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2 55.00 What is an Executor of a last will
Product description: An Executor is the person who the Testator or Testatrix has designated to administer their wishes in terms of how the estate will be divided
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Last Will Executors

 

About Executors

What Does An Executor Actually Do?

 

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/Personal Representative:

 n Executor is the person who the Testator or Testatrix has designated to administer their 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 estate plans.

What Does The Executor Do?

The executor has virtually complete control over the 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.

The executor gathers up the estate assets, pays the deceased’s debts, and divides what remains of the deceased’s estate among the beneficiaries. The beneficiaries, in turn, are the people named in the will to inherit the testator’s estate.

If you decide to act as the 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 will be long time delays and heavy expenses involved in wrapping up your affairs,

What Does An Executor Actually Do?

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

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