Learn tips that every Executor should know when they are down in the trenches of estate administration!
Should I Accept or Renounce the Role of Executor?
The role of Executor is not a simple job to say the least. Society has instilled it in our brains that being named as the Executor of a loved one’s estate is an absolute honor, however there is much more involved than one may think. This begs the question, “But what if I don’t want to be the Executor?!”
What is Estate Administration Tax?
For an individual acting as an Executor for the first time, the concept of Estate Administration Tax can be a confusing concept to navigate. Let’s break down some of the most common questions surrounding EAT.
Carley’s Corner – Prince’s Complicated Estate
Prince passed away on April 21st, 2016 at the age of 57. He left behind many assets, many relatives, and no Will or estate plan in place. Prince’s estate was valued at a whopping $156.4 million! Since he had passed without a Will, his estate was left in the hands of the Minnesota probate court!
Identity Theft and Obituaries
Obituaries serve as a heartfelt tribute to a deceased loved one. However, there has been a rise in identity theft due to how much detail some obituaries provide to the public. Scammers can then use these stolen identities to create false documents, open bank accounts, borrow money, or worse – all from the information we voluntarily share.
How to Plan for Your Liabilities
While we are quick to discuss our assets when it comes to our estate planning, it’s crucial that we also plan for our liabilities. Your future executor will be unable to administer your estate before paying off your debts and liabilities, and if they don’t know where to begin it can cause both lengthy and costly delays. Let’s look further into a few ways that you can properly plan for your debts.
Carley’s Corner – Audrey Hepburn’s Estate
Estates can be complicated, and when family dynamics come into play, they can get even more complex! See what caused a 24-year-long family feud over the contents of Audrey Hepburn’s Will.
Setting Your Executor up for Success
When it comes to your estate planning, you want to not only ensure that you are choosing the right Executor, but also that you are providing that individual with the tools they need to succeed in the role and to carry out your legacy. We have written a lot of previous blogs about things to consider when it comes to choosing who to name as your Executor, conversations that should be had, as well as tips and tricks – now let’s look at what you can be doing to set your future Executor up for success.
Digital Assets & Estate Administration
First Steps for Your Estate Planning
Something that we talk about often here at ETP Canada, is the importance of having an estate plan made. However, without knowing where to begin, the task can seem daunting to someone who is just starting their estate planning journey. Let’s look at some of the important first steps that should be taken when it comes to creating your estate plan!
What Makes Up a Good Estate Plan?
There are many aspects to consider when it comes to planning your estate, but what exactly makes up a good estate plan? Let’s break down some key components.
Carley's Corner - The Robin Williams Estate
When Robin Williams passed, he had what appeared to be well drafted estate plans. While Robin’s Will was very detailed regarding how to handle his money, it appeared to be vague regarding the contents inside of the home that he shared with his wife. What was to happen with his clothes, graphic novels, photographs, and memorabilia? As you can imagine, everyone had different plans for these items!
Conversations with your Future Executor
Having a conversation with the person you have named as your Executor is a crucial step that is often missed when it comes to getting plans in order. We are quick to talk about the latest news, weather, and what happened on that HBO show last night, but why is it that we avoid talking about our estate plans with the ones who will be responsible for carrying out our last wishes?
Chadwick Boseman’s Expensive Estate Planning Error
Do you know what happened to Chadwick Boseman’s Estate? Click to read more!
Today’s Executor vs. Technology
While the level of comfort we each have with technology drastically varies – the big question we should all be asking ourselves is “how comfortable is my Executor with navigating technology and digital platforms?”
The Top 5 Things to Consider When Naming Your Executor
Choosing who to name as your Executor can be an overwhelming task when creating your Will. Here are 5 things to consider to ensure you are selecting the right person for the role!
Gunter VI : The World’s Wealthiest Pet
Meet Gunter VI, the dog that comes with a $500 million dollar net worth!
Carley’s Corner - Barry White’s Estate Fault
Do you know who inherited Barry White’s $20 million dollar estate? The answer may surprise you!
Carley’s Corner - Princess Diana’s “Letter of Wishes”
Carley’s Corner - The James Gandolfini Estate
