The Estate & the Executor: What’s Next?
You’ve been appointed as Executor in the Will of a loved one, friend or relative.
What do you do now? We will try to help…
This section of our website sets out general information for Executors that explains the fundamentals of dealing with an Estate and administering an Estate. We can’t promise that the information contained in this section will make your job easier – by it’s very nature dealing with an Estate involves complexities – but we hope it will give you some idea of the issues and process involved.
Essentially the Executor is responsible for ensuring the instructions in the deceased’s Will are carried out in accordance with the provisions set out in it.
Unfortunately, there are a fair number of legal complications that may arise in settling an Estate, particularly where it is necessary to probate a Will, as well as those flowing from Canadian tax law. No matter what, you will be dealing with the Canada Revenue Agency(CRA) to resolve the Estate.
You will need the Death Certificate and probably copies as well.
You will have collect information on all the deceased`s assets, such as all bank accounts, safety deposit boxes, investments, Real Estate, RRSPs, RRIFs, TSFAs, any business they may have owned, an so on. Often these are not easy to identify and locate.
Are there insurance policies that need to be dealt with?
You will also have to settle any liabilities, debts and outstanding accounts – such as the funeral expenses, utility bills, etcettera, including any amounts owed to CRA.
You will need to keep accounts of all of this, as well as other records.
It`s your job to cancel the deceased`s passport, driver`s licence and other identification.
It will be your job to locate and notify any heirs and others who should be notified and eventually you will look after the distribution of the Estate and any bequests specified in the Will.
You may want to seek the advice and possibly the assistance of an Estates lawyer who regularly deals with Estate matters, to sort all this out.
In any event, if you need more clarification or are unsure about any aspect, we would be pleased to schedule an initial consultation to give you a clearer idea of what will be involved with the Estate you are dealing with.
Feel free to use the form on this page to ask us questions you may have or give us a call (local 250 492-2425 or out-of-town Toll Free 1-877-492-2644).