Shows
Estates Made SimpleShould You Tell Your Kids What They’re Inheriting?Episode SummaryIn this episode, Gord and Jenna explore one of the trickier conversations in estate planning: should you tell your children what they’ll inherit?While disclosure will happen eventually during estate administration, the question is whether discussing the inheritance while you’re still alive helps or hinders family harmony. Gord and Jenna break down the pros and cons, including how preemptive communication can prevent legal challenges and protect family relationships.Key Topics CoveredThe Timing of DisclosureWhen is the right time to tell your kids? Jenna shar...2025-07-0912 minEstates Made SimpleWhat Happens When an Executor Dies Mid-Estate?Episode SummaryIn this week’s episode, Gord and Jenna tackle a question many executors (and planners) may not have thought of: What happens when an executor passes away during the administration of an estate?This isn’t just a legal technicality—it can create delays, additional court processes, increased costs, and stress for beneficiaries. Gord draws on real-life scenarios from his legal practice to walk us through how this unfolds and how to plan ahead to reduce risk.Key Topics CoveredCommon TriggersWhy estates can sometimes take years...2025-06-2508 minEstates Made SimpleCharitable Giving & Donor-Advised Funds: What Executors Need to KnowEpisode SummaryToday we’re diving into the world of charitable giving and the growing role of donor-advised funds (DAFs) in estate administration. Special guest Ian Currie from Canada Gives joins Gordon and Jenna to walk executors and estate planners through how donor-advised funds work, when to consider a private foundation, and how to honour a loved one’s philanthropic legacy with more ease and flexibility.Whether you’re planning your own estate or administering someone else's, this episode breaks down everything you need to know about managing charitable gifts effectively and strategically.2025-06-1130 minEstates Made SimpleDigital Assets in Estate Administration with Nicole GartonEpisode SummaryDigital assets are no longer just a tech issue—they’re a legal, financial, and emotional part of modern estate administration. In this episode, Gordon and Jenna are joined by Nicole Garton, a seasoned estates lawyer and the President of BC’s Heritage Trust Company, to explore what executors and planners need to know about managing digital assets after death.From crypto and cloud-stored photos to email, social media, and intellectual property, digital assets are now a vital part of estate planning—and ignoring them can lead to legal delays, disputes, or even...2025-05-2825 minEstates Made SimpleExecutor’s Guide to Cross-Border & International AssetsEpisode SummaryIn this episode, Gordon and Jenna dive into the complexities of administering estates with international or cross-border assets. Whether it’s a vacation home in Portugal, a U.S. investment account, or a bank balance left behind in another country, executors need to navigate legal, tax, and logistical hurdles carefully to avoid missteps.As more Canadians hold global assets, this episode offers timely advice for executors and estate planners to help protect estate value and minimize risk.Key Topics CoveredWh...2025-05-1416 minEstates Made SimpleEstate Organization & Executor Prep: Insights from Melissa Best of Quick EstateEpisode SummaryIn this special guest episode of Estates Made Simple, Gordon and Jenna welcome Melissa Best, a seasoned money manager turned tech entrepreneur, who shares her deep insight into why estate organization is often the missing link in a well-laid estate plan.Melissa draws on 40+ years of experience managing high-net-worth portfolios and fiduciary accounts to reveal the most common executor challenges—and how her platform, Quick Estate, is helping fix them.Whether you’re an executor, estate planner, or simply trying to get...2025-04-3032 minEstates Made SimpleWhy Executors Should Always Charge a FeeEpisode SummaryIn this episode, Jenna and Gordon tackle a sometimes controversial topic: executor compensation. Many executors feel hesitant about charging a fee, fearing family pushback or concerns about fairness. But executor work is complex, time-consuming, and carries personal liability—making compensation not just reasonable, but essential.They break down the legal entitlement to executor fees, discuss common misconceptions, and share practical strategies to ensure executors are fairly compensated while maintaining transparency with beneficiaries.Key Takeaways...2025-04-1615 minEstates Made SimpleWorking with Charitable Beneficiaries in Estate AdministrationEpisode SummaryIn this episode, Gordon and Jenna discuss the unique challenges of managing charitable beneficiaries in estate administration. With charitable giving on the rise, executors must understand legal responsibilities, tax implications, and best practices when working with charities.Learn how to engage with charities, determine if they accept assets in kind, and ensure transparent communication to avoid issues in the estate process.Key Takeaways1. Charitable Giving Requires a WillA charity cannot...2025-04-0214 minEstates Made SimpleThree Things Executors Often Don’t Know About Estate AdministrationEpisode SummaryIn this episode, Gordon and Jenna break down three key aspects of estate administration that often surprise executors. While many assume the role is