An Estate Trustee/Executor derives his or her authority from the Will.
An estate trustee/executor's duties are to:
- read and interpret the Will
- arrange for the funeral and burial of the deceased
- take possession of the deceased's property
- list contents of the safety deposit box
- compile an inventory
- value all assets and debts
- pay or settle any outstanding debts
- pay funeral expenses directly from accounts of the deceased
- determine spouse's entitlement under Family Law Act
- determine income tax liability of both the deceased and the estate
- look after the deceased's house or apartment
- terminate lease with landlord
- disconnect and return telephones
- disconnect cable
- notify utility companies
- notify insurance agents
- send notice of change of address to the Post Office
- cancel subscriptions
- cancel credit cards
- ensure on-going management of private business
- instruct Solicitor to ascertain whether a Grant is necessary and to apply for Probate
- keep beneficiaries informed throughout
- protect real estate
- ensure mortgage is paid
- write to financial institutions
- value investments and collect income
- value real estate, cars, household and personal effects
- complete claims for life insurance and company and Government pensions
- close out bank accounts, brokerage accounts, safety deposit box
- collect insurance proceeds
- prepare and file appropriate Income Tax Returns
- obtain Clearance Certificate from Revenue Canada
- register assets in estate's or beneficiaries' names
- arrange for sale of real estate, if necessary
- advertise for creditors, if necessary
- deliver household and personal effects bequeathed to beneficiaries – sell off balance of assets per instructions of will
- convert assets to cash to pay debts and taxes, if necessary
- discharge mortgages and other debts
- pay legacies and other bequests under Will
- transfer residue of estate
- establish trusts as per instructions in Will
- prepare and submit to residual beneficiaries a detailed accounting of estate funds
- prepare and obtain releases from beneficiaries
- take executor's compensation
Questions? Please contact John Johnson at 613-231-8253 or at john.johnson@nelliganlaw.ca.
