For many, fulfilling executor duties can be unfamiliar and may result in the estate being administered incorrectly. If in Ontario. I believe ProLaunch Executor Advisory handles this now. ۰ Pay bills, mortgage payments, property taxes, income taxes, insurance premiums, credit cards. With 3 beneficiaries to a house once probate is paid does the house get transferred into all 3 of the names or does the house still stand as the estate and the executor stays in charge until the house is sold? 21. Chad Blundy. Executor Checklist & Will Review. Submit the Estate Information Return within 90 days of being appointed Executor. A copy of the will needs to be filed in probate court. Why is Probate required? Would the executor have to take the accounts to a judge to pass? Related article: Choosing the right executor. There may be multiple wills. An informative article, as always. Executors want a checklist so they know what they need to do. Unsure about the circumstances: contact the local coroner’s office or the Chief Coroner of Ontario. This process of Court approval is called a Passing of Accounts. Complete the personal interview checklist, which is a part of the estate information record section found on page 20. Chief Coroner of Ontario. Obtain multiple original copies of the proof-of-death certificate, as most organizations that you will deal with as executor require original documentation Probate the Will (if necessary) Review any marriage or civil union contracts, family law issues or dependant relief issues Pay probate taxes to the provincial government as determined If the maker of the Will just has them in storage or in a safety box suggest that they pass them on now while they are alive and make a note of it for inclusion with the executor notes. ۰ Consider any claims or potential claims against the estate and obtain legal advice (if necessary): ۰ Assess the rights of the surviving spouse under provincial family law. Executor Checklist One of the fundamental obligations of an Executor is to protect the assets of the deceased’s estate. ۰ Redirect mail, cancel memberships and subscriptions to newspapers and magazines. ۰ Re-register assets in estate’s name, if applicable. An unexpected death: call emergency services first. An expected death: call the doctor who was caring for the deceased person. Currently, Jim specializes in putting Financial Education programs into the workplace. The checklist starts with the preliminary As a starting point, our Checklist of Executor’s Duties (MK2982) provides a robust list of tasks for your reference to help keep you on track. Executor Duties Checklist 27 Glossary 29. Ottawa, ON K1G 3, e: info@ontario-probate.ca t: 1 (888) 995-0075 f: 1 (866) 397-9227, Probate in Ontario Probate /Estate Taxes in Ontario Executor’s Duties Executor’s Fees (compensation) Executor’s Checklist Free eBook on Probate in Ontario. ۰ Make reasonable inquiries for next of kin, if required. Stop all unnecessary expenses: Subscriptions (magazine, theatre), Health care (home care), Memberships (gym, club, sports, auto, professional, etc), Entertainment (cable, satellite, websites), Communication (telephone, cell phone, Internet), Insurance (auto, disability). Sometimes this is accomplished informally, but formally this requires preparing financial records in proper Court form, and presenting the records to the Court for approval. Ask estate solicitor to prepare executor releases. 23. Cancel CPP and/or Old Age Security (OAS) benefits. Can you tell me how long after an estate has been settled is the executor of the estate liable for any challenges from beneficiaries in Ontario? January 19, 2021. ۰ Prepare interim release and make interim distribution to beneficiaries, if appropriate. As it wasn’t clear who drafted the Will and who the witnesses were I obtained that info as well. 3. How long after the testator dies does the executor have to produce a list of house contents and also the distribution of these items? or is that the job of the beneficiaries? I would add a point(s)in all the 5 items that manage communication with prime members of the family just to ensure everyone has an input and understands what is going on. Don’t become overwhelmed by the tasks involved in probating a will. & Acting as an executor of a will can be very challenging. Identify and document all other personal assets 11. Written By: Stacey Staios - Articling Student Edited By: Ryan Carson. If asked to do this now I would sit down with the person & help them document all of these details on a spreadsheet that includes contact names & phone numbers for everything. Write to the beneficiaries with an accounting for the distribution of estate assets, all funds received and paid and request each beneficiary’s approval. This checklist starts with preliminary steps that an Executor / Trustee should take, up to the time of application and distribution thereafter. In some cases, … There is no such thing as generic checklist. Executor Duties Checklist Deceased's Spouse: Date of Death: SIN for Deceased: Preliminary Steps: Note: Some information contained in this checklist may not be appropriate in Quebec. 