straightforward, there are hidden complexities, legal responsibilities, and risks that can catch executors off guard.They discuss the public nature of probate, the personal liability risks of being an executor, and the importance of understanding that you can decline the role before acting. If you’ve been named an executor or are involved in estate planning, this episode is packed with ...2025-03-1909 minEstates Made SimpleThree Things Executors Often Don’t Know About Estate AdministrationEpisode SummaryIn this episode, Gordon and Jenna break down three key aspects of estate administration that often surprise executors. While many assume the role is straightforward, there are hidden complexities, legal responsibilities, and risks that can catch executors off guard.They discuss the public nature of probate, the personal liability risks of being an executor, and the importance of understanding that you can decline the role before acting. If you’ve been named an executor or are involved in estate planning, this episode is packed with ...2025-03-1909 minEstates Made SimpleStepping Down as an Executor: When & How to ResignEpisode SummaryIn this episode, Gordon and Jenna discuss stepping down as an executor after you’ve already started acting. While renouncing before taking on the role is straightforward, resigning once you've begun administering the estate requires a formal court application. They explore when an executor should consider stepping down, the legal process involved, and key considerations to ensure a smooth transition.Whether due to conflict of interest, family disputes, health concerns, or legal challenges, executors must follow the proper steps to protect themselves fr...2025-03-0514 minEstates Made SimpleUnderstanding Adjusted Cost Base (ACB) for ExecutorsEpisode SummaryIn this episode, Gordon and Jenna break down the concept of Adjusted Cost Base (ACB) and why it’s critical for executors managing estate assets. They discuss how ACB impacts capital gains tax, the importance of maintaining records, and how proper calculations can save the estate—and its beneficiaries—thousands in unnecessary taxes.Executors will learn how to track ACB for real estate, investments, and other assets, ensuring they meet tax obligations accurately while protecting estate value.Key Takeaways✔ What i...2025-02-1910 minEstates Made SimpleDisrupting Real Estate: How Bode Canada Helps Executors Sell Property with Robert PriceEpisode SummaryGordon and Jenna sit down with Robert Price, CEO of Bode Canada, to explore how executors can sell estate properties faster, with greater transparency, and at lower costs.Bode’s online platform lets homeowners and executors list, market, and sell properties without a realtor—saving thousands in commissions while ensuring full market exposure. Executors can track all activity, reducing disputes and maximizing estate value.Key Takeaways✔ What is Bode Canada?A tech-driven real estate...2025-02-0528 minEstates Made SimpleExercising Executor Discretion: Best Practices and Guiding PrinciplesEpisode SummaryIn this episode of Estates Made Simple, Gordon VanderLeek and Jenna Carvalho tackle an essential topic for executors: exercising discretion when making decisions during estate administration. From choosing vendors to distributing assets, executors face numerous discretionary decisions that can impact the estate's value and beneficiaries' satisfaction.The hosts provide a thoughtful framework to guide executors in their decision-making process, emphasizing objectivity, professional advice, and documentation to minimize liability and maximize the estate's value.Key TakeawaysObjectivity Is Crucial:Avoid defaulting to familiar...2025-01-2210 minEstates Made SimpleHenson Trusts: Planning for Disabled BeneficiariesEpisode SummaryIn this episode of Estates Made Simple, Gordon VanderLeek and Jenna Carvalho delve into the intricacies of Henson Trusts, focusing on their critical role in estate planning for disabled beneficiaries. They explore the origins of Henson Trusts, their evolution across provinces, and the specific considerations trustees must account for when managing them—especially in Alberta, where unique rules apply under the Assured Income for the Severely Handicapped (AISH) program.This comprehensive discussion offers guidance for families looking to provide financial support for loved ones with long-term disabilities while safeguarding el...2025-01-0818 minEstates Made Simple50 Episodes Later- Highlights, Insights, and GratitudeEpisode SummaryIn this special 50th episode of Estates Made Simple, Gordon VanderLeek and Jenna Carvalho reflect on their journey over the past 50 recordings. From early challenges to memorable moments, the duo takes a walk down memory lane, sharing highlights, guest insights, and personal reflections on the podcast's purpose.The episode focuses on:Key lessons learned about estate planning.How the podcast has evolved to provide guidance and practical advice to listeners navigating estate administration or planning their own estates.Heartfelt gratitude to listeners and their behind-the-scenes support team, with a special...2024-12-2611 minEstates Made SimpleUnderstanding Testamentary Trusts and Creditor ProtectionEpisode SummaryIn 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, marital claims, or other financial risks.Maintaining a clear distinction between inheritance and personal assets to prevent commingling.They also