Executor for a Loved One’s Estate

If you agreed to take on the crucial role of executor for a loved one’s estate, you know how vital your task is. You may not realize how much time and effort will be required. Ensuring the wishes of the deceased are honoured while also respecting all their relationships can be a daunting task.

Your first priority as executor while dealing with the Will and Estate is to have a clear understanding of all the contents therein. There may be special wishes by the decreased and specific instructions on how to carry them out, such as where they want the funeral held, where their remains will rest, whether they want to be buried or cremated and so on.

After the disposition of your loved one’s remains in accordance with their wishes, and after the rituals and ceremonies to provide closure are over, you will need to contact all of the beneficiaries about their interest in the Will.

Next on the agenda is to take a full inventory of all the deceased’s assets and liabilities within the estate. You will assign a value to everything as of the time of death. It might be a good idea to hire a lawyer to help with all the complicated details of dispensing the estate, especially if the loved one had no will.

To protect and secure the assets that your loved one has built up over a lifetime, check that the deceased’s property is insured. Notify the insurance company of the death and place additional insurance if necessary. Secure any valuable estate property and put smaller inventoried items in a safe place where they will not be stolen or damaged. Arrange for protection and supervision of vacant land and buildings and management of estate assets.

The executor is tasked with tying up all the loose ends of the deceased’s former life. There may be many more loose ends than you realize which could take considerably more time to accomplish than you realize. Mail may need to be stopped or redirected. Financial institutions and government agencies will need to be notified. Memberships and credit cards need to be cancelled.

Next comes the legal process called ‘Probate’, which means “to prove.” It is the process of proving the legitimacy of the last Will of the deceased person and registering it in the Supreme Court. The executor must apply for a Grant of Probate and pay the necessary fee to obtain the authority to deal with the estate left behind.

You must make sure that your deceased loved one’s estate includes all of the money to which it is entitled: You must apply for all pensions, death benefits, life insurance or any other benefits that are payable to the deceased’s estate. Conversely, all of the debts and expenses owed by the deceased and by the estate must be paid in full.

Income tax status must be updated to the government’s satisfaction. You will need to prepare and file your loved one’s tax returns and determine how much tax the deceased owes or is owed. The taxes must be paid before paying beneficiaries. It is important to obtain a Canada Revenue Agency tax clearance certificate.

Your final task as the executor is to distribute the deceased’s property to the beneficiaries in accordance with the Will or with intestacy law.

Read more on the basic duties of an executor the government of Canada’s website:

 https://www2.gov.bc.ca/gov/content/life-events/death/wills-estates

 

Mathieu Powell I President
Coastline Marketing Inc.
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