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Ten Steps to Being an Executor (view source)
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{{REVIEWEDPLS | reviewer = [[People's Law School]] |date= January 2016}} | {{REVIEWEDPLS | reviewer = [[People's Law School]] |date= January 2016}} | ||
{{Being an Executor TOC}} | {{Being an Executor TOC}} | ||
Being the [[Being Asked to Be an Executor|executor of someone's estate]] can be time-consuming and intimidating. This section | Being the [[Being Asked to Be an Executor|executor of someone's estate]] can be time-consuming and intimidating. This section outlines the main steps involved. | ||
=== What | === What are the key responsibilities of the executor? === | ||
[[File:beinganexecutor-contents2.png|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.flickr.com</span>]]On a person’s death, the executor’s responsibilities include: | [[File:beinganexecutor-contents2.png|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.flickr.com</span>]]On a person’s death, the executor’s responsibilities include: | ||
* safeguarding the property left behind, such as by notifying the house insurance company if the house is now unoccupied, | * safeguarding the property left behind, such as by notifying the house insurance company if the house is now unoccupied, | ||
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Before you do anything as executor, you should first decide if you are prepared to take on the responsibility. You don’t have to. However, if you start dealing with any assets of the estate, you are legally bound to continue until you get discharged. Examples of dealing with an asset include paying debts or changing the insurance on a house. You are said to have '''intermeddled''' in the estate, and you can only be relieved of being the executor by a court order discharging you. | Before you do anything as executor, you should first decide if you are prepared to take on the responsibility. You don’t have to. However, if you start dealing with any assets of the estate, you are legally bound to continue until you get discharged. Examples of dealing with an asset include paying debts or changing the insurance on a house. You are said to have '''intermeddled''' in the estate, and you can only be relieved of being the executor by a court order discharging you. | ||
If you haven’t started dealing with any of the estate assets, you can decline or '''renounce''' your appointment as executor by filing a form in court. The form is called a Notice of Renunciation. If the documents required for the grant of probate (explained below) have not already been filed in court, you will also need to file them with your renunciation. | If you haven’t started dealing with any of the estate assets, you can decline or '''renounce''' your appointment as executor by filing a form in court. The form is called a [http://www.ag.gov.bc.ca/courts/forms/probate/P17.pdf Notice of Renunciation]. If the documents required for the grant of probate (explained below) have not already been filed in court, you will also need to file them with your renunciation. | ||
If two people are named as co-executors, one of the co-executors can decide they do not want the job. It will not be necessary for the co-executor who does not want the job to complete the Notice of Renunciation form. | If two people are named as co-executors, one of the co-executors can decide they do not want the job. It will not be necessary for the co-executor who does not want the job to complete the Notice of Renunciation form. | ||
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The original will may be in the will-maker’s home, in a safety deposit box, or at the office of the lawyer or notary public who drafted the will. | The original will may be in the will-maker’s home, in a safety deposit box, or at the office of the lawyer or notary public who drafted the will. | ||
To check on the location of the will, you can do a search of the Wills Registry maintained by the provincial government’s Vital Statistics Agency. See below for details on how to do the search. If the will-maker filed a notice of their will with the Registry, the search certificate will indicate the location of the original will. Filing a Wills Notice is optional, so it’s possible the will-maker didn’t file a notice or may have since moved the will or revoked it. | To check on the location of the will, you can do a search of the [http://www2.gov.bc.ca/gov/content/life-events/death-and-bereavement/wills-registry Wills Registry] maintained by the provincial government’s Vital Statistics Agency. See below for details on how to do the search. If the will-maker filed a notice of their will with the Registry, the search certificate will indicate the location of the original will. Filing a Wills Notice is optional, so it’s possible the will-maker didn’t file a notice or may have since moved the will or revoked it. | ||
If you need to look in a safety deposit box for the original will, make an appointment with the financial institution. You will need a key to the box, your own identification, and a copy of the death certificate (see below for how to get a copy). If you can’t find the key, the bank may permit the box to be drilled open for a charge. | If you need to look in a safety deposit box for the original will, make an appointment with the financial institution. You will need a key to the box, your own identification, and a copy of the death certificate (see below for how to get a copy). If you can’t find the key, the bank may permit the box to be drilled open for a charge. | ||
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=== How do I search the Wills Registry? === | === How do I search the Wills Registry? === | ||
You can search the Wills Registry by submitting a completed application form and fee to the Vital Statistics Agency. If you are not a lawyer or notary public, you must provide a copy of the death certificate with your search application. See the Vital Statistics Agency website for the application form, the current fee, and instructions. Their contact information is: | You can search the [http://www2.gov.bc.ca/gov/content/life-events/death-and-bereavement/wills-registry Wills Registry] by submitting a completed [http://www2.gov.bc.ca/assets/gov/health/forms/vital-statistics/vsa532_fill.pdf application form] and fee to the Vital Statistics Agency. If you are not a lawyer or notary public, you must provide a copy of the death certificate with your search application. See the [http://www.vs.gov.bc.ca Vital Statistics Agency website] for the application form, the current fee, and instructions. Their contact information is: | ||
: Vital Statistics Agency | : Vital Statistics Agency | ||
: Victoria: 1-250-952-2681 | : Victoria: 1-250-952-2681 | ||
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=== How do I get a copy of the death certificate? === | === How do I get a copy of the death certificate? === | ||
