Duties of an Executor
The deceased's Will is the legally binding expression of that person's wishes for the distribution of his or her property. Your responsibility as executor or executrix is to administer the estate and carry out those wishes.
As executor/executrix, you control all aspects of the estate's administration. This extends from identifying and protecting the deceased's assets, to distributing those assets to the beneficiaries. As executor/executrix, you are legally accountable to the beneficiaries.
A helpful reference is the 'checklist' of principal tasks.
1. Immediate issues
There are many things that require your immediate attention. These include:
2. Protecting the estate
Your role includes identifying the deceased's assets and protecting them until final distribution. For example, you may need to:
3. Valuing the estate
Once the estate has been identified, it needs to be valued. This may include:
4. Tax issues
While neither the federal nor the provincial government imposes direct death duties, there are several tax issues that arise when a person dies. As a result, you will need to:
5. Administration and distribution
In addition, you will be required to clear the estate and distribute the assets. This may include:
Resources for Executors
Our Estate and Trust Specialists would be happy to answer any questions you may have. If you would like to learn more about our services or arrange a meeting with one of our Specialists, please contact the Estates and Trusts branch nearest you by consulting our Private Trust Branch Directory.
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