touch on the legal nuances of trust structures, including how trusteeship impacts...2024-12-1120 minEstates Made SimpleWhy Are Wills So Long? Understanding the Essential Provisions That Protect Your EstateSummary: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 administration. We unpack how these provisions empower the executor with the tools they need to handle complex situations efficiently, avoid legal complications, and potentially save costs for the estate.Through practical examples...2024-11-2718 minEstates Made SimpleUnderstanding Personal Directives in Estate PlanningSummary: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 healthcare decisions when individuals can no longer make those choices themselves.Join us as we explore the responsibilities of an agent acting under a personal directive, important considerations for decision-making, and the...2024-11-1316 minEstates Made SimpleUnderstanding the 21-Year Rule in TrustsSummary: 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 challenges, including the rule against perpetuities. If you're a trustee or someone interested in estate planning, this episode is packed with information that will help you better understand these complex topics. 2024-10-3013 minEstates Made SimpleThe Positives of Being an ExecutorSummary: 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 compensation that can make this role rewarding. Whether you're planning your own estate or acting as an executor, this episode offers valuable insights into the potential upsides of this important responsibility. ...2024-10-1609 minEstates Made SimpleUnderstanding Different Types of BeneficiariesSummary: 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 strategic planning in estate management. They also offer practical advice on how executors can navigate the various challenges that arise in fulfilling their duties, ensuring that all beneficiaries are treated fairly and the estate is administered according to the deceased's wishes. K...2024-10-0214 minEstates Made SimpleEstate Planning Essentials: Insights for a Smooth AdministrationSummary: 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 organization, communication, and thoughtful planning to ensure a smooth estate administration process for executors and beneficiaries alike. Key points: Keeping legal documents up-to-date is essential, but equally important is maintaining organized reco...2024-09-1818 minEstates Made SimpleCommon Executor QuestionsCommon 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 risks executors should be aware of. Tune in to learn how to navigate these responsibilities effectively and ensure a smooth estate administration process. Key points: Typical timel...2024-09-0415 minEstates Made SimpleSuccessful Estate Administration - Tips, Themes, and Common Traps to AvoidSummary: 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 objective decisions, and relying on experts. These insights aim to guide executors in navigating the estate administration process smoothly and effectively. Key points: Develop systems to manage time efficiently Understand that estate admin...2024-08-2114 minEstates Made SimpleNavigating Probate for Small EstatesSummary: 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 administration. Key points: Always verify whether probate is necessary for the estate you’re handling When dealing with specific assets like vehicles, check local regulations as they might differ a...2024-08-0718 minEstates Made SimpleWhat Can You Bequeath on DeathSummary: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's affairs after their passing.Key points:The importance of clarity in expressing wishes regarding organ or tissue donation in the will.Assets encompass a wide range of possessions, including bank accounts, real...2024-07-2420 minEstates Made SimpleManaging Missing Assets in Estate PlanningSummary: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 to navigate these situations effectively. Key points:Testators may specify in their wills that certain items go to specific individuals, but circumstances can change before their passing.Assets may no l...2024-07-1009 minEstates Made SimpleNavigating Inheritance Conditions Legal, Moral, and Ethical ConsiderationsSummary: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 play a crucial role in interpreting and executing the terms of a will, especially when it comes to conditional bequests.Testamentary freedom allows individuals to dictate how their assets are distributed after their...2024-06-2617 minEstates Made SimpleNavigating Estate Administration Across JurisdictionsSummary: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 managing such estates.Key points:Executors must identify the appropriate jurisdiction for each asset, including those located outside the primary residence.Assets located in other jurisdictions require resealing applications in each relevant province or...2024-06-1213 minEstates Made SimpleNavigating Tax Returns at Death with Matt Sharp from Structure LLPSummary: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 dissolving a company or extracting money, emphasizing the importance of careful planning to avoid double taxation and maximize tax efficiencies. Overall, the episode provides essential tips for executors to navigate the complexities of post-mortem...2024-05-2932 minEstates Made SimpleWhat Questions Should an Executor