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Difference between revisions of "Choosing an Executor"
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=== What are the executor's responsibilities? === | === What are the executor's responsibilities? === | ||
The role of executor usually involves paying any outstanding debts, applying for the Canada Pension Plan death benefit, selling some assets, preparing the final tax return, and distributing the estate. How much time this takes depends on how complicated your affairs are. | The [[Being an Executor|role of executor]] usually involves paying any outstanding debts, applying for the Canada Pension Plan death benefit, selling some assets, preparing the final tax return, and distributing the estate. How much time this takes depends on how complicated your affairs are. | ||
Your executor may need to '''probate''' the will. Probate is a legal procedure that confirms the will is legally valid. In the probate process, the executor submits special forms and the will to court. If everything is in order, the court issues a grant of probate. | Your executor may need to [[Probating the Will|'''probate''' the will]]. Probate is a legal procedure that confirms the will is legally valid. In the probate process, the executor submits special forms and the will to court. If everything is in order, the court issues a grant of probate. | ||
Some estates that involve only a small amount of money (under $25,000) may not need to go through probate. It is up to the third parties who hold your assets whether they will give the executor those assets without probate. | Some estates that involve only a small amount of money (under $25,000) may not need to go through probate. It is up to the third parties who hold your assets whether they will give the executor those assets without probate. | ||
