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What Is An "Executor of Will"?

 

Your executor is the personal representative you appoint who is responsible for distributing your estate (property, assets, possessions) of an individual according to the wishes outlined in your Will.

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

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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
  • Cancelling subscriptions and charge cards, redirecting mail and winding up all other personal matters
  • Selling assets as necessary and distributing the estate

 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?

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.

WHAT IS AN EXECUTOR OF WILL? Why you need one.

What are duties, costs?

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.

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

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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

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

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

If you need legal advice, legal aid or to ask a wills and estate lawyer about writing a will, living trusts. probate or executor duties, please go click here to go the CanLaw free wills and trusts. estate planning lawyer referral service >>>

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