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.
There is a misconception surrounding ‘closed’ estates and why an estate can never really be closed.
Being the executor of an estate can be a lengthy and tiresome job. Once an executor has paid all of the estate bills, distributed the assets to beneficiaries, and received a clearance letter from the CRA, you’d think your job would be finished.