Estates Made Simple

Episode Summary In this episode, Gordon and Jenna dive deep into the topic of testamentary trusts and their role in creditor protection . They explore the situations in which establishing a trust as part of an estate plan might be beneficial, including: Protecting beneficiaries with poor money management skills, substance dependency, or disabilities. Safeguarding assets from external creditors, ma...

Summary: In this episode, we dive deep into the world of wills, exploring the common question: "Why does a will have to be so long?" Our hosts discuss the difference between the unique client-tailored provisions and the standard template clauses, also known as the administrative provisions. These seemingly mundane sections often cause confusion, but they serve a crucial role in estate ad...

Summary: In this episode, we delve into the essential role of personal directives in estate planning. In Alberta, clients typically need to execute three critical documents: a will, a power of attorney for property, and a personal directive. While the will dictates what happens after death and the power of attorney manages financial matters during incapacitation, the personal directive focuses on...

Summary:   In this episode, our hosts dive into the intricacies of the 21-year rule in trust administration. Often misunderstood, the 21-year rule pertains to the deemed disposition of assets held within a trust, not the lifespan of the trust itself. The duo debunks common myths surrounding this rule, explains its implications for trustees, and offers valuable insights on how to navigate potential...

Summary:   In this episode, we dive into a topic that's often overlooked—the benefits of being an executor. While the challenges and responsibilities of the role are frequently discussed, we wanted to shed light on the positive aspects that can come with serving as an executor.  Our hosts explore the sense of accomplishment, the control over estate administration, and even the financial compe...

Summary:   In this episode our hosts dive deep into the complexities of estate administration, focusing on the roles and responsibilities of executors when dealing with different types of beneficiaries. The discussion covers the distinctions between legatee (non-residual) beneficiaries and residual beneficiaries, highlighting the importance of effective communication, careful accounting, and strat...

Summary:   In this episode, our hosts explore the critical insights they wish they could share with individuals who have created new wills before passing away. Drawing from their extensive experience managing hundreds of estates, they discuss common issues that arise during estate administration and offer practical advice for effective estate planning.  The episode emphasizes the importance of org...

Common Executor Questions   Summary:   In this episode, we delve into some of the most common questions executors face. Whether you're an executor for the first time or looking to refresh your knowledge, this episode provides valuable insights and practical advice. They discuss the typical timeline for estate administration, the steps involved in administering an estate, and the potential ris...

Summary:   In this episode, we dive into the world of estate administration, drawing from our experiences with both professional executors and laypeople who have taken on this critical role. We discuss key themes and share tips on what makes an executor successful.  The conversation covers defining successful estate administration, managing time effectively, providing regular updates, making objec...

Summary:   In this episode, our hosts dive into the complexities of handling small estates and discuss whether probate is necessary in such cases. They explore the reasons behind the probate process, its advantages, and why it might be beneficial even for smaller estates.  The conversation highlights common scenarios and provides practical advice for executors facing the daunting task of estate ad...

Summary: In this episode, our hosts dive into the complex question of what individuals can bequeath upon their death. They break down the topic into three main categories: assets, remains, and dependents. Throughout the discussion, they provide valuable insights into the considerations individuals need to make when establishing a will and the responsibilities of executors in managing someone'...

Summary: In this episode, we delve into the complexities surrounding missing assets in estate planning. Testators often draft their wills years before passing, stipulating specific items for particular beneficiaries. However, circumstances change, and assets may no longer be owned as intended. We explore what happens when items mentioned in a will are missing, the executor's duties, and how t...

Summary: In this episode, we explore the fascinating world of conditions in wills and the implications they hold for executors. Inspired by a thought-provoking case from the Netflix show "Fisk," where a deceased individual stipulated a vasectomy as a condition for inheritance, we delve into the legal complexities and moral considerations surrounding such conditions. Key points: Executors...

Summary: In this episode, we delve into the complexities of administering estates with assets spread across multiple jurisdictions. As individuals increasingly acquire properties in different provinces or even countries, it's vital for executors to understand the legal and practical considerations involved. From probate processes to tax implications, we explore the steps and challenges of man...

Summary: In this episode, we had Matt Sharp from Structure Chartered Professional Accountants LLP, an expert in tax returns and estate planning, discussing the complexities of tax returns required after someone passes away. We delve into the complexities of estate taxation and the strategies available to mitigate tax burdens. Our guest outlines the implications of various actions such as dissolvin...

Summary: In this episode, our hosts discuss the crucial questions an executor should ask before agreeing to an appointment. They emphasize the importance of proactive communication between the testator and the proposed executor to ensure a smooth and efficient estate administration process. Gordon draws from his experience as an executor to provide practical insights into the key questions that ne...

Summary: In this episode, we explore the complexities of administering estates with assets spread across multiple provinces or countries. With an increasing trend of people owning property in different locations, it's essential for executors to understand the considerations and processes involved. From determining where probate should be filed to navigating legal requirements in each jurisdic...

Summary: In this episode, Mike Kind, partner of Estate League Canada, joins the podcast to share his vast experience in dealing with personal and real property. Mike provides valuable tips and tricks for executors navigating the complexities of estate administration. From uncovering hidden treasures in unique places to handling sentimental items with care, Mike sheds light on the intricacies of hi...

Summary: In this episode, the hosts delve into the complexities that arise when an individual passes away without a will. They explore the legal processes and rules that dictate the distribution of assets and the appointment of an administrator. The lack of a will leads to a reliance on provincial guidelines, introducing potential challenges for the grieving family. The hosts emphasize the importa...

Summary: In this episode, our focus revolves around the complexities of managing vacant properties, particularly in the aftermath of a deceased individual. The vacant status of a property poses additional risks for both insurance companies and executors, necessitating careful consideration and proactive steps. Our hosts delve into crucial aspects of dealing with insurance companies in such situati...

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 involv...

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 affa...

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 i...

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 discussi...

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 cha...