What you need to know about choosing an Executor
Tips and guidance in making the right choice for you
- The overall responsibility is to administer the estate in accordance with the deceased's final wishes as expressed in the will
- Attention must be paid to specific provincial law, or in the case of out-of-country assets, rules governing estates in that jurisdiction
- Depending on the structure of your will, or if a will does not exist, an executor may be named for your estate by the courts
- Review insurance coverage for any assets
- Lead any necessary arrangements for your owned real estate – home, cottage, rental properties; this may include cleaning, selling the property if required, etc.
- Meet beneficiaries to set expectations and give an overview of the process
- Arrange funeral, memorial, cremation or burial as required
- Locate and prepare a detailed inventory of all assets held
- Review insurance coverage for any asset
- Arrange for care and/or sale of any real estate asset, including the matrimonial home, cottages, rental properties, etc. as required
- Find, review and file claims for life insurance, pensions, etc.
- Prepare and file date of death income tax returns; determine if any RRSP or TFSA contributions should be made (Canada)
- Locate all beneficiaries as named in the will
- Pay any legacies and bequests and distribute residue of the estate
Beneficiaries, investment companies and advisors, lawyers and notaries, Canada Revenue Agency (CRA), accountants and tax advisors, insurance companies, pension departments, financial institutions, mortgage lenders and appraisers, auctioneers, real estate agents, business partners, etc.
Settling an Estate: Step by Step checklist- Preliminary steps
- Beneficiary relationships
- Safeguarding estate assets
- Valuing the estate
- Administering the estate
- Taxes
- Distribution
- Possible Roadblocks for Non-Professional Executors
- Complex family dynamics
- Time constraints
- Lack of expertise
- Living outside the province or country
- Personal liability
- Engage in your discussions with potential executor choices; help you take the emotion out of the decision and analyze your situation based on the facts and assets custom to you
- Assess the potential tasks and responsibilities an executor on your estate may encounter and pre-determine the support he/she/they may require
- Assist you in the proper recordkeeping and storing of all assets, including items such as real estate or jointly held assets
- Help you understand the process your estate executor may need to follow and put your mind at ease that all is covered in your will