When you buy a home, it is a prime opportunity for you to think about estate planning. This new asset can change your financial position. A home is one of the biggest purchases any of us make in our lifetime so thinking about having a will done at the same time makes sense.
When you have a will prepared, you will appoint someone (or more than one person) to act as your personal representative. The person, or persons, you appoint are called your Executors. Under your will, they will have the responsibility of gathering in the assets of your estate, applying for probate, paying out liabilities and distributing assets under your will. It is important to appoint someone that you trust to perform the duties assumed by virtue of this position.
Your Executor is generally entitled to some compensation for their services (although this can be waived by the personal representative if they wish to do so). The available compensation is comprised of up to 5% of the capital and income of the estate, as well as a care and management fee of 0.4%. This compensation is set out under the Trustee Act.
This information is general in nature only. You should consult a lawyer before acting on any of this information. This information should not be considered as legal advice. To learn more about your legal needs, please contact our office at (250)448-2637
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