What is The Estate Setlement in a Will

Estate planning is the process of accumulating and disposing of wealth before death of individual or a group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes. Choosing an executor is importance to ensure that someone who you trust will help to perform duty of estate settlement upon your death.

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I. Definition
Estate settlement is also known as estate administration. It is the form of handling the decreased person assets by an appointed executor or executors. If the deceased did not leave any testamentary dispositions then the dispositions can be proceeded.
II. How it works
Estate settlement includes the following
a) Testamentary dispositions and will probated
Written, holographic will will have to apply to the court for probate before assets can be gathered by the executor and only most recent will has legal value. If the deceased did not leave any testamentary dispositions then the dispositions can be proceed. Any testamentary trust in a will must be closely examined and resolved.
b) Notifying public
The purpose of this notice is to inform the heirs, creditors and debtors to the estate of the existence and identity of the liquidator.
c) Inform the federal and estate or provincial governments of the person's death.
It is necessary if the decreased person is receiving pension incomes from the federal and estate or provincial government
d) Identifying the beneficiaries
c) Gather all decreased person documents
All documents are gathered including life insurance policy, birth certificate, decree of divorce and other related to decreased person documents. Only the death certificate and the copy of the act of death are legally recognized.
e) Create an estate account
So all assets can be deposited into that account
f) Gather all deceased person assets
All assets including stocks, bond , property, etc. will be calculated if necessary using arm's length to determine the asset values.
g) Notifing public after all assets of decreased person are gathered
Identifying all debtors, such as credit card debts, personal loans, etc
h) File income tax for decreased person
File income tax, any taxes owed by the decrease should be paid
i) Pay off all debts
j) Other settlement if need
Such as family patrimony and the matrimonial or civil union regime are there for married spouses or spouses in a civil union.
k) Pay out remaining decreased person assets to beneficiary

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