A beneficiary's right to information Generally speaking, beneficiaries have a right to see trust documents which set out the terms of the trusts, the identity of the trustees and the assets within the trust as well as the trust deed, any deeds of appointment/retirement and trust accounts.
What does an executor have to disclose to beneficiaries?
All taxes and liabilities paid from the estate, including medical expenses, attorney fees, burial or cremation expenses, estate sale costs, appraisal expenses, and more. The executor should keep all receipts for any services or transactions needed to liquidate the assets of the deceased.6 Mar 2020
Do beneficiaries have any rights?
As a beneficiary, you technically don't have any “rights”. What you do have is the ability to force the executor to perform their duties to the estate. Their duties include, among other things, obeying the valid terms of the Will and acting reasonably when handling the estate property.
Does an executor have to show accounting to beneficiaries in BC?
Much like the CRA can pour over your tax returns with a fine tooth comb, a beneficiary, and later a judge, can review your estate accounting. This is because an executor is required to account for his/her actions to the beneficiaries.18 Apr 2018
Are wills public record in British Columbia?
A Will is a document that specifies the distribution of a person's estate after they die. If you do not have a Will, your estate may be distributed according to Canadian intestacy laws. In most cases, Wills are a matter of public record, and anyone can access them online using the BC Wills Registry.30 Aug 2021
Who is entitled to see the will?
executor
Can a beneficiary ask for a copy of the will?
Can a beneficiary request a copy of the will? There is no specific legal requirement for an executor to disclose a will or its terms to anyone who asks for this. However a beneficiary can ask for a copy of the will.23 Aug 2021
How do you avoid probate in BC?
Thanks to a recent change in BC's estate laws, business owners can now reduce the amount of probate fees payable by their estate by utilizing a second will. The articles of most private companies allow for the transfer of a deceased shareholder's shares to the estate without probate.
What assets are subject to probate in BC?
Generally, only assets that are in a deceased person's name without a beneficiary designated are subject to probate. There are some exceptions to this such as for a mortgage (which gets deducted from the value of the real estate) and real estate that is located outside of BC.
In what circumstances is probate not required?
Probate is not necessary when the deceased's assets are not the kind of assets that are required to go through probate or when the value of the estate falls below a particular state's small estate limit.17 Jan 2019
What does it mean when a will is not probated?
Probate is the only legal way to transfer the assets of someone who has died. Without probate, titled assets like homes and cars remain in the deceased's name indefinitely. You won't be able to sell them or keep registrations current because you won't have access to the individual's signature and consent.
What has to go through probate in BC?
Assuming the person was a BC resident at their death, probate fees apply to the gross value of the estate which passes to the executor under the Will, and normally includes things like home, other real estate, vehicles, furnishings and personal effects, bank accounts, investments.28 Apr 2017
How much does an estate have to be worth to go to probate in BC?
If an estate's value is over $25,000 it must be probated before the assets can be distributed. If an estate's value $25,000 or less, there are no BC probate fees. If you are named as an executor in a will, we can help you with your probate application.