Q. Does my home insurance cover liabilities occurring when acting as an executor? A. No, typical home insurance covers injuries and property damage to other parties but does not cover estate administration errors that result in financial loss to other parties.
Q. Who pays when the estate gets sued? A. Traditionally, it was acceptable to use the beneficiaries’ money from the estate to defend and pay for legal actions brought against the estate during administration. Courts today are re-examining the traditional access to estate money in respect to lawsuits; they may impose restrictions or prohibit the […]
A. People don’t typically think about the role of executor as having a personal financial risk but nothing could be further from the truth. It’s important that people understand they are effectively pledging their own personal assets against a significant loss of estate value that is attributed to their negligence in administering the estate as […]
Q. Who is the executor responsible to? A. The executor is personally liable for his or her actions to the following groups or individuals: – Beneficiaries and creditors for investment losses and breaches of trust; and – Other parties, with whom the deceased may have had dealings, for contractual obligations and wrongs in law (tort […]
Q. What is the executor’s legal duty? A. The executor has a fiduciary duty to the parties to the estate. A fiduciary duty is a much higher standard of care and performance than is typically required in a non-fiduciary role, because it involves the management and distribution of money belonging to other parties. The required […]
We love our furry, four-pawed, and feathered creatures and our favourite Santa has generously donated his time to our Christmas paws cause. We believe in direct giving and have found a family through the military family resource centre who has fallen upon some challenging times. Often these are the people who work hard, keep putting […]
Do you need a notarized travel letter authorizing your child to cross over into the USA or other foreign destinations? The answer is YES. Recently I spoke with Officer Spack, a border guard, who confirmed that children are often denied access into the USA without proper documentation. From personal experience, last year, we needed to […]
In addition to earning a Master’s Degree in Applied Legal Studies and gaining comprehensive legal knowledge on the elements of the notary profession we all set up and run a business. The business we run is strikingly similar to many other businesses that are owned and operated in our communities. A notary business needs to […]