The death certificate may be obtained by the funeral services provider, or you can order a death certificate from the Vital Statistics Agency. See the Vital Statistics Agency website at www.vs.gov.bc.ca for the application form, the current fee, and instructions. You may want to order more than one death certificate so you can deal with more than one institution at a time. | The death certificate may be obtained by the funeral services provider, or you can order a death certificate from the Vital Statistics Agency. See the Vital Statistics Agency website at [http://www.vs.gov.bc.ca www.vs.gov.bc.ca] for the [http://www2.gov.bc.ca/assets/gov/health/forms/vital-statistics/vsa430d_fill.pdf application form], the current fee, and instructions. You may want to order more than one death certificate so you can deal with more than one institution at a time. | ||
== Step 2: Confirm the Validity of the Will == | == Step 2: Confirm the Validity of the Will == | ||
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* '''Life insurance:''' Begin claims on life insurance policies including group insurance or other plans. | * '''Life insurance:''' Begin claims on life insurance policies including group insurance or other plans. | ||
* '''Wages and benefits:''' Contact the will-maker’s employer to verify any income owing and to determine any benefits to which the spouse or family may be entitled. | * '''Wages and benefits:''' Contact the will-maker’s employer to verify any income owing and to determine any benefits to which the spouse or family may be entitled. | ||
* '''Government benefits:''' Contact Canada Pension Plan and Old Age Security to cancel pension benefits. Establish whether any surviving spouse or children are eligible for survivor or continuing benefits. | * '''Government benefits:''' Contact [http://www.esdc.gc.ca/en/pension/cpp/index.page Canada Pension Plan] and [http://www.esdc.gc.ca/en/pension/oas/index.page Old Age Security] to cancel pension benefits. Establish whether any surviving spouse or children are eligible for survivor or continuing benefits. | ||
* '''Investments:''' Locate all original investment certificates, stocks, or bonds, and obtain the market value as of the date of death. | * '''Investments:''' Locate all original investment certificates, stocks, or bonds, and obtain the market value as of the date of death. | ||
* '''Real estate:''' List all real estate that the will-maker owned alone or with others. List any mortgages. Have appraisals done, as of the date of death, on any properties that were not jointly owned. | * '''Real estate:''' List all real estate that the will-maker owned alone or with others. List any mortgages. Have appraisals done, as of the date of death, on any properties that were not jointly owned. | ||
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To find out who the deceased owed money to, look in the deceased’s records for evidence of mortgages, loans, and accounts with outstanding charges. | To find out who the deceased owed money to, look in the deceased’s records for evidence of mortgages, loans, and accounts with outstanding charges. | ||
Depending on the circumstances, you may want to advertise for possible creditors. Advertising for creditors involves placing a notice in the ''BC Gazette'', a government publication. A creditor will have 30 days after publication of the notice to come forward with a claim against the estate. After 30 days, you may distribute the estate and you will not be liable for any claim that wasn’t brought forward. | Depending on the circumstances, you may want to advertise for possible creditors. Advertising for creditors involves placing a notice in the [https://www.crownpub.bc.ca/Home/Gazette ''BC Gazette''], a government publication. A creditor will have 30 days after publication of the notice to come forward with a claim against the estate. After 30 days, you may distribute the estate and you will not be liable for any claim that wasn’t brought forward. | ||
{{PLSTipsbox | {{PLSTipsbox | ||
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If the deceased had assets or income in another country, you may need to file a foreign income tax return as well. | If the deceased had assets or income in another country, you may need to file a foreign income tax return as well. | ||
After the income tax is reported, assessed and paid, apply for a Clearance Certificate. For your own protection, you should have this certificate before you begin to distribute the estate. For more information, see the Canada Revenue Agency publication ''Preparing Returns for Deceased Persons'', available at [http://www.cra-arc.gc.ca www.cra-arc.gc.ca] or by calling 1-800-959-8281. | After the income tax is reported, assessed and paid, apply for a [http://www.cra-arc.gc.ca/tx/ndvdls/lf-vnts/dth/clrnc-eng.html Clearance Certificate]. For your own protection, you should have this certificate before you begin to distribute the estate. For more information, see the Canada Revenue Agency publication [http://www.cra-arc.gc.ca/E/pub/tg/t4011/ ''Preparing Returns for Deceased Persons''], available at [http://www.cra-arc.gc.ca www.cra-arc.gc.ca] or by calling 1-800-959-8281. | ||
== Step 9: Account to the Beneficiaries == | == Step 9: Account to the Beneficiaries == | ||
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In distributing the estate, first distribute any gifts of specific property. Sometimes the will-maker attaches a separate list with the will that says who should receive particular items. That list may or may not be binding on the executor, depending on the will. | In distributing the estate, first distribute any gifts of specific property. Sometimes the will-maker attaches a separate list with the will that says who should receive particular items. That list may or may not be binding on the executor, depending on the will. | ||
Estate assets are transferred first to the executor, and then to the beneficiary. These steps are often done at the same time. The Land Title Office has the forms for transferring real estate. Autoplan handles transfers of motor vehicles. | Estate assets are transferred first to the executor, and then to the beneficiary. These steps are often done at the same time. The [https://ltsa.ca Land Title Office] has the forms for transferring real estate. [http://www.icbc.com/vehicle-registration/sell-vehicle Autoplan] handles transfers of motor vehicles. | ||
If any cash and belongings remain after you distribute the specific gifts, divide what remains, known as the residue, as instructed by the will. If the will does not have a residue clause, you must distribute the remainder as if there was no will. This is called “intestacy.” You will need to get legal advice if this situation occurs. | If any cash and belongings remain after you distribute the specific gifts, divide what remains, known as the residue, as instructed by the will. If the will does not have a residue clause, you must distribute the remainder as if there was no will. This is called “intestacy.” You will need to get legal advice if this situation occurs. | ||