The Role of Executor in Saskatchewan
Being named the executor of a loved one’s estate is both an honour and a responsibility that carries legal obligations.
What is an Executor?
An executor is an individual appointed in a Will to manage and administer the estate of the deceased. This role involves handling various tasks, ensuring the deceased’s wishes are carried out, and managing the estate’s affairs until it is fully distributed. It’s a position that requires a blend of organizