Investing Estate Assets

en-usFebruary 07, 2024

Estates Made Simple

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What was the main topic of the podcast episode?

Summarise the key points discussed in the episode?

Were there any notable quotes or insights from the speakers?

Which popular books were mentioned in this episode?

Were there any points particularly controversial or thought-provoking discussed in the episode?

Were any current events or trending topics addressed in the episode?

About this Episode

Summary:

In this episode, we delve into the crucial topic of managing and investing estate assets. As an executor, it's not only about identifying and preserving these assets but also about responsibly growing and protecting their value. We explore the challenges, responsibilities, and considerations involved in making prudent investment decisions for the estate.

This episode emphasizes the importance of investing assets responsibly to maximize the estate's value and meet the expectations of beneficiaries.

Key points:

Executors must first identify and preserve all assets, ensuring their safety and proper insurance coverage.
Executors must adhere to a prudent investor standard when making investment decisions.
Careful consideration must be given to how assets are invested based on their nature (business, digital, real estate, stocks, bonds).
A prompt distribution of assets to beneficiaries can mitigate the executor's risk in managing investments over the long term.
Seeking input from beneficiaries can provide insights into their preferences and expectations regarding the investment portfolio.
Understanding the beneficiaries' needs can influence investment decisions and administration strategies.

Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
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Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
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Recent Episodes from Estates Made Simple

Navigating Estate Litigation Tips for Executors with Guest Judd Blitt

Summary:

In this episode, the hosts are joined by Judd Blitt, an experienced litigator specializing in estate litigation. Judd provides valuable insights and tips for executors on avoiding estate litigation. The discussion covers communication strategies, setting expectations, and navigating potential disputes. Judd also shares common themes in estate litigation and highlights a recent case involving joint executors.

Key points:

Judd emphasizes the significance of early and frequent communication with beneficiaries.
Issues arising from an even number of executors, leading to uncertainties about tiebreakers.
Good faith and fair treatment, including providing necessary information, are crucial.
Executors facing disagreements or foreseeing challenges may consider renouncing their role early on to avoid personal liability or conflicts.
Estate litigators can be viewed as problem solvers, experienced not only in court battles but also in resolving disputes through negotiation and creative solutions.
Executors should identify potential conflicts early, especially in family situations.
Contentious matters requiring court intervention can result in delays ranging from months to a year, affecting the resolution of the estate.

Contact Judd: https://www.mltaikins.com/people/judd-blitt/

en-usMarch 06, 2024

Dealing with Banks and Financial Institutions as an Executor

Summary:

In this episode, we dive into the world of handling financial matters as an executor, specifically dealing with banks and financial institutions. From opening estate accounts to navigating the complexities of frozen assets, we'll provide tips and insights for executors to manage this crucial aspect of estate administration.

Executors play a pivotal role in managing the financial affairs of the deceased, a process that involves dealing with banks and financial institutions. Opening an estate account is a crucial step, allowing executors to collect assets, pay expenses, and handle income flow. In this episode, we discuss practical tips and set expectations for executors dealing with financial institutions.

Key points:

Executors often need to open estate accounts promptly to handle financial matters efficiently.
Executors should be prepared to provide necessary documents, including the death certificate and legal paperwork, during the account opening process.
Executors should inquire about the bank's policies regarding the need for probate and explore possibilities of waiving this requirement in certain circumstances.
Consider consolidating accounts from the deceased into the estate account, excluding investment accounts that may be better left unchanged.
Banks often freeze accounts upon learning of a person's death to prevent unauthorized access.
Executors can negotiate with the bank for interim payments for essential expenses while waiting for the grant of probate.

Estates Made Simple

en-usFebruary 21, 2024

Investing Estate Assets

Summary:

This episode emphasizes the importance of investing assets responsibly to maximize the estate's value and meet the expectations of beneficiaries.

