laptop, office, hand-3196481.jpg

Have you been asked to be an Executor?

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. 

 

This article is a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates.

iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. iA Private Wealth is a trademark and a business name under which iA Private Wealth Inc. operates.

This is not an official website or publication of iA Private Wealth and the information and opinions contained herein do not necessarily reflect the opinion of iA Private Wealth. The particulars contained on this website were obtained from various sources which are believed to be reliable, but no representation or warranty, express or implied, is made by iA Private Wealth, its affiliates, employees, agents or any other person as to its accuracy, completeness or correctness. Furthermore, this website is provided for information purposes only and is not construed as an offer or solicitation for the sale or purchase of securities. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where they are registered.

Products and services provided by third parties, including by way of referral, are fully independent of those provided by iA Private Wealth Inc. Products offered directly through iA Private Wealth Inc. are covered by the Canadian Investor Protection Fund, subject to exception. iA Private Wealth Inc. does not warrant the quality, reliability or accuracy of the products or services of third parties. Please speak to your advisor if you have any questions.