AskSummary: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 need to be addressed.Key points:Location of Important Documents: The proposed executor should inquire about the whereabouts of the will and other important documents to expedite the probate...2024-05-1519 minEstates Made SimpleNavigating Estate Administration with Property in Multiple ProvincesSummary: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 jurisdiction, we delve into the steps and challenges of managing such estates.Key points:The importance for executors to be aware of estate assets outside the province of residence.The role of the executor...2024-05-0113 minEstates Made SimpleExploring the Exciting World of Estate Administration with Guest Michael Kind from Estately CanadaSummary: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 his work.The discussion also delves into the importance of thorough inventories, insurance considerations, and the significance of clear instructions in wills. Join us as we explore the dynamic and sometimes surprising world...2024-04-1728 minEstates Made SimpleWhat Happens When You Pass Away Without a WillSummary: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 importance of understanding the default rules set by the government and provide insights into the priority of application for administering the estate.Key points:...2024-04-0314 minEstates Made SimpleManaging Insurance for Vacant PropertiesSummary: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 situations, emphasizing the importance of ensuring that the property has adequate coverage in the event of a loss. Key points:Vacant properties pose a significant risk for insurance companies and executors.I...2024-03-2013 minEstates Made SimpleNavigating Estate Litigation Tips for Executors with Guest Judd BlittSummary: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 n...2024-03-0635 minEstates Made SimpleDealing with Banks and Financial Institutions as an ExecutorSummary: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...2024-02-2114 minEstates Made SimpleInvesting Estate AssetsSummary: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 p...2024-02-0710 minEstates Made SimpleManaging and Solving Insolvent EstatesSummary: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...2024-01-2416 minEstates Made SimpleDealing with Funeral Arrangements and Celebrations of Life with Guest Michael PearsonSummary: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...2024-01-1027 minEstates Made SimpleThe Executor's YearSummary: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 s...2023-12-2711 minEstates Made SimpleUnderstanding Beneficiary DesignationsSummary: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 through the following critical points: the executor's limited control, the importance of planning, and the need for clarity in beneficiary designations to prevent unintended consequences and disputes. Key points:2023-12-1315 minEstates Made SimpleWho Gets to Plan the FuneralSummary: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 of pre-planning and addresses the complexities of dealing with remains, especially in the context of international travel. Key points:Appropriate insurance coverage for funeral arrangements when t...2023-11-2908 minEstates Made SimpleDealing with Real Estate in Estate AdministrationSummary: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 to mitigate risks and address objections early.Get a certified appraisal to determine the property's value.Consider whether staging or minor renovations could increase the property's value.The importance of obtaining p...2023-11-1516 minEstates Made SimpleWhen to Step Down as an ExecutorSummary: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 consider stepping down, including lack of time or desire, family conflicts, unreasonable beneficiaries, and the potential for conflict of interest. The hosts also discuss the importance of seeking...2023-11-0114 minEstates Made SimpleDealing with Pets in Estate AdministrationSummary: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 possibility of creating animal trusts, appointing guardians for pets, and the importance of open communication with beneficiaries and family members.Key Points:Executors' responsibilities include ensuring the proper care, shelter, and food for pets.Financial...2023-10-1810 minEstates Made SimpleTrusts and Testamentary TrustsSummary: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 management of trust assets. Key points:Trust companies can serve as unbiased and professional trustees, especially for long-term trusts.Trusts can be established in wills and require certain legal formalities to b...2023-10-0425 minEstates Made SimpleManaging Personal Belongings in Estate DistributionSummary: 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 due to sentimental attachments.Reviewing the will for specific instructions on personal items is essential.Getting appraisals for valuable items helps determine their worth.Involving beneficiaries in the distribution process and having t...2023-09-2023 minEstates Made SimpleNavigating Powers of Attorney in Estate PlanningIn 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:Powers of Attorney Significance: Powers of attorney are essential legal documents appointing representatives for financial and property matters.Adherence to Terms: Strict adherence to the document's terms is vital, including restrictions o...2023-09-0615 minEstates Made SimpleWays to Reduce Risk in Estate AdministrationSummary: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 beneficiaries, and obtaining clearance certificates from the Canada Revenue Agency (CRA).Key points:Releases should be obtained when making distributions and providing financial reports, ensuring agreement and preventing future lawsuits.Clearance certificates provide p...2023-08-2316 minEstates Made SimpleWhat Happens Between Death and Probate?