Key points:

Executors must first identify and preserve all assets, ensuring their safety and proper insurance coverage.
Executors must adhere to a prudent investor standard when making investment decisions.
Careful consideration must be given to how assets are invested based on their nature (business, digital, real estate, stocks, bonds).
A prompt distribution of assets to beneficiaries can mitigate the executor's risk in managing investments over the long term.
Seeking input from beneficiaries can provide insights into their preferences and expectations regarding the investment portfolio.
Understanding the beneficiaries' needs can influence investment decisions and administration strategies.

Estates Made Simple

en-usFebruary 07, 2024

Managing and Solving Insolvent Estates

Summary:

In this episode, we delve into the complex world of managing and solving insolvent estates, exploring the challenges and considerations that arise when an estate lacks sufficient assets to cover its debts. Despite the prevailing era of increased wealth, economic uncertainties, inflation, and financial stresses can lead to estates being smaller than expected or even insolvent.

The discussion centers on the crucial steps an executor must take to navigate an insolvent estate effectively. The primary focus is on prioritizing payments, negotiating with creditors, and understanding the legal implications surrounding the distribution of assets.

Key points:

Funeral expenses and pre-death creditors take precedence over other claims.
Taxes and expenses resulting from the deceased's passing must also be settled before beneficiaries receive their gifts.
Residual beneficiaries receive what's left after funeral expenses and creditors are paid.
Utilizing legal protections, such as publishing notices to creditors, helps safeguard executors.
Declining the role or seeking professional assistance, like the public trustee, may be wise if the estate's intricacies are overwhelming.
Before intervening in an estate, potential executors should gather comprehensive information on the deceased's financial situation.

Estates Made Simple

en-usJanuary 24, 2024

Dealing with Funeral Arrangements and Celebrations of Life with Guest Michael Pearson

Summary:

In this episode, Gordon and Jenna are joined by Michael Pierson, owner of Pierson Funeral Services in Calgary, with extensive experience in the funeral industry. They delve into the intricate process of handling funeral arrangements and celebrations of life, emphasizing the critical first steps when a loved one passes away.

Michael, a born-and-raised Calgarian, share insights into the challenges faced by executors and administrators when dealing with funeral arrangements. The conversation emphasizes the importance of addressing financial concerns and the benefits of pre-planning to eliminate confusion. The hosts explore various scenarios where families may struggle with accessing funds and how funeral homes work with them to find solutions. They also delve into the rising trend of pre-planning funerals and the services funeral homes offer beyond the funeral itself.

Key points:

Michael elaborates on the challenge of navigating complex family dynamics and relationships when determining authority.
Benefits of pre-planning funerals, including clarifying the deceased's wishes, reducing family disputes, and streamlining the decision-making process.
Funeral homes offer checklists and organize information to help families navigate post-funeral tasks, reducing stress for executors.
Good funeral home service provides valuable education to families, easing the daunting role of dealing with estate matters.
Families may need to step up and cover funeral costs if funds are not available, with options to seek government assistance.
Approximately 20% of funeral calls involve pre-planned funerals, with a steady trend in pre-planning among certain demographics.
After the funeral, funeral homes assist families with essential estate matters and provide guidance on applications like Canada Pension Plan death benefits.

More Information on Michael Pierson:
Pierson Funeral Services
Website: https://www.piersons.ca/
Email: Michael.pierson@piersons.ca

Estates Made Simple

en-usJanuary 10, 2024

The Executor's Year

Summary:

In this episode, the hosts delve into the concept of the executor's year, exploring its significance in estate administration. The executor's year refers to the idea that within a year of the date of death, the distribution of the estate should ideally take place.

The discussion revolves around legal principles, potential challenges, and the responsibilities associated with the executor's year.

Key points:

A concept suggesting that the estate distribution should occur within a year of the individual's death.
Estate administration varies widely based on factors such as business assets, tax issues, litigation, and contentious beneficiary disputes.
The timeline for estate closure is not rigid, with complexities determining the duration.
Delays may lead to additional costs, such as extended accountant fees for filing tax returns.
Executors may consider interim distributions after completing certain estate administration milestones.
Beneficiaries can cite the executor's year in claims against the estate, emphasizing the need for timely action.

