Estates Made Simple

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 th...

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...

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 o...

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 t...

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...

Summary: In this episode of the Estates Made Simple podcast, our hosts discuss the important considerations and challenges associated with including pets in estate administration. They emphasize the significance of proper care for pets when the owner passes away, the immediacy of addressing their needs, and the financial provisions required to ensure their well-being. The hosts also mention the po...

Summary: In this episode, Gordon and Jenna discuss the importance of trusts in estate planning and administration. They explore the different types of trusts, their benefits, and the key considerations for trustees and beneficiaries. Whether you're planning your estate or responsible for administering a trust, this episode provides valuable insights and best practices to ensure the effective...

Summary:   In this episode of Estates Made Simple with Gordon VanderLeek and Jenna Carvalho, the focus is on managing personal belongings during estate distribution. The hosts explore the emotional significance of these items, the challenges they present, and practical steps to ensure a fair and smooth process. Key Takeaways: Personal belongings in estate distribution can be emotionally charged du...

In this episode of the Estates Made Simple podcast, Gordon VanderLeek and Jenna Carvello delve into the critical role of powers of attorney in estate planning. They emphasize the need for understanding legal terms, adherence to restrictions, and best practices in estate management. Transparency, informal accounting, and the responsibilities of executors are key themes discussed.   Key Takeaways: P...

Summary: In this episode, Jenna & Gordon discuss ways to reduce risk as an executor or administrator of an estate. They emphasize the importance of seeking specific advice from qualified professionals and provide three easy and often overlooked ways to minimize risk.  They cover the following topics: posting a notice to creditors and claimants in the paper, obtaining releases from beneficiarie...

Summary: In this episode, Gordon and Jenna discuss the practical aspects of estate administration, focusing on what happens between the time someone dies and when probate is obtained. They address the common concern that banks freeze accounts after someone's death and explore the expenses that need to be paid during this period. Gordon and Jenna emphasize that although accounts are generally...

Summary: In this episode, Jenna and Gordon discuss the important considerations when appointing an executor who resides in a different province. They explain the bond requirements, which act as an insurance policy to protect the beneficiaries of the estate. Jenna and Gordon emphasize the need for careful planning and highlight potential issues that can arise if the bonding requirement is not met....

Summary: In this episode, Gordon & Jenna discuss testamentary intent and the impact of additional notes on estate administration. They explore the legal implications of handwritten notes found in the deceased's home or changes made directly on the will. They highlight the changes in the law regarding testamentary intent and the court's willingness to consider extrinsic evidence to de...

Summary: In this podcast episode, Gordon & Jenna discuss the challenges of finding missing beneficiaries in estate administration, particularly in situations where the deceased did not leave a will. They explore various strategies for locating beneficiaries, including online searches, social media profiles, and speaking to family members, friends, and old employers. They emphasize the importan...

Summary: In this podcast episode, Gordon & Jenna discuss the topic of Registered Education Savings Plans (RESPs) and their application in estate administration. They start with an introduction to RESPs and explain the government's rules regarding their contribution limits, maximum lifetime contribution limit, and how grants are taxed. They also explain the different types of plans - singl...

Summary: In this podcast episode, Jenna & Gordon discuss taxes after an individual passes away. They emphasize the importance of seeking specialized advice from an accountant to help with dealing with taxes and estate distributions. Jenna & Gordon suggest being careful while distributing the estate to ensure that there is enough money to pay any taxes owed. They also mention that getting t...

Summary: In this podcast episode,  Jenna & Gordon discuss the topic of what assets make up an estate. They discuss assets that pass outside of the estate, such as assets with beneficiary designations or joint holder status. They highlight that it's important to understand what assets are inside and outside of the estate for estate administration purposes. Jenna & Gordon discuss the im...

Summary: In this episode, Gordon & Jenna discuss estate administration from the perspective of a beneficiary, which is a different angle compared to their usual focus on the role of the executor and fiduciary responsibility. They provide tips and insights for beneficiaries, starting with the importance of patience in the estate administration process.  They emphasize the importance of effectiv...

Summary: In this podcast episode, Jenna & Gordon discuss the rules and regulations around executor compensation in Alberta, emphasizing the importance of fair compensation for the significant responsibilities involved. They recommend keeping track of expenses and providing reimbursement for out-of-pocket expenses, even if the executor chooses not to charge for their time and effort.  The speak...

Summary: This episode discusses the role of a professional executor and how they can be beneficial for some families. Professional executors are hired to act as an executive for an estate and are typically offered through trust companies. The hosts explain how professional executors are a good option for families with complex family situations, such as if adult children do not get along or if ther...

In this episode, Gordon and Jenna discuss the importance of selecting the right executor and essential considerations to keep in mind when choosing an executor for your estate. Choosing an executor is a decision that should not be overlooked when creating a will. It is important to choose someone who has the time, capacity, and personal circumstances to handle the estate administration. The choice...

This podcast episode discusses the common executor mistakes that can lead to personal liability. Executors are advised to take a sober second judgment at the beginning and ask themselves if they are ready for the role. They should also be aware of the types of assets they are managing and the type of estate they are going through.  This episode also highlighted the importance of hiring the right p...

In this podcast episode, Gordon and Jenna discuss the probate process and when it is needed. They clarify that probate is required when someone dies with a will, and it allows the court to validate the will and grant legal authority to the executor to administer the estate. The hosts also explain the importance of having a lawyer in the probate process, particularly in assessing who is entitled to...

This podcast episode is focused on the importance of storing estate planning documents safely, particularly the will, power of attorney document, and personal directive. It is important to have access to these documents in case of incapacity or death, as not having the original documents can cause delays and costs in the administration of the estate.  Overall, the episode emphasizes the importance...