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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/

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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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.

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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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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Instagram

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.

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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Instagram

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

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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Instagram

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.

Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
Facebook
LinkedIn
Instagram

Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
Facebook
LinkedIn
Instagram