While the responsibilities of an executor or administrator may vary as needed, the basic duties include:
Completing an inventory and a valuation of all assets and debts
Gathering names and addresses of all beneficiaries and next-of-kin
Cancelling subscriptions and charge cards, redirecting mail and winding up all other personal matters
Selling assets as necessary and distributing the estate
What is an Executor
of Your Last Will?
Why you need to appoint an Executor of your estate and last will to administer your wishes in terms of how the estate will be divided among your heirs
The executor is the person you designate to gather up your estate assets, pay the deceased’s debts, and divides what remains of the deceased’s estate among your beneficiaries.
The beneficiaries are the people you named in the will to inherit your estate.
You need to appoint an executor or the court will appoint one for you.
The executor has virtually complete control over your estate and must follow the provincial laws to the letter, regardless of any problems that may cause. If you had made a proper will, the executor would be bound to follow your wishes. Without a will, the executor is bound by the law.
An Executor (also called a personal representative) is the person that you, as the maker of your will, have designated to administer your wishes in terms of how the estate will be divided.
You may have more than one executor, and you should have an alternate personal representative should anything keep your first choice from being able to carry out your last wishes or estate plans.
While the responsibilities of an executor or administrator may vary as needed, the basic duties also include:
Taking control of all assets, including the transfer of ownership registrations and the collection of any debts owed to the estate
Paying all valid or proven debts left to the estate (the executor or administrator may be held personally liable for these debts if a valid creditor remains unpaid after the distribution of the estate)
Filing tax returns for the deceased and for the estate
Preparing and obtaining approval from the beneficiaries, heirs-at-law or the court for accounts showing assets, receipts, disbursements, and distribution of the estate
What If You Are Asked To Be An Executor?
If you decide to act as an executor, consider retaining a lawyer to do the paperwork, supervise and advise you of your obligations. If you do, the lawyer’s fees will be paid for out of the estate’s assets.
There can be long time delays and heavy expenses involved in wrapping up your affairs.
Wills bring out the greed in people.
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