So what exactly does an Executor do?
We get to know our clients. It seems obvious, but it is the most fundamental part of our estate planning process. We discuss and review in detail your Will, your financial affairs, and your long term personal wishes.
We help you create a detailed inventory of your estate. This is key for us to manage and value your assets. We will ensure all mail and subscriptions are either redirected or canceled based on your direction. We can also help facilitate family meetings.
- contact financial institutions
- complete claims for life insurance, and any government or company pensions
- obtain Certificate of Appointment from court
- instruct Solicitor to apply for probate
- pay probate fees
- obtain copies of Grant of Probate to handle estate assets
When the time comes,
- close banking and investment accounts, clear safety deposit boxes and collect insurance proceeds
- arrange for sale of real estate and/or transfer to beneficiaries
- arrange for distribution of household and personal effects
- sell household and personal effects
- work as liaison with beneficiaries on estate progress
- prepare and file income taxes
- obtain tax clearance from Canada Revenue Agency
- pay legacies and residue of estate
- prepare final accounting of all assets, liabilities, expenses and distribute assets for beneficiaries
- conduct each adult beneficiary approval of his or her accounting and signing of release