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

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If there is no co-executor, the alternate executor can take over, as most wills name an alternate in case the executor is unable to act. If there is no alternate named in the will, someone will have to apply to court to become '''administrator''' of the estate. The process is similar to the process to probate the will, described below.
If there is no co-executor, the alternate executor can take over, as most wills name an alternate in case the executor is unable to act. If there is no alternate named in the will, someone will have to apply to court to become '''administrator''' of the estate. The process is similar to the process to probate the will, described below.


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| text      = "I found out after my brother died that he had named me executor. He didn’t ask me first. Although I loved my brother, I didn’t want the job. I was 78 years old. Also, I live in Alberta and he lived in BC. It was going to be too difficult. So I signed a Notice of Renunciation form, and the alternate executor took over." <br>- Henry, Edmonton}}
| image = [[File:Headshot_-_Being_an_Executor_-_Henry_-_2017-03-16.jpg |link=]]
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"I found out after my brother died that he had named me executor. He didn’t ask me first. Although I loved my brother, I didn’t want the job. I was 78 years old. Also, I live in Alberta and he lived in BC. It was going to be too difficult. So I signed a Notice of Renunciation form, and the alternate executor took over." <br>- Henry, Edmonton</div>}}


== Step 1. Locate the will ==
== Step 1. Locate the will ==
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If any of these concerns arise, it is important to seek the advice of a lawyer.
If any of these concerns arise, it is important to seek the advice of a lawyer.


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| text      = If you have concerns about the validity of the will, or a reasonable belief that a newer will exists, it is important to seek professional advice before taking any further steps in relation to the estate.
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| style    = width: {{{width|50%}}}; background:#ffffff; border:1px solid black; right
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| text      = <div>If you have concerns about the validity of the will, or a reasonable belief that a newer will exists, it is important to seek professional advice before taking any further steps in relation to the estate.</div>
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* If the will includes a '''trust''', take steps to ensure that the assets that form part of the trust are properly invested or kept in a safe place.
* If the will includes a '''trust''', take steps to ensure that the assets that form part of the trust are properly invested or kept in a safe place.


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| text      = A trust is a part of the estate that is set aside in the will for a beneficiary, often a child, on certain terms. For many estates, the executor is often also the trustee. The trustee is responsible for:  
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| text      = <div>A trust is a part of the estate that is set aside in the will for a beneficiary, often a child, on certain terms. For many estates, the executor is often also the trustee. The trustee is responsible for:  
* making sure that all the assets that form part of the trust are properly invested or kept in a safe place,  
* making sure that all the assets that form part of the trust are properly invested or kept in a safe place,  
* filing annual trust tax returns, and  
* filing annual trust tax returns, and  
* making payments to the beneficiary of the trust as directed by the will. </div>
* making payments to the beneficiary of the trust as directed by the will.  
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If there is any question about what the person wanted, the executor has the legal authority to decide.
If there is any question about what the person wanted, the executor has the legal authority to decide.


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| text      = To pay the funeral expenses, you could take the invoices to the bank where the deceased kept an account. If there’s enough money in the account, the bank will typically give you funds from that account to pay the expenses.  
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| style    = width: {{{width|50%}}}; background:#ffffff; border:1px solid black; right
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| text      = <div>To pay the funeral expenses, you could take the invoices to the bank where the deceased kept an account. If there’s enough money in the account, the bank will typically give you funds from that account to pay the expenses. </div>
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Letters requesting this information will need to include proof of death and a copy of the will to demonstrate your authority to act on behalf of the estate. If the third party will not release the information about the estate assets, you may need to consult with a lawyer for assistance.
Letters requesting this information will need to include proof of death and a copy of the will to demonstrate your authority to act on behalf of the estate. If the third party will not release the information about the estate assets, you may need to consult with a lawyer for assistance.
   
   
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| text      = As executor, you are responsible to account for the estate assets. Keep records of all income received and any expenses paid. Keep all receipts. Keep copies of all letters and forms you send.  
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| style    = width: {{{width|50%}}}; background:#ffffff; border:1px solid black; right;
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| text      = <div>As executor, you are responsible to account for the estate assets. Keep records of all income received and any expenses paid. Keep all receipts. Keep copies of all letters and forms you send. </div>
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