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Monday, July 27, 2015

Posting Notices to Creditors online rather than in the newspaper

Readers will notice that I've added a new item to this blog's homepage. It's a link to a site on which executors and estate administrators can publish Notices to Creditors and Claimants online, rather than in a newspaper. Click here to go to the site and see what it's all about.

This makes a lot of sense, really. Many people nowadays read their news online. Anyone searching for information about an estate or a deceased person would most likely search online. It's a way in which the legal system has to keep up with technology.

It's a Canadian site, so it's applicable to the readers of this blog. One of the first things you'll notice if you check out the site is that the cost of advertising there is significantly lower than using traditional newspapers. I suggest that executors and administrators who wanted to publish a notice but were deterred by the cost should compare the online price before deciding not to get the protection offered by publishing a notice.

Publishing a Notice to Creditors and Claimants is not required by law, but estate lawyers recommend publishing a notice in many cases. This is because publishing the notice protects the executor against unknown bills or claims popping up after the executor has distributed the estate.

The online notice published on this site will last for a year. On the site you can see notices that are already published. They are really easy to set up. I also happen to know that the owners/operators of the site are law school graduates and so have the knowledge they need to do these notices properly.

When I saw this new service being offered to Canadian executors, I knew it would be of interest to many of my readers, so I decided to post the link. As always, I'd love to hear your feedback if you decide to use the service.


5 comments:

  1. What happens when one of the two named executors pass away

    ReplyDelete
    Replies
    1. Are you talking about before the person with the will dies, or after he/she dies and the executors are already working on the estate?

      Lynne

      Delete
  2. Hi Lynne; Love your blog and wish I had found it sooner. I am hoping to clarify something. In your blog posts I thought I read that that if a home was the deceased primary residence, then the estate does not have to pay capital gains taxes, when the home is sold. After talking with CRA today, I was told that capital gains would have to be reported on a T3 return and any taxes paid from the estate. Aaargh, it is confusing! We have been 3 years in a mess of trying to get my husband's Mom's estate settled and it seems that there are always more questions than answers.

    ReplyDelete
    Replies
    1. Yes, capital gains have to be reported on a T3 return; that's correct. But it's also correct that if the house was your mother-in-law's principal residence, it is exempt from capital gains tax. Have you checked the CRA webpage to ensure that the property in question really is a principal residence? There are some misconceptions about which properties actually fit the right description. If that doesn't help, get an accountant to help you. Sure, you'll have to pay his or her fee but at least you won't spend three more years on this estate!

      Lynne

      Delete
  3. Hi Lynne! Thank you for this site, this has been quite a learning experience for me. My parents died intestate and left a small sum of money. I have filed for and was granted a Grant of Administration. I did this myself, no lawyers involved. I also completed my Dad's final income tax and am now waiting for the notice of assessment. I have a couple of questions that have me stumped: Do I file an income tax return for the estate now that it has been one year? And is the certificate of clearance I need for the estate or for his actual last return? He passed in October 2014, I did his final return, haven't recieved an assessment yet. Also , how many newspapers am I required to advertise in to ensure I won't be held responsible for outstanding debts? I am seriously considering an interim disbersment as my sister is experiencing financial hardships and I would love to help her before Christmas with a little something. Our Dad only had a small sum of money. He was a widowed pensioner and owned no property whatsoever. I am not worried about outstanding debts but would withold some funds just in case....you never know for sure. Any advice would help me out soooo much!

    ReplyDelete

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