Role of the Executor

The role of the Executor can be quite involved, depending on the complexity of the estate matters.  There are financial matters, such as paying income tax, as well as many legal matters.  It is recommended that professional help be sought regarding tax and legal matters.

Here is a list of some basic duties of an Executor:

• Make funeral arrangements.
• Find and review the most recent will.
• Retain a lawyer to advise on the administration of the estate.
• Check for the existance of a safety deposit box and make arrangements with the financial institution so you can document the contents.
• Determine the full nature and value of the property and debts of the deceased as at the date of death and compile a list, including the value of land and buildings and a summary of outstanding mortgages, leases and other encumbrances.
• Provide for the protection and supervision of property and buildings.
• Arrange for the property management and/or sale of estate assets.
• Determine the names and addresses of beneficiaries and notify them of their interest.
• Apply for any pensions, annuities, death benefits, life insurance or other benefits payable to the estate.
• Determine what assets are administered under the will and which assets are to be dealt with outside of the will.
• Advise any designated beneficiary of their interest under life insurance or registered retirement savings plans or other property passing outside the will.
• Apply for grant of probate from the court.
• Advise for creditors ad claimants.
• Arrange to pay all debts and expenses owed by the deceased and the estate.
• Determine the income tax liability of the deceased and of the estate, claim all possible tax credits (including credits for any gifts to registered charities granted by the will), file the necessary returns and pay any taxes owing.
• Obtain income tax or other tax clearing certificates.
• Administer any continuing testamentary trusts or trusts for minors.
• Prepare the executor's financial statements, a proposed compensation schedule for acting as executor, and a proposed distribution schedule.
• Provide all residual beneficiaries with a copy of the financial statements and schedules referred above.
• Distribute the estate property.

We can assist you with some of the estate matters.  We can notify Income Securities that the death has occurred, which will stop the Canada Pension Retirement Pension and Old Age Security cheques from coming (The estate is entitled to receive the cheque(s) for the month in which the death occurred).  We can fill out the Canada Pension Plan Death Benefit and Survivor(s) Benefit applications and certify copies of the necessary documents.  We can cancel the OHIP health card.  And of course we supply the estate with the death certificates necessary to settle the estate.