Do We Really Need An Estate Executor In Canada?

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

In Canada you do not possess the authority to authorize your own personal cremation. The human body becomes the property of the estate executor. You’ll find various duties involved and once begun an executor of an estate has to see the job through. While not legally binding, an executor’s job ought to be taken seriously and completed to the full.

In many cases the executor is either a family friend or even a close family member. In more complicated estates, then it maybe in your interest to appoint a completely independent executor.

Mentioned are some of the duties of your Executor.

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

· Organising the funeral on behalf of the family, considering 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.

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

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

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

If executing the estate is complicated then an executor can appoint a solicitor to act on their behalf. Ensure you agree to a detailed fee in advance of any work being completed. Solicitors charge sometimes a percentage of the estate or a set fee based on the complexity of the case.

Organising a pre-planned London funeral will reduce pressure from your estate executor and family. Many homes offer pre arranged funerals in London services that can be purchased over a certain time period, again relieving your loved ones of any financial pressure.

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