As we move along in our three-part series on Estates, we shift focus to the Executor and what the role entails. 

 

When you draft a will, you are required to choose somebody to administer your will and distribute the estate. A very simplified, and inexhaustive list of the tasks includes:

1. Completing funeral arrangements

2. Applying to the courts to have the will confirmed as valid (aka probating the will)

3. Paying any probate tax charge by the courts

4. Collecting assets

5. Paying debts

6. Preparing required tax filings

7. Distributing the estate.

8. Keeping heirs apprised of the process

While we have listed 8 main parts of the task, nearly all of these consist of many sub components which require both time, coordination, and in some cases physical presence to complete. We have seen more itemized lists consisting of 70+ tasks.

 

Who is a good candidate for executor? 

Someone who knows you well enough to understand your wishes.

Someone who lives close to you to help facilitate the process (ideally in the same city but certainly in the same province is best).

Someone who has the spare time to complete a number of time-consuming tasks 

Someone who has the mental capacity to manage a number of tasks that connect with a number of different groups and people

Someone who you trust to act honestly

Someone who is younger than you 

 

The role of the executor can be both an honour and a burden. For simple estates they can be resolved in 3-6 months, though it is not uncommon to see estates that take many years to resolve - particularly when there is extra complexity (such as splitting ownership in a business or family property) or ambiguity in the will. 

 

What is something you can do today?

1) Write your will if you don't have one - see last week's blog post.

2) Check out this Executor Guide from CIBC to better understand the tasks that are required.

2) Talk to your executor or talk to the person who you will be the executor for. Talk about what the goals, wishes, and expectations are, as well as where the pain points will be. 

3) Talk to us. Lee has been helping clients create Estate Plans for more than 25 years and knows which parts of your plans will speed up, or slow down the process.

 

 

Starting the discussion about your estate can be a challenging process, but we are here to make it a little easier. Please reach out today.

 

Peter Galbraith - Investment Advisor, CFP

613-531-2922

peter.galbraith@cibc.com