Boughton Law
June 10th, 2024
What are the steps involved in administering an estate? How long does it typically take to administer an estate? What if I’m named as an executor but unwilling to serve?
Administering an estate encompasses a range of tasks, from applying for probate (or administration if there is no Will) and ensuring all tax filings are done, to distributing assets to beneficiaries. Even a simple estate can take two or more years to fully complete in BC. The complexity of these tasks underscores the value of professional legal guidance.
Administering an estate does not have a fixed timeline. Executors must act responsibly and efficiently, but the process typically ranges from two to three years once all tax compliance is dealt with for the estate. The more complex the estate, the longer it may take.
The executor’s or administrator’s duties involve notifying beneficiaries, gathering and appraising assets, settling debts and taxes, and distributing assets. If there is litigation, such as a wills variation claim, they are also responsible for navigating that on behalf of the estate.
If you’re named as an executor but feel unable or unwilling to fulfill this role, it’s possible to “renounce” the role of executor. Keep in mind that where you live and your tax residency can be important reasons to renounce this job.
Here you’ll find these and more answers to some of the most frequently asked questions about wills and estates…
Boughton Law specializes in streamlined and effective estate planning and administration. Our Wills, Incapacity, Trusts, and Estates Practice Group is experienced with estate planning and transfer of wealth. Our team collaborates with individuals, families, and their businesses in ensuring their estate planning is executed with attention to detail. From drafting Wills to managing the complexities of estate administration, we are dedicated to providing peace of mind and assurance in your life’s pivotal moments.
Boughton Law, Vancouver, BC
