Difference between revisions of "Ten Steps to Being an Executor"

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As executor of someone’s estate, your first step is to locate the original will. The will may have instructions about the will-maker’s wishes for organ donation, burial or cremation, and their funeral or memorial service. You need the original will if you are required to probate the will.  

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.   

=== Once I’ve located the will, what’s the next step? ===

It used to be that a person who witnessed a will could not also be a beneficiary. But now, a witness may be able to inherit under a will. The witness has to apply to court and show that the will-maker '''intended''' to make the gift even though the beneficiary was a witness to the will. If the court isn’t satisfied, the gift to the witness is void. Either way, the remainder of the will is not affected.

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As the executor it is your responsibility to protect the assets of the deceased. You should make sure the assets are safe and properly insured. For example:

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The executor is responsible for the funeral arrangements and paying the funeral expenses. There are many decisions to make when arranging the funeral, usually in a very short time period. For example:

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Once the funeral is over, family members and beneficiaries are often anxious to know about the estate, what happens next, and when they will receive their inheritance.

* discuss how the personal assets will be divided.

Making an inventory of the estate is one of your most significant tasks as executor. The inventory lists the estate assets and liabilities, valued as at the date of death.  

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As the executor, you may need to [[Probating the Will|'''probate''' the will]]. In the probate process, you submit special forms and the will to court; see below for details. If everything is in order, the court issues a grant of probate. This document allows financial institutions and other organizations such as the Land Title Office to rely on the will as being the last will made by the will-maker.

If the estate assets are worth more than $25,000, probate will usually be required. It is up to the institutions who hold the assets whether they will transfer them to you without probate. Check with the institutions that hold the deceased’s assets to find out what they require.

If probate is required, once you have the grant of probate, you will be able to transfer the estate assets into your name as executor. With the assets, you can then settle the deceased’s debts and any expenses that you incur in the course of administering the estate.  

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.  

Before you distribute the estate among the beneficiaries, you must give them an accounting of your administration of the estate and they must agree with it.  

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Once you ensure that all debts, expenses and taxes have been paid, that all claims against the estate have been satisfied, and that your accounts have been approved by the beneficiaries or the court, you can distribute the remainder of the estate.