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Difference between revisions of "Ten Steps to Being an Executor"
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Ten Steps to Being an Executor (view source)
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{{REVIEWEDPLS | reviewer = [[Stephen Hsia|Stephen Hsia]]|date= March 2019}}{{Being an Executor TOC}} | {{REVIEWEDPLS | reviewer = [[Stephen Hsia|Stephen Hsia]]|date= March 2019}}{{Being an Executor TOC}} | ||
When the person who makes a will dies, their '''executor''' carries out the instructions in the will. | When the person who makes a will dies, their '''executor''' carries out the instructions in the will. Learn the main steps involved. | ||
== The executor's role, in a nutshell == | == The executor's role, in a nutshell == | ||
[[File:Being an Executor - Contents4.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]] | |||
When the will-maker dies, the executor’s responsibilities include: | When the will-maker dies, the executor’s responsibilities include: | ||
* safeguarding the property left behind, | * safeguarding the property left behind, | ||
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== Step 1. Find the will == | == Step 1. Find the will == | ||
The first step is to locate the will. | The first step is to locate the will. | ||
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== Step 2. Confirm the validity of the will == | == Step 2. Confirm the validity of the will == | ||
Once you’re confident you have the original and most recent version of the will, you’ll have to make sure it’s valid. A will might be invalid if: | Once you’re confident you have the original and most recent version of the will, you’ll have to make sure it’s valid. A will might be invalid if: | ||
* '''It was not properly signed or witnessed''': For example, a will must be signed at the end by the will-maker in front of two witnesses present at the same time. | * '''It was not properly signed or witnessed''': For example, a will must be signed at the end by the will-maker in front of two witnesses present at the same time. | ||
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As the executor, you may need to apply to court to '''probate''' the will. Probate is a legal process that confirms that the will is legally valid and can be acted on. Not all wills need to be probated. | As the executor, you may need to apply to court to '''probate''' the will. Probate is a legal process that confirms that the will is legally valid and can be acted on. Not all wills need to be probated. | ||
If everything’s in order, the court issues a '''grant of probate'''. This document allows other parties such as banks and the Land Title Office to be sure that you’re someone who’s authorized to deal with estate assets. See the section | If everything’s in order, the court issues a '''grant of probate'''. This document allows other parties such as banks and the Land Title Office to be sure that you’re someone who’s authorized to deal with estate assets. See the section on “[[Probating the Will]].” | ||
=== Probate might not be required for small estates === | === Probate might not be required for small estates === | ||
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=== If the will-maker owned land === | === If the will-maker owned land === | ||
If the will-maker owned land other than in joint tenancy, then probate is required. The Land Title Office will require you to provide a grant of probate to transfer the land. This is so even if the will-maker’s interest in land is less than the $25,000 threshold. | If the will-maker owned land other than in joint tenancy, then probate is required. The Land Title Office will require you to provide a grant of probate to transfer the land. This is so even if the will-maker’s interest in land is less than the $25,000 threshold. | ||
== Step 8. Deal with debts and taxes == | == Step 8. Deal with debts and taxes == | ||
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If the deceased had assets or income in another country, you may need to file a foreign income tax return as well. | If the deceased had assets or income in another country, you may need to file a foreign income tax return as well. | ||
After the income tax is reported, assessed and paid, apply for a '''clearance certificate'''. For your own protection, you should have this certificate before you begin to distribute the estate. For more information, see the Canada Revenue Agency publication ''Preparing Returns for Deceased Persons'', available at canada.ca/tax or by calling 1-800-959-8281. | After the income tax is reported, assessed and paid, apply for a '''clearance certificate'''. For your own protection, you should have this certificate before you begin to distribute the estate. For more information, see the Canada Revenue Agency publication ''Preparing Returns for Deceased Persons'', available at [http://canada.ca/tax canada.ca/tax] or by calling 1-800-959-8281. | ||
== Step 9. Account to the beneficiaries == | == Step 9. Account to the beneficiaries == | ||
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=== A witness may be able to receive a gift === | === A witness may be able to receive a gift === | ||
Check if anyone receiving a gift under the will is a witness. They ''may'' be able to inherit under a will. The witness has to apply to court and show that the will-maker intended to make the gift ''even though'' the beneficiary was a witness. If the court isn’t satisfied, the gift to the witness is void. Either way, the remainder of the will won’t be affected. | Check if anyone receiving a gift under the will is a witness. They ''may'' be able to inherit under a will. The witness has to apply to court and show that the will-maker intended to make the gift ''even though'' the beneficiary was a witness. If the court isn’t satisfied, the gift to the witness is void. Either way, the remainder of the will won’t be affected. | ||
