Are you ready to be an executor?

If a friend or family member asks you to be the executor of their estate, be sure to look into what the role entails before you agree to take it on.

If you’ve been asked to act as the executor of an estate, you may feel flattered by the confidence your family member or friend has shown in you. But being executor of a Will can entail considerable responsibility.

There are many factors to consider before agreeing to take on the role. Will you be able to devote the proper attention and effort to the task when the time comes? You’ll be legally responsible to the beneficiaries of the deceased’s estate, so it’s important to take the job seriously.

A long task list

The job of an executor can be difficult, complicated, and very time-consuming. Here are some of the duties you may have to perform:

Locate and review the Will and make funeral arrangements in accordance with the Will.
Locate all assets, whether held locally or abroad.
Notify beneficiaries of the death, advise them of the terms of the Will, and arrange for distribution of assets.
Identify financial accounts, notify financial institutions, and obtain information about accounts.
Locate insurance policies and details. Notify insurers and apply for benefits.
Determine and list the deceased’s assets and liabilities. You may have to arrange for management of assets until they are distributed.
Obtain unpaid wages and benefits from the deceased’s employer.
Advertise for creditors and pay debts.
Redirect mail, cancel subscriptions, cancel charge accounts, and destroy or return credit cards.
Apply to the court for probate (with the exception of notarial Wills in Quebec).
File income tax returns for the year of death and outstanding years and arrange for payment of taxes.
Apply for pension benefits.
Administer legal and other fees related to the estate.
Arrange for interim distributions to beneficiaries and final distributions after clearance certificate and releases are obtained.

Unless you are confident that you will have the time needed to perform these duties, as well as the necessary financial and legal expertise, you may want to decline the designation.

Hired help

If you do accept, and then find yourself uncertain about taking on the tasks alone, remember that you don’t have to do it all yourself. In most instances, you’re allowed to hire professional help without requiring the permission of the deceased’s family or beneficiaries.

For example, TD Waterhouse Estate and Trust Specialists can act as your agent or assist you in administering a trust specified in the terms of the Will. When you use TD Waterhouse Private Trust’s Executor Assistance service, they take care of as much of the estate’s administration as you specify. You retain complete control of all decisions affecting the estate.

The executor fees are determined according to the guidelines established by courts in most provinces and depend on the estate’s complexity and the time required to settle the estate. Fees are payable by the estate.

For more information on how TD Waterhouse can help, visit TD Waterhouse Private Trust online or contact the TD Waterhouse Private Trust branch nearest you.