Summary:

In this episode, we delve into the complexities of administering estates with assets spread across multiple jurisdictions. As individuals increasingly acquire properties in different provinces or even countries, it's vital for executors to understand the legal and practical considerations involved. From probate processes to tax implications, we explore the steps and challenges of managing such estates.

Key points:

• Executors must identify the appropriate jurisdiction for each asset, including those located outside the primary residence.
• Assets located in other jurisdictions require resealing applications in each relevant province or country.
• Probate fees vary by jurisdiction and may include flat fees or a percentage of asset value.
• Understanding tax implications, capital gains, and valuations is essential for managing assets effectively.
• Executors may need to work with different professionals in each jurisdiction, including lawyers, real estate agents, and appraisers

Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
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Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
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