Every year brings new technology to make our lives easier and more efficient, but as we all sign up for electronic billing, social media accounts, and financial planning apps, it makes estate planning in Canada more complex.
If you or a loved one were to pass away suddenly, consider these questions:
Does anyone have your social media passwords?
Does your significant other know all of the apps and accounts you use for online banking, investing, taxes, and budgeting?
Does anyone have access to your subscription services like Netflix, Spotify, or Disney+?
Is there a record of any cryptocurrency you may own, like Bitcoin?
Do you own an eCommerce store like Etsy or Shopify? Does anyone have access and is there a succession plan for managing it?
Some people are beginning to plan ahead by using password storage solutions such as Passpack, but many Canadians are still not even considering the fact that their Executor could be locked out of very pivotal accounts with essential information.
Canadians who plan for the day when they must pass on their estates face a quiet fear that many of us don’t acknowledge for most of our lives. It takes courage to follow the necessary steps to ensure that their legacies survive as intended.
That leaves us asking the question should Executors have unlimited liability while grieving?
You can see the complete** list of your responsibilities below.
**This is a complete list of basic executor tasks only. Each estate is different and may require different actions. For example, one testator could be a small business owner and an organ donor while another is not. Be sure to review your duties and their timeline for completion with a legal professional. Don’t have a legal professional? You can find one here.
The passing of accounts refers to the formal process by which a personal representative, whether Estate Trustee, Trustee, Attorney or Guardian collectively referred to herein as a “Trustee”, presents the estate or trust accounts in the court approved format to the beneficiaries and the court.
“Who should be my executor?” is one of the first and most important questions to ask yourself when you’re making your estate plan or Will.
Planning an estate or preparing a will involves important decision making. Every year, Canadians consider which items to include in their will. Some of these items include choosing a guardian for their children and who will obtain their assets.
However, one of the most important choices Canadians should consider is who they name as the executor to their will or estate plans. After all, this person will be responsible for all financial obligations.