What Are The Responsibilities Of An Executor Of Estate?
There may come a time when someone close to you, such as a family member or friend, will ask for permission to appoint you as executor for their estate. At some point in your life, you may also be in the position to ask someone you trust to be an executor of your estate when you die. Knowing and understanding what the role of an executor entails could be beneficial as it would prepare you for the role if you were in the position of being asked to be appointed by someone.
What is an executor?
An executor is a person who has been legally appointed to handle the estate of someone who has died. This title comes with a great number of responsibilities. Depending on the size of the estate and the deceased person’s financial affairs, being an executor could be time consuming and strenuous. An estate planning lawyer will be able to go into more detail about the responsibilities of an executor.
What are the duties of an executor?
The executor has several responsibilities that they need to be in charge of and ensure are executed. Here is a list of some of the duties they will have to perform.
- Help with funeral arrangements
- Find, read and interpret the will
- Consult with a real estate lawyer and arrange probate of the will (the court validates the will)
- Locate and communicate with beneficiaries that have been named in the will
- Prepare an inventory of the deceased person’s assets and liabilities
- Distribute assets stated on the will
- Apply for the Canada Pension Plan benefits
- File the deceased’s last income tax return
The executor holds a lot of responsibility and should be prepared for the tasks required to execute everything. Our Vancouver notary will be happy to tell you more about the responsibilities involved if you’re curious about what being someone’s executor looks like.