Being Named an Executor
An estate account enables you to deposit income and pay any necessary expenses that may be incurred during the administration of the estate. Use this account to deposit proceeds from the sale of the deceased person's property, pay taxes, and pay any outstanding balances.
This page is designed to assist you in understanding what duties you may have as an executor, while ensuring you’re aware of the option to enlist professional help with any or all of your tasks throughout this process.
This page is designed to assist you in understanding what duties you may have as an executor, while ensuring you’re aware of the option to enlist professional help with any or all of your tasks throughout this process.
Typical duties that may fall to an executor
As an executor, you are responsible for carrying out the deceased’s wishes as stated in the Will. This often begins with assisting with funeral arrangements and meeting the immediate financial needs of the beneficiaries. It also involves identifying, protecting and valuing the assets the estate, paying the expenses and liabilities of the of estate, filing tax returns and, finally, distributing the remainder of the estate to the beneficiaries.
It can take 12 to 18 months to complete an average estate settlement. In cases involving more complex estates, settlement can sometimes take years — all while requiring you to keep the beneficiaries informed and ensure proper documentation is completed for each step of the process.
It can take 12 to 18 months to complete an average estate settlement. In cases involving more complex estates, settlement can sometimes take years — all while requiring you to keep the beneficiaries informed and ensure proper documentation is completed for each step of the process.
Careful considerations
There are many circumstances where an estate professional can provide valuable support:
- Time – Many executors are unaware of the time it can take to settle an estate. People with busy lives can find it challenging to fulfill their executor duties while still running their regular lives.
- Location – It can prove challenging to act as an executor when you live in another city, province or country. You may need to be physically present to fulfill some tasks, such as valuing estate assets or distributing them to the beneficiaries.
- Grief and family dynamics – Many people feel overwhelmed by the thought of being responsible for estate settlement at a time of grief. Also, as executor you need to communicate with beneficiaries with potentially conflicting interests. An unbiased third party can often be an invaluable resource in managing these issues.
Need more help?
Check out the Executor Assistance Kit for more information on being an executor. The kit also includes a checklist of items to consider when you are an executor.
Want to talk more about being an executor?
There are many more details to consider when being an executor. Contact me and we can discuss how I can help you through this difficult process.
