The Estate Executor - things to consider
In Canada, the executor of an estate is responsible for a wide range of tasks related to administering the estate of a deceased individual. Some of the key responsibilities of an executor in Canada include:
Obtaining a copy of the will and death certificate: The executor is responsible for obtaining a copy of the will and death certificate from the deceased's family members, lawyer, or other relevant parties.
Identifying and notifying beneficiaries: The executor is responsible for identifying all beneficiaries of the estate and notifying them of their entitlements.
Obtaining probate: If required by law or the terms of the will, the executor must obtain a grant of probate from the court to confirm their authority to administer the estate.
Collecting and managing assets: The executor is responsible for collecting and managing all assets of the estate, including real estate, bank accounts, investments, and personal property.
Paying debts and taxes: The executor is responsible for paying all debts and taxes owed by the deceased, as well as any expenses related to administering the estate.
Distributing assets: After all debts and taxes have been paid, the executor is responsible for distributing the remaining assets of the estate to the beneficiaries in accordance with the terms of the will.
Keeping accurate records: Throughout the administration process, the executor must keep accurate records of all transactions and activities related to the estate.
Personal property objects within an estate can include artwork, jewellery, furniture and decor contents, antique silverware, ceramics and bone china sets, Persian and Oriental rugs, crystal wares, coins and stamps and other collectables. A professional and properly researched certified report by a qualified and accredited Personal Property Appraiser is a key component of the process.
It is important to note that the specific responsibilities of an executor may vary depending on the size and complexity of the estate, as well as the terms of the will and any applicable laws. Executors are encouraged to seek the advice of a lawyer or other professional advisor to ensure that they understand and fulfill their obligations properly.