The role of an Executor in a Will

If you are named as an Executor in a Will it is a role that should not be taken lightly as it is a significant responsibility. However, with the right tools and support you will be able to honour the persons final wishes.

Your role as the Executor means that you will be legally responsible for handling the administration of the persons estate (their property, money and possessions) when they die, and for ensuring that the instructions that they stated in their Will are carried out as they wished. Steps that you would take could include:

Initially when someone has passed away and you are the named as the Executor, it will be your responsibility to obtain copies of the death certificate. The funeral home will be able to provide you with multiple copies.

The funeral arrangements can then begin to be made. As Executor these responsibilities could include communicating with the funeral home to ensure the wishes of the deceased are carried out.

You will need to locate a copy of the Will amongst the deceased belongings, if you haven’t already been given the original. This Will will then need to be filed with the Probate Court.

Locating the assets and managing the distribution may be an intimidating role, but as Executor it will be your responsibility to control the assets until the estate is settled. You may have to make decisions about which assets to sell and which to distribute to heirs.

You will be required to notify any beneficiaries who are named in the Will, to inform them about their inheritance and ensure that they receive the designated property.

Within your role you will be obliged to settle any debts, expenses and claims that the person had and ensure that their taxes have been paid, before arranging distribution of remaining assets to the named beneficiaries. As an Executor you can also be a beneficiary.

The persons credit card company, bank and mortgage company all need to be notified of the death. If the deceased was collecting benefits of any kind, they will also need to be notified.

Until the estate is settled, you will need to continue to pay the mortgage, utility bills, insurance and other day to day expenses.

Finally, an income tax return must be filed for the period from the first date of the tax year until the date of death.

Contact us to discuss making your Will and appoint your Executors.