to one paragraph of your Will is called a codicil and it’s prepared the same way as your Will. There are no limits to the amount of codicils that you can have, although if you find yourself needing a lot of changes made, it may make more sense to write a new Will altogether to avoid confusion later on.
How do I locate a Will?
If you have retained a Lawyer in Ontario, they may conduct a search through the Ontario Wills Registry to help locate the document. You can also make a search request through NoticeConnect.com. In some cases, these documents are kept close to home and may require some searching of the property and safety deposit boxes of the deceased. You can also contact the Estates Department of the Superior Court of Justice in the jurisdiction that the deceased resided in to see if the document was deposited with the court. To learn more about how to locate these, and other important documents, click here.
Can Executor’s change their mind?
Yes – an Executor named in the Will can change their mind, however it’s important to note that they must decide whether they would like to act or not before they take any action concerning the estate. This means, they cannot assume the role and begin work as the Executor and THEN change their mind. An Executor who chooses not to act will be required to sign a document in order to renounce their role.
What’s the difference between a Trust and an Estate?
Trusts and Estates are both legal procedures for transferring assets to beneficiaries, and both operate in different ways. An Estate makes a one-time transfer of assets after a death, while a Trust allows for ongoing transfers of assets both before and after a death (depending on the type of trust set up).
Remember, you are not alone in this process, and seeking professional advice can help ensure that you make informed decisions every step of the way. By understanding the key concepts and procedures involved in estate administration, you can approach this important task with confidence and peace of mind. If you have questions or need further assistance, click here to learn more about our services and to schedule a consultation with a member of our team today!
This blog is not intended to be legal advice and should not be relied on as such. If you require legal advice, please contact a legal professional concerning your particular circumstances.