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Considerations and a guide to help you understand your responsibilities if you're named an executor
If you’ve been named executor of a friend or loved one’s estate, you may feel honoured to be entrusted with carrying out their last wishes. You may also feel overwhelmed and unsure of where to begin, or how to carry out your duties.
Fortunately, help is available — and the first step is educating yourself about your role as executor. Performing the role of executor requires more than just trustworthiness and good intentions. An executor ’s duties and responsibilities can require a great deal of time, effort, and expertise.
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
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. When you engage an estate professional, you will continue to make all key decisions as they relate to the estate, while the estate professional ensures that your duties are carried out in a thorough, timely manner.
If you've been named an executor, refer to the executor assist kit checklist to assist you with all of your tasks.
For more information on how we can support you, please contact an advisor.
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