Executor Checklist

So, you’ve been chosen to be the Executor of someone’s Will – maybe a loved one or maybe a friend.

Cause for congratulations, perhaps?

It is an honour to be asked, however, the responsibilities of an Executor are very important and can be very extensive. It is not like taking up a new sport or a hobby, where you can take your time and practice until you are good at it.

As Executor you will need resources to help you; professional support services or the advice from someone who you trust that has acted in the capacity AND a good checklist that you can reference to ensure that you don’t miss any key aspects of your responsibilities.

Choose an Executor – And choose wisely. Remember, some of our most critical life decisions to be made affect outcomes after we die.

The next steps after someone passes away.

Immediately

Locate and review the Will or any other supporting documents regarding funeral, burial, etc.
Make proper arrangements that follow the deceased’s wishes
Approve organ donation if applicable
Secure assets (home, business, cars, etc.)
Arrange for the care of children and/or pets

The Following Days

Obtain proof of death, or death certificate
Cancel credit and debit cards
Cancel all government cards (driver’s license, passport, health card, SIN)
Cancel all subscriptions and membership cards
Cancel benefits such as CPP, OAS, pensions, etc.

The Following Weeks

Contact and meet with an estate lawyer
Complete list of the deceased assets
Review the Will and supporting documents with the beneficiaries
Ensure proceeds from RRSP, TFSA, life insurance, etc. are paid to the estate or the designated beneficiaries
Contact deceased’s creditors to arrange payment of debts
Notify banks, financial advisors, accountants, insurance
Apply for government death benefit
Notify utility companies
Arrange for payment of recurring expenses
Review any legal actions in which the deceased was involved
Apply for probate
Collect debts owing to the estate
Sell / distribute assets as directed by the Will
Maintain meticulous records of all actions taken on behalf of the estate
File outstanding tax returns
File terminal tax return
File estate tax return
Obtain a tax clearance certificate
Apply for executor compensation if applicable
Distribute residual estate assets
Obtain releases from beneficiaries

Source: www.etpcanada.ca

Put Your Mind at Ease with Ford Keast Wealth Management

Ford Keast Wealth Management can help you determine the right financial wealth strategy to meet your goals. While we handle the details, you can focus on the big picture. If you have any questions on this topic, contact Gareth Whiteside or Kim Smith at Ford Keast Wealth Management at 519-679-9829.