A loved one has passed and in their will you’ve been designated as the executor of estate. While this designation can be an honour, it can also come with a lot of responsibility and stress. If you are looking for guidance as an executor of estate in Vancouver, we’re here to help at Morris Law. Here are some questions that might be on your mind.
What is an executor of estate?
An executor of estate, also known as an executor of will, is someone chosen to have administrative control over a deceased person’s assets (what they owned) and liabilities (what they owed) as outlined in a will. This person is often named in the will itself.
What does an executor of estate need to do?
It is important not to underestimate the scope of what’s involved in being an executor of estate. This is not simply a matter of reading a will and following it like a set of instructions. An executor sees to it that all of a person’s final arrangements, including funeral arrangements, are taken care of in a timely way.
Some responsibilities of the executor of estate include:
- Making funeral arrangements including applying for a death certificate, arranging for care of dependents and pets, and burial or cremation of the deceased
- Applying to probate (validate) the will and paying probate taxes out of the estate
- Opening an estate bank account
- Locating and protecting all assets including real estate, life insurance, and pension benefits
- Handling tax matters in a timely way
- Identifying and settling debts
- Distributing the estate according to the will
Do I have to be an executor of estate if someone has designated me to do so?
No. Remember, this is a big decision. It is possible to renounce your role as an executor if you feel unable to take care of the complex financial details. However, you should do so before you have done any work in the administration of the estate. Otherwise, you will be seen as “intermeddling” and may require legal permission to withdraw from your role.
What are some of the costs associated with being an executor of estate?
There are possible financial costs involved in being an executor of estate or executor of will. You might have to cover some of the expenses of settling a person’s will, such as covering a real estate appraisal, until you can be paid back. Being an executor of estate can also take up a lot of time as you have to deal with complex monetary matters, not to mention the emotional cost of taking care of financial and legal details after losing a loved one.
Many people choose to appoint a corporate executor of estate, and Morris Law can help with that! We are here to provide the professional help you need to manage an estate and eliminate some of the stress that comes with the death of a loved one.
Please reach out to us by visiting our law firm located in Downtown Vancouver and we will be glad to assist you. Call 778-819-8553 to book your appointment today!
