Executor Duties

What are some of the duties of an Executor?

• Locate and review Will.
• Deal with intentions as to donation of organs, cremation or burial.
• Contact lawyer for advice and assistance – retain.
• Contact Life Insurance Company (may be a quick source of money).
• Give notice to beneficiaries re: contents of Will.
• Locate and protect assets.
• Protect business interests.
• Collect valuables.
• Open Estate Bank Account.
• Ensure all property is insured.
• Assemble and value assets (real property, furniture, bank accounts, securities, business interests, jewellery, etc.).
• View Safety Deposit Box to determine contents.
• Determine if there are any agreements that apply to the assets (eg. Buy-Sell Agreement, Shareholders Agreement, etc.).
• Determine if there is property located out of the Province (re-sealing, tax consequences, eg. U.S. assets, etc.).
• Apply for Canadian Pension Benefits.
• Notify Blue Cross and Alberta Health Care.
• Order Death Certificates if required.
• Cancel credit cards – obtain final statements.
• Redirect mail.
• Cancel subscriptions, memberships, etc.
• Arrange for the transfer of jointly held assets.
• Assist lawyer in preparation of documents to apply for a Grant of Probate.
• Contact Public Trustee if minors involved (lawyer).
• Determine application of legislation eg. Family Relief Act, Matrimonial Property Act (lawyer).
• Advertise for Creditors.
• File Tax Returns – obtain Clearance Certificate.
• Pay taxes, debts, funeral expenses, etc.
• Prepare an Accounting of the administration of the Estate.
• Determine if any matrimonial agreement might affect the distribution of the assets.
• Defend or commence lawsuits as necessary.
• Convert assets to cash where appropriate.
• Determine your fee – obtain approval of the beneficiaries or a Court Order.
• Prepare and have all beneficiaries sign a Release.
• Distribute the assets of the Estate.
• Funeral expenses do not have to go to Probate (most Banks will pay the account(s) from the deceased's bank account).