Last Will & Testament Forms

What Does Your 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
• Paying the debts and taxes of the deceased.
• Cancelling subscriptions and charge cards, redirecting mail and winding up all other personal matters
• Selling assets as necessary and distributing the estate to your beneficiaries and heirs.
• In broad strokes, the role, duties and responsibilities that the executor is required to perform for an estate are:

 A last will and testament is a legal document that communicates a person's final wishes pertaining to possessions and dependents.

The probate court usually supervises the executor to ensure that he or she carries out the wishes specified in the will.

What If You Are Asked To Be An Executor?

You can hire a lawyer paid by the estate,

to assist you.

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.

As trustee your executor will probate your estate planning will, with a power of attorney.

WHAT DOES AN

EXECUTOR OF WILL DO?

You will designate your executor of will who is required to probate a will or living trust, often with a probate lawyer, and to distribute your assets to your beneficiaries and heirs exactly as you stated in your estate planning will using your power of attorney to act a trustee of your will and estate

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.

Generally the executor will ask a probate court judge to confirm him or her as legal executor and rule that your will is valid and binding.

The beneficiaries or heirs are the people you named in the will to inherit your estate.

You need to appoint an executor or the probate 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. The executor of will has once probate is settled a power of attorney and complete control of your assets pending distribution to your heirs.

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.

Why Do You  Need To Name

 An Executor For Your Estate?

It’s important to name an executor because they will be the person in charge of taking care of your estate. If you do not choose your executor before you die, the courts will be in charge of appointing an administrator someone to execute your wishes.

This appointment may not be of someone you would have wanted to act in this role.

How Much Can An Executor

Charge the Estate?

 

How are executor fees calculated? Generally, the executor is entitled to about 5% of the estate's value, plus an ongoing management fee of 2/5 of 1% of the average annual value of the estate assets during the settlement process.

You will designate your executor of will who is required to probate a will or living trust, often with a probate lawyer, and to distribute your assets to your beneficiaries and heirs exactly as you stated in your estate planning will using your power of attorney to act a trustee of your will and estate

What Does Your Executor Actually Do?

Executors of an estate must be ready to deal with various individuals and organizations such as probate lawyers, wills and estates lawyers, the Canada Revenue Agency, provincial authorities, insurance companies, real estate agents, business valuators, creditors, beneficiaries, and other professional advisors as required to deal with your last will.

While the responsibilities of an executor or administrator may vary as needed, the basic duties 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

Our Last Will & Testament form includes simple instructions to help you create your Will  Protect your family and start estate planning today.

Protect Your Loved Ones With Our Last Will & Testament Template.