It’s What You Don’t Know You Don’t Know That Could Cost You
The primary duty of an executor is to prove to the court and beneficiaries that the estate was administered properly.
Your first step is putting together an advisory team to guide you through the maze of provincial and federal rules, regulations, and procedures.
However, with over 50,000 practicing lawyers in the province and over 80,000 licensed Certified Professional Accountants to choose from then, it’s no wonder you might find taking that first step to be a little overwhelming.
Executive Estate Solutions takes the fear and frustration away by referring you to licensed professionals that specialize in estate procedure and who will guide you through the various duties, obligations and best practices to fulfill your duties and obligations in the eyes of the court which could include:
- Locating the deceased’s Will and identifying any instructions concerning a funeral or memorial service;
- Assisting with funeral or memorial arrangements (both may be required);
- Obtaining a copy of the death certificate – you will need original copies;
- Ensuring that the immediate family is provided for – that they have connected with banking officials to access funds and insurance officials to process any claims;
- Locating all marriage certificates, contracts and other family law-related documents and having them reviewed by a lawyer to determine if there are any outstanding issues to be addressed;
- If required then probating the Will;
- Connecting with an accounting professional to review and minimize any probate tax requirements;
- Establishing communications with all beneficiaries and keeping them informed in regards to how they factor into the settlement proceedings and where you are in the process;
- Protecting the interests of the estate with adequate insurance to protect assets while working with banking and financing agencies to control access to savings, chequing, credit and investment accounts;
- Opening up a trust account in which all estate-related monies flow in and out of;
- Locating and inventorying all investments and property and, where required, certifyingtheir value as of the date of death;
- Identifying any debts owed to the deceased, such as loans and/or mortgages;
- Applying for and collecting all death benefits owed to the deceased from governments, employers and pension plans; and
- Applying for and collecting all life insurance and other insurance benefits owed.
Executor Estate Solutions will assist you where ever you need help in taking the next step forward – and, all with only one point of contact.
Please take advantage of our free 1-hour, no obligation consultation to help you better understand your role, duties and obligations as an estate executor in Ontario.