Stacy Maurier, Founding lawyer of Estate Connection Law Firm is a member of the Westend Seniors Activity Centre’s, Friends of WSAC business program. Stacy has been a guest speaker here at our centre since 2017, providing educational Toonie Talks on writing Wills, Power of Attorney and Personal Care Directive documents and providing advice to help Executors when dealing with estates. This month, she provides a 2 part series for on Tips Executors!
ARE YOU AN EXECUTOR?
Being an Executor means you will have many responsibilities and duties. The following is part one of a two part series with tips for being an Excellent Executor!
#1 – YOU MUST FOLLOW WILL
As Executor, you may not think it is fair if the beneficiaries are not being given an equal share of the estate but your job is to do exactly what the Will states.
#2 – VALUATIONS
Wherever possible you should get appraisals on all assets, otherwise as Executor you may be liable for the loss if the item was sold for less than its appraised value at the time of death
#3 – TALK, TALK, TALK, & EMAIL
Set up a new email account to deal with all estate issues. Advise beneficiaries you will provide them with a monthly report and that if someone emails you regarding the estate, you will provide a response and include all beneficiaries in the discussion
#4 – MISMANAGE – NOT!
- Create a bank account for the estate and all income and expenses must go through this account
- You must protect all of estate assets. The locks should be immediately changed on the home
- Advertise to find all creditors
#5 – RECORD IT – IF THERE IS NO LEDGER, THEY WILL ALLEGE!
- Keep an Executor’s Log that tracks all of your mileage and any expenses you incur in your role of Executor
- Keep detailed records – what you purchased, the amount and why, who you sold an item to, the amount, etc.
- Provide the beneficiaries with a detailed monthly report
Watch for Part Two of Estate Connection Law Firm’s tips for Executors!