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 frozen, banks often allow certain transactions to cover necessary expenses. They also touch upon the importance of planning to ensure smooth estate administration and provide insights on negotiating with banks and creditors. 2023-08-0917 minEstates Made SimpleConsiderations When Appointing an Out-of-Province ExecutorSummary: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. They also provide insights into waiving the bond, obtaining beneficiary consent, and the associated costs.Key points:Bond requirements act as insurance to protect the estate and beneficiaries from improper actions by...2023-07-2612 minEstates Made SimpleTestamentary IntentSummary: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 determine the deceased's intentions.Gordon & Jenna emphasize the importance of clear will drafting to avoid ambiguity. They address the role of the executor when encountering additional notes and provide guidance on seeking legal advice to assess...2023-07-1221 minEstates Made SimpleStrategies for Locating Missing BeneficiariesSummary: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 importance of being creative in approach and not relying solely on traditional methods of communication. They suggest placing notices in newspapers and online to expand the search, and highlight the value of engaging the services of a professional investigator as a last resort.2023-06-2818 minEstates Made SimpleUnderstanding the Estate Implications of Registered Education Savings Plans (RESPs)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 - single, family, and group plans.The interesting aspect of RESPs is that if there is no successor subscriber named for the plan, it falls into the residue of the estate, and the grant money can be returned to the...2023-06-1413 minEstates Made SimpleNavigating Taxes After DeathSummary: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 the clearance certificate from the CRA can take time, and it is important to know the deadlines and obligations related to tax filings.They also distinguish the taxation system in Canada from that in the...2023-05-3120 minEstates Made SimpleWhat Assets Make Up an EstateSummary: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 importance of understanding beneficiary designations in estate planning. They highlight some common issues that can arise when beneficiary designations are not properly planned. They provide examples and tips for executors and individuals with long-term disabilities o...2023-05-1719 minEstates Made SimplePerspective from the BeneficiarySummary: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 effective communication between beneficiaries and executors, and the role of legal advice in resolving issues related to estate administration. They also highlight the need for beneficiaries to be proactive in protecting their rights, particularly in cases where there m...2023-05-0326 minEstates Made SimpleExecutor Compensation in Alberta: Guidelines, Communication, and ConsiderationsSummary: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 speakers highlight the surrogate rules in Alberta, which provide guidelines for compensation, taking into account factors such as estate size and complexity, care and management, and money coming in and out of the estate. They also discuss the potential benefits and d...2023-04-1922 minEstates Made SimpleAppointing a Professional ExecutorSummary: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 there are unique aspects to the relationship with the estate. They can provide an independent and neutral third-party perspective, and they have the training, experience, and expertise to handle complex...2023-04-0521 minEstates Made SimpleHow to Choose an ExecutorIn 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 of executor can significantly impact the success of the estate administration and save money for the estate. Key points:Naming an out-of-country executor may cause legal and tax c...2023-03-2222 minEstates Made SimpleCommon Executor MistakesThis 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 professionals with experience in estates returns and meeting the appropriate deadlines. Key points:Consider whether to act as an executor or not as it ca...2023-03-0128 min
Estates Made SimpleStoring Your Will: Best OptionsThis 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 of having the original estate planning documents and storing them safely. It is recommended that individuals seek legal advice and professional advice to understand their roles and responsibilities in handling these documents. Key po...2023-02-2326 min
Estates Made SimpleWhat is Probate and When is it Needed?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 notice and reducing the risk of mistakes. Key Points:Probate confirms the validity of a will and grants legal authority to the executor to administer the estate.P...2023-02-2326 min