Executor Duties
Written for CMS by Shirley Surdhar, ACS, QAFP, Estate and Trust Specialist, Servus Credit Union
If you have been asked to be an executor you might want to take into consideration the myriad of duties before accepting this responsibility. Some things you will do, but not all:
Your advisor can help you and can advise you on the best course of action, including using charitable donations to reduce the tax bill and insurance as a strategy to cover some or all of the tax bill and contributing to the surviving spouses RRSP.
- Get copies of the death certificate
- Go to the deceased’s home - list of all assets in the home and secure any valuables.
- If a rental, notify the landlord
- Get the locks changed or re-keyed
- Have the mail redirected
- Beneficiaries
- Landlord or insurer of home
- Banks and other financial institutions
- Employers or business associates
- Providers of health, benefits, and life insurance plans
- Government agencies including: CRA, Canada Pension Plan, Old Age Security
- Insurance companies: home, vehicle
- Phone, internet, and utility providers, subscriptions, associations
- Obtain Probate - Complete probate forms and submit, if probate is required. A lot of detail is required for these forms
- Identify banks and financial institutions and notify them that you are the executor, determine the details of assets in all accounts. Access safety deposit boxes, if any, and list the contents. Open an estate account.
- Take inventory of all the assets and liabilities of the estate, including real estate, and determine their value. Advertise for creditors, assess claims against the estate, pay debts and any obligations. Invest all estate funds in an account
- Apply for Canada Pension death benefits, and other pensions or life insurance benefits
- Report estate assets, liabilities, income, expenses to submit to beneficiaries
- Complete the final tax returns and pay any taxes owing.
- Obtain Canada Revenue Agency Clearance Certificate
- Distribute estate to beneficiaries and obtain their release
Your advisor can help you and can advise you on the best course of action, including using charitable donations to reduce the tax bill and insurance as a strategy to cover some or all of the tax bill and contributing to the surviving spouses RRSP.