La Swiss Watches Canada

How Important Are Estate Executors In Canada?

At some point it’s going to happen to us all, so appointing an executor to administer your estate when you die is an important decision for you to make.

In Canada you do not have the authority to authorize your own cremation. Your body becomes the property of the estate executor. There are various duties involved and once started an executor of an estate has to see the job through. Although not legally binding, an executor’s role should be taken seriously and carried out to the full.

In most cases the executor is either a close family member or even a family friend. In more complex estates, then it can be in your interest to appoint an independent executor.

These are just some of the duties of an Executor.

· Obtaining the death certificate and registering the death is the first step. Copies of the death certificate will also be required for bank funds, insurance policies etc.

· Arranging the funeral on behalf of the family, taking into account family wishes.

· Executors have to inform all organisations and relevant persons of the death.

· A valuation of the estate will also have to be organised.

· Allocate all debts that will be paid from the proceeds of the estate.

· Complete Probate forms and Inland Revenue forms to establish if any inheritance tax is due.

· Once all assets and debts have been collected distribute the estate accordingly.

If executing the estate is rather complex then an executor can appoint a solicitor to act on their behalf. Ensure you agree to a detailed fee prior to any work being carried out. Solicitors charge either a percentage of the estate or a set fee based on the complexity of the case.

Organising a pre-planned burial or norfolk cremations will relieve pressure from your family and estate executor. Many funeral homes in niagarafalls offer pre arranged funeral services that can be paid for over a certain period of time, again relieving your family of any financial strain.

Be sure to choose your estate executor well. They will be responsible for distributing assets according to directives in your Last Will and Testament so it is essential to execute a Living Trust or Last Will.

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