Our second podcast is now available on our web page. It follows the same format as the first one, with our practice coordinator, Chelsea Kennedy, asking me questions. This one is called "Can the executor do that?" and covers a variety of questions about what executors can and cannot do with an estate.
Click here to listen or download (it's free).
Interesting subject...
ReplyDeleteQ – Does the estate need to be solvent in order to distribute any specific bequests ?? If the deceased has a lot of debt that may not be met with other assets ? Would ALL assets be considered estate assets and subject to liquidation to satisfy debts first ? Also…is there anything in law that would say one asset would be sold over another even though several may have specific bequests ? For example: Jane Doe passes leaving debt but not enough cash to clear the debt. The deceased had several assets and some were specifically bequeathed. Let’s say a car and a ski-doo both to different people. Proceeds from either asset could satisfy the debt. How does one decide which asset to sell ? Is it the executor’s final decision ? If the asset sold for $5000 but only $2000 was needed to satisfy the debt…does the specified beneficiary get the difference ?
Some estate assets are disbursed to the beneficiaries and more is coming. Meanwhile, one of the beneficiaries dies. Does the deceased beneficiary's remaining share of inheritance go to his/her estate or does it stay in the testator's estate to be distributed to the remaining living beneficiaries? (Ontario)
ReplyDeleteIt will still go to the beneficiary, though as you say it will be his/her estate.
DeleteLynne
Excellent. Please do one "Can A Beneficiary Do That?"
ReplyDeleteThat's a good idea. We'll do that.
DeleteLynne
Hello, my first time posting here. Have a couple of questions related to a first cousin who died intestate in Ontario. Closest next of kin at time of death are 10 consanguine first cousins of the deceased who never married. As one of the next of kin, I stepped up, arranged the funeral, secured the home, and started the process to apply for Certificate of Appointment of Estate Trustee without a Will after retaining a lawyer. Notices of application were served on all beneficiaries and I obtained 9 out of 10 signed and witnessed consents for me to be the estate trustee. One beneficiary is a holdout, slowing things down, and is insisting on many conditions in writing like a range on legal expenses, cap on trustee fees, and real estate agent agreed by all concerned in advance. In advance of trustee appointment proceeding.
ReplyDeleteWith all but one consent, can I apply to be estate trustee and get the certificate?
If I am issued the certificate and administer the estate, when it comes down to interim or final distributions, do ALL beneficiaries have to sign a release BEFORE any single person can receive any inheritance? In other words, can ONE beneficiary not signing his or her release hold up the process for EVERYONE?
Thanks in advance.
Any reply?
Delete@AnonymousJanuary 20/17
ReplyDeleteI am curious. You indicated that you retained a lawyer and that you did many things on your own. Why did you not get answers re your questions posted above from your lawyer? Perhaps you want a second opinion?