Estates Made Simple

en-usDecember 27, 2023

Understanding Beneficiary Designations

Summary:

In this episode of "Estates Made Simple" we delve into a critical but often overlooked aspect of estate planning – beneficiary designations. This seemingly minor detail can have a significant impact if not handled thoughtfully. Join us as we explore the nuances of beneficiary designations, potential conflicts, and best practices to ensure a smooth transfer of assets.

We will go through the following critical points: the executor's limited control, the importance of planning, and the need for clarity in beneficiary designations to prevent unintended consequences and disputes.

Key points:

Executors do not control assets falling outside the estate via beneficiary designations.
The "last in time" principle governs conflicting instructions from the will and beneficiary designations.
Best practices include ensuring beneficiary designations align with estate planning objectives.
Consider tax implications, especially for registered products, and seek professional advice.
Review and update beneficiary designations to avoid surprises and ensure consistency.

Estates Made Simple

en-usDecember 13, 2023

Who Gets to Plan the Funeral

Summary:

In this episode of "Estates Made Simple," our hosts discuss the important topic of who gets to plan the funeral in estate administration. They emphasize the importance of having clear instructions in a will and making sure the executor follows them.

They also touch on religious requirements, disputes, and what happens when there's no will. The episode highlights the value of pre-planning and addresses the complexities of dealing with remains, especially in the context of international travel.

Key points:

Appropriate insurance coverage for funeral arrangements when travelling is recommended.
Planning and communication within the family are crucial to avoid delays and disputes in making decisions.
In cases where there is no will, rules governing funeral services establish an order of priority for next of kin.
In cases of disagreement between family and the executor, the executor has the final say, ensuring reasonable costs and appropriate handling of the deceased's remains.
Having a valid will provides the executor with clear authority for making decisions about funeral arrangements.

Estates Made Simple

en-usNovember 29, 2023

Dealing with Real Estate in Estate Administration

Summary:

In this episode of the Estates Made Simple podcast, our hosts discuss the complexities and considerations involved in dealing with real estate during estate administration, with a focus on the Alberta region. They emphasize the importance of legal authority, professional advice, and careful management when selling real estate within an estate.

Key points:

Communicate the sale strategy to mitigate risks and address objections early.
Get a certified appraisal to determine the property's value.
Consider whether staging or minor renovations could increase the property's value.
The importance of obtaining proper legal authority and following land title rules.
The need for court approval in specific cases, especially if there are disputes or challenges to the executor's authority.

Estates Made Simple

en-usNovember 15, 2023

When to Step Down as an Executor

Summary:

In this episode, our hosts explore the scenarios and considerations for when an executor might need to step down from their role. They emphasize the importance of understanding that being an executor is a choice, and just because someone's name appears in a will doesn't mean they are obligated to serve in that role.

The episode touches upon various reasons why an executor might consider stepping down, including lack of time or desire, family conflicts, unreasonable beneficiaries, and the potential for conflict of interest. The hosts also discuss the importance of seeking professional help and delegating tasks when necessary.

Key points:

Executors have the choice to accept or decline their role. It's essential to ensure they are willing to serve in that capacity.
Common reasons for stepping down include a lack of time, desire, or capacity to handle the estate, family conflicts, unreasonable beneficiaries, or conflicts of interest.
Renunciation should be considered early in the estate administration process to avoid complications later on.
If you're in a conflict of interest, you may be asked or forced to step down from your role as an executor.
Always consider seeking advice and support to complete the duties effectively and avoid personal liability.

Estates Made Simple

en-usNovember 01, 2023

Ask this episode Anything

What was the main topic of the podcast episode?

Summarise the key points discussed in the episode?

Were there any notable quotes or insights from the speakers?

Which popular books were mentioned in this episode?

Were there any points particularly controversial or thought-provoking discussed in the episode?

Were any current events or trending topics addressed in the episode?