4 RBC Wealth ManageMent introduction As an executor*, you are responsible for settling an estate according to the deceased’s wishes. According to the Canadian Bar Association, “The executor gathers up the estate assets, pays the deceased’s debts, and divides what remains of the deceased’s estate among the beneficiaries.”. Since she is 87 years old, I’m trying to help her through the whole process. Remember, settling your estate is not an honour. ۰ Set aside a reserve fund for estimated debts, taxes (including potential taxable capital gains), and the personal representative’s compensation. With an account, we can help you track your progress, and you can utilize our spreadsheets to keep track of important financial details. Decide which assets should be sold or retained. Thanks for a good writing and putting things into perspective. The key to successful performance of the task is disciplined, consistent effort. RetireHappy receives compensation from some companies issuing financial products, like credit cards and bank accounts, that appear on this site. © Copyright - Miltons IP - All Rights Reserved 2021. The executor will not show the will to the family, Beneficiary designations: TFSA, RRSP, RRIF, pension, insurance, Dependent support obligations and challenges, Wills and marriage, divorce & re-marriage, Retention, revocation and destruction of wills, Disputes about actions of an attorney for property, Estate administration / executor services, Securing and appraising the assets of the deceased, Paying the debts and taxes of the deceased. a person who is selected to carry out someone’s estate plans after death. Checklist of Executor’s Duties This checklist provided to you by Trinity Funeral Home, is part of Trinity Care, our ongoing commitment to the families we serve. According to the Canadian Bar Association, “The executor gathers up the estate assets, pays the deceased’s debts, and divides what remains of the deceased’s estate among the beneficiaries.”. what are executor fees. Follow your checklist to confirm that you have performed each step of the probate process. But when the day comes, your info will be a godsend. 37. How to calculate your CPP retirement pension, Canadian tax brackets: Marginal tax vs average tax, The Best ETFs: All-in-one ETF Investment Solutions, 2021 Financial planning guide: The numbers you need to know, New years resolutions for improved finances. Review all documents relating to financial obligations: Contracts, Divorce or separation agreement, Court orders. Find the will. I’ve acted 3 times as a trustee and and I’ve just been named again by a relative. Pay/collect rent, as appropriate. To do that, transparency is critical. I have been named executor of a million dollar estate…my aunt just dropped this bomb on me, they are owners of a fishing resort, outpost camps, plane, you name it…my god, it is a lot to think about. An Executor must keep accurate financial records, including copies of all receipts, as well as a record of time spent in administering the estate. I know that sounds strange but could you try to help answer to the best of your ability please ? File the Will in Probate Court. Do you know them too? If you’ve been named the executor of someone’s Will, don’t forget to ask for help. Yes always good posts. While that is accurate, it’s probably oversimplified. While that is accurate, it’s probably oversimplified. Below you will find a list of duties of an executor. ۰ Apply for any benefits payable on death, including CPP/QPP death benefit, life insurance proceeds, death benefits from pension plans or annuities. The duties of an executor include things like: Designating estate assets to the care of any young children left behind (sometimes to a guardian who isn’t you) Interpreting the Will (if there is one) and distributing assets to beneficiaries Obtain insurance for any vacant real estate. The Duties of an Executor (“estate trustee”) An Executor must keep accurate financial records, including copies of all receipts, as well as a record of time spent in administering the estate. The checklist starts with the preliminary steps an Executor/Trustee should take, up to the time of application and distribution thereafter. It is based on distribution in Alberta only with a valid Will. COVID-19: How it has affected the markets and your investment? I have the same question as Bryan above, except for Ontario. A somewhat simplified … Please enable JavaScript in your browser. ۰ Collect income generated by the estate assets and/or payable to the deceased. The checklist can be summarized in the “15 Primary Duties of an Executor ” below. They range from the mundane to the stuff of Giller prize winning novels. I had their accountant prepare Dad’s final return. Get exclusive access to our private library of e-books, special reports, online guides and popular newsletter. 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