Have you been asked to be an executor? It’s an honour to be asked, but also a great responsibility. 

As an executor, it’s your responsibility to wrap up a persons’s estate after they’ve passed away based on their last will and in accordance with applicable laws. 

This is what is involved:

The First Few Steps

• Locate the will and determine its complexity
• Help with funeral arrangements and secure immediate family financial needs as required
• Apply for a death certificate

Get Organized

• Send death notifications to financial groups, government agencies and others
• Prepare an inventory of assets, including their values and apply for probate
• Open an estate bank account to pay debts and disbursements
• Cancel credit cards, pay property taxes, apply for government death benefits
• Track down beneficiaries

Distribute Assets

• Prepare final income tax returns, pay ay remaining debts
• Distribute funds and assets to beneficiaries
• Close out estate bank account once all financial details are finalized

Ask For Help If You Need It

• Consider appointing multiple executors (including co and alternate executors) to share the workload. Consider retaining a professional executor, accountant, advisor or lawyer with the required expertise

Executor Compensation

• Typically, a percentage of estate assets up to 5% is taxable income. It’s best to have compensation outlined in a will, so the beneficiaries understand you are being fair. If you have been asked to be an executor, speak to us. We can connect you to appropriate resources and professionals.