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When a person dies, someone must look after their estate. An estate is everything the person owned or had an interest in when they died. The person who looks after an estate is known as an executor or administrator.
There are some common legal terms used to describe legal processes that concern Wills and estates. It is helpful to understand these terms as you go through the process of dealing with an estate.
If you are an executor appointed under a Will, you may need to apply to court for Letters Probate before you can deal with the property of the deceased. There are some situations where Letters Probate are not required.
When there is no executor under a Will, an application for Letters of Administration may be required to deal with the deceased's estate.
There are ways to simplify the process for distributing an estate when the estate is small. One method can be used if the value of the estate is $15,000 or less and there is real property. The other method can only be used if there is no real property and the value of the estate is $25,000 or less.
There are certain steps that an executor or administrator must take to distribute an estate. Failing to take the proper steps can have financial consequences. Executors and administrators can seek legal advice from a lawyer and charge this expense to the estate.
There are certain costs that may have to be paid by the estate depending on the situation. These include costs of Letters Probate or Letters of Administration, legal fees and payment to the executor or administrator.
Beneficiaries may have concerns about how an estate is being handled. Beneficiaries may not be sure what was left to them in the Will. They may think the executor or administrator is taking too long to distribute the estate or even question whether the Will is valid. There are options for beneficiaries with concerns.
Distribution of an estate does not always go smoothly. There are certain common issues that executors or administrators can be on the look out for.
The Regina Public Library and Saskatoon Public Library are hosting free Law Fair events during Saskatchewan Access to Justice Week to connect people with free legal information, assistance, and support. Attend to acquire legal knowledge and to broaden awareness of legal rights and responsibilities!