Estates Made Simple

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Summary:

In this podcast episode, Jenna & Gordon discuss the rules and regulations around executor compensation in Alberta, emphasizing the importance of fair compensation for the significant responsibilities involved. They recommend keeping track of expenses and providing reimbursement for out-of-pocket expenses, even if the executor chooses not to charge for their time and effort. 

The speakers highlight the surrogate rules in Alberta, which provide guidelines for compensation, taking into account factors such as estate size and complexity, care and management, and money coming in and out of the estate. They also discuss the potential benefits and drawbacks of including a compensation clause in the will and the importance of good communication in estate planning and administration.

Key points:

•  Keep track of expenses and reimburse out-of-pocket expenses, even if the executor chooses not to charge for their time and effort.
• Surrogate rules in Alberta provide guidelines for compensation, taking into account factors such as estate size and complexity, care and management, and money coming in and out of the estate.
• Professional executors have their own pre-existing compensation agreement, typically involving a percentage of the estate's value.
• Good communication is crucial in estate planning and administration to keep beneficiaries informed and prevent disputes and challenges to executor compensation.
• Consider including a compensation clause in the will but be cautious in setting an appropriate amount as circumstances can change over time.

Hosts:

Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
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Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
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Please note, Estates Made Simple is for informational purposes only and is not to be considered legal, tax, or financial advice. We recommend you seek individualized advice for your unique situation with qualified professionals.

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Summary:

This episode discusses the role of a professional executor and how they can be beneficial for some families. Professional executors are hired to act as an executive for an estate and are typically offered through trust companies.

The hosts explain how professional executors are a good option for families with complex family situations, such as if adult children do not get along or if there are unique aspects to the relationship with the estate. They can provide an independent and neutral third-party perspective, and they have the training, experience, and expertise to handle complex situations.

Key points:

• Professional executors are hired to act as an executive for an estate
• Trust companies have the expertise and resources to navigate different jurisdictions
• Liability is also a consideration when choosing an executor, as all the work of the executor is personal responsibility, and even innocent mistakes can lead to potential liability
• Life is becoming more complex, and estate planning involves various tax, financial, and legal implications

Hosts:

Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
Facebook
LinkedIn
Instagram

Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
Facebook
LinkedIn
Instagram

Please note, Estates Made Simple is for informational purposes only and is not to be considered legal, tax, or financial advice. We recommend you seek individualized advice for your unique situation with qualified professionals.

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In this episode, Gordon and Jenna discuss the importance of selecting the right executor and essential considerations to keep in mind when choosing an executor for your estate. Choosing an executor is a decision that should not be overlooked when creating a will. It is important to choose someone who has the time, capacity, and personal circumstances to handle the estate administration.

The choice of executor can significantly impact the success of the estate administration and save money for the estate.

Key points:

• Naming an out-of-country executor may cause legal and tax complications, such as requiring the executor to post a bond or causing the estate to be taxed in another country.
• The ideal number of executors depends on the complexity of assets, but one person may be more efficient than a committee, while two heads are better than one.
• It is important to choose someone who is likely to outlive you and is not too close in age to you. The executor should be in good health and should have a life expectancy that exceeds yours to ensure that they can carry out your wishes.
• The executor's personal circumstances, such as their financial stability and ability to handle stress, are also crucial factors to consider.
• It is important to select someone who has the time, capacity, and personal circumstances to handle the estate administration. 

Hosts:

Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
Facebook
LinkedIn
Instagram

Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
Facebook
LinkedIn
Instagram

Please note, Estates Made Simple is for informational purposes only and is not to be considered legal, tax, or financial advice. We recommend you seek individualized advice for your unique situation with qualified professionals.

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This podcast episode discusses the common executor mistakes that can lead to personal liability. Executors are advised to take a sober second judgment at the beginning and ask themselves if they are ready for the role. They should also be aware of the types of assets they are managing and the type of estate they are going through. 

This episode also highlighted the importance of hiring the right professionals with experience in estates returns and meeting the appropriate deadlines.

Key points:

• Consider whether to act as an executor or not as it can bring personal liability
• Get appropriate legal and professional advice
• The estate requires a financial advisor to invest and manage the assets.
• An insurance professional is needed to preserve the assets and ensure that there is adequate insurance coverage.
• It is important to hire the right accountant with experience in estates returns to manage the tax issues and meet the appropriate deadlines.

Hosts:

Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
Facebook
LinkedIn
Instagram

Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
Facebook
LinkedIn
Instagram

Please note, Estates Made Simple is for informational purposes only and is not to be considered legal, tax, or financial advice. We recommend you seek individualized advice for your unique situation with qualified professionals.

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This podcast episode is focused on the importance of storing estate planning documents safely, particularly the will, power of attorney document, and personal directive. It is important to have access to these documents in case of incapacity or death, as not having the original documents can cause delays and costs in the administration of the estate. 

Overall, the episode emphasizes the importance of having the original estate planning documents and storing them safely. It is recommended that individuals seek legal advice and professional advice to understand their roles and responsibilities in handling these documents. 

Key points:

• The will, power of attorney document, and personal directive are the three key documents to consider 
• Multiple copies of the power of attorney and personal directive can be helpful, but only one original will exist.
• The two main options for storing a will are with a family member or friend who is appointed executor, or with a professional executor.
• The most important thing is that the executor or attorney appointed knows where to find the documents and how to access them.
• If the original will cannot be found, it can cause problems with determining the beneficiaries and the authority of the executor.

Hosts:

Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
Facebook
LinkedIn
Instagram

Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
Facebook
LinkedIn
Instagram

Please note, Estates Made Simple is for informational purposes only and is not to be considered legal, tax, or financial advice. We recommend you seek individualized advice for your unique situation with qualified professionals.

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In this podcast episode, Gordon and Jenna discuss the probate process and when it is needed. They clarify that probate is required when someone dies with a will, and it allows the court to validate the will and grant legal authority to the executor to administer the estate. The hosts also explain the importance of having a lawyer in the probate process, particularly in assessing who is entitled to notice and reducing the risk of mistakes. 

Key Points:

• Probate confirms the validity of a will and grants legal authority to the executor to administer the estate.
• Probate may not be needed in all cases and is typically required to transfer land and manage financial assets of substantial amounts.
• Financial institutions are increasingly requiring probate, even for smaller accounts, as it is a risk mitigation strategy.
• The probate process usually takes 6 to 8 weeks when filing a paper application with the surrogate court.
• A lawyer can help in assessing who is entitled to notice and reducing the risk of mistakes in the probate process

Hosts:

Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
Facebook
LinkedIn
Instagram

Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
Facebook
LinkedIn
Instagram

Please note, Estates Made Simple is for informational purposes only and is not to be considered legal, tax, or financial advice. We recommend you seek individualized advice for your unique situation with qualified professionals.