You’ve been named as Executor...
You’ve been named as Executor...
Do you know where to start?
Being named the Executor may be an honour, but it’s also a serious commitment. It can be a tough job and many who accept an Executor appointment don’t fully understand the duties, responsibilities and personal liabilities that come with it.
You are a valued member of our credit union and we’re here to help. We have an Estate and Trust Officer located in our Weyburn Branch location who can help with many areas of Estate Administration. There are some estate situations that call for a different solution and we are proud to offer Executor EASE in these cases.
Executor EASE is a program designed to help Executors understand the duties and responsibilities that come with the role and assist them in administering an Estate. It’s made available through our partnership with the Estate administration experts at Concentra Trust.
They can help you:
1. Locate, Assemble, Gather Information:
> locate safety deposit box, funeral instructions and the Will
> assemble personal information about the deceased, family members, relationships and beneficiaries
> gather factual information on the nature, extent and location of assets and liabilities
2. Understand and Gather Documentation:
> read and understand the Will’s contents
> request certificates and information from Vital Statistics
> locate titles, policies, registrations and other evidence of legal ownership
> complete claims for wages, insurance and pensions
> assemble information and forms to transfer jointly owned assets
3. Establishing Executor Authority:
> determine what legal formalities must be met before the Estate can be administered
> assemble information and documentation to prepare the probate application
> complete and file prescribed probate documents
> understand the Executor’s responsibility and personal liability
4. Manage Assets and Liabilities:
> locate all of the deceased’s assets
> contact all of the institutions where the assets are located and obtain information on date of death values, earnings and requirements to redeem or transfer
> when appropriate, establish adjusted cost base and current market value of assets gather complete information on all debt and liabilities
> ensure all assets, including household goods and personal effects are properly safeguarded, secured and insured
> pay all debts and taxes
> realize upon assets when prudent and/or required to do so
> be prudent when investing assets during the administration
> distribute assets as required by the Will
5. Prepare Statements and Reporting:
> provide the beneficiaries with the proper information about the Estate and assets
> fully document the administration of the Estate
> prepare complete reporting on the Estate’s administration
> file all required income tax returns
> obtain final clearance from CRA
> obtain releases from the beneficiaries
> a no-cost, no-obligation consultation with experienced professionals
> easy access to expert guidance and non-legal advice, and
> the flexibility to select only those services required, whether the estate is simple or
> complex; they will offer a little or a lot of help, whatever is needed at any time during the estate administration.
For more information on this service, please contact your local branch or our Estate and Trust Advisor directly.