14 — Sunday, _ 3. 1998 - North Shore News

Janice Mucalov, LL.B. Contributing Columnist

IT happens to all of us. A parent or loved one dies, and you’re in charge of their affairs. What to do? Don’t panic. Rarely do finan- cial matters require immediate attention.

First, take care of the funcral arrangements. Later, you can arrange for the deceased’s bank to reim- burse you for the funeral bills.

The bank will do this if the account has sufficient moncy and you produce 2 death certificate trom Vital Statistics. :

Then when you feel up to it, search for the deceased’s last will, perhaps among the papers at home or in a safety deposit box.

Also gather together as much information about the deceased’s financial affairs as you can, such as income tax returns, RRSPs, bank books, and life insurance policies.

With this in hand, find a lawyer who will arrange a free consultation to tell you what needs to be done.

For many estates, if you're named as executor in the will, you'll have to apply to the court for a “grant of probate.”

Being executor means that you take control of the estate, pay the bills, and dis- tribute the bequests. Probate is a procedure to prove the will is valid and establish your right to act as executor.

If there’s no will, you

ADVERTISING CORRECTION

in our ; Day insert included in this newspaper PLEASE NOTE:

Page 22- “Classic Pooh" bed- ding & accessories will be avail- able May 73, 1998.

We sincerely apologize to-our valued customers and regret any inconvenience or contu- sion this may have caused.

EATON’S

ADVERTISING CORRECHION -

In our Mother's Day included :n this newspaper PLEASE NOTE:

Page 3- Estee Launder Plea-

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Page 10- Clarins Self-Tanning” Gel SPF6, 125 mi - $24 was incorrectly described. Co should read: “Clarins Seli-Tan- ning Gel, 125m! - $24”. This product DOES NOT contain an SPF factor.

We sincerely apologize to our valued customers and regret any inconvenience or confu- sion this may have caused.

EATON’S

may apply to be named as administrator instead.

Ay exccutor, you must noufY everyone who is legal- Iv entitled to know about the death, including beneti- caries, commoan-law part- ners, and close relatives, in case they want to challenge the will.

‘You must also keep detailed accounts of the debts you pay and any gifts and property transferred.

And vou must see that valuables are safely stored and that proper home and other insurance is still in effect.

Acting as executor can be time consuming. You can also be personally sued if you don’t administer the estate properly.

To protect against unknown ereditors, you can publish a notice to creditors in a local newspaper.

Your lawyer can help by

C when settling an estate

reviewing and exe “haat the will, ensuring the nght peo ple are notified of the pro bate application, preparing

and carrving out the probate

application, transferring any Property or gifts, and obraining a court release fram vour duties once the estate has been adrinmis: tered.

The legal fees and expenses will be paid from the estate. The tees should be charged according to the time spent ora fixed amount.

For most estates, where there as a clear will and, say, a house, some bonds, and a hank account or two, vou can expect to pay around $1,000 in tees plus expenses There is also a court tee of .6% of the estate’s value.

Often, vou can avoid probate if the assets are payable to a named beneti- ciary, are owned in “joint tenancy”, or are very small. If you owned your home as “joint tenant” with the deceased, the land titles office will transter the title to you upon receiving the death certificate and other legal documents.

A Jawyer can quickly determine if you can avoid probate.

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returns to the North Shore.

Consider This Your Wake-up Call.

It’s a fast paced world and you want to keep up. But for you, luxury cars have had all the appeal of a big yawn. Until now.

Audi's back on the North Shore with three of the hottest luxury models. Touring Sedans, Quattro, Tiptronic, Adrenaline.

And they’re here at your North Shore Audi Dealer.

Been there and done that just don’t apply anymore.