Why do you need an executor of will and what are the duties and 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

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.

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.

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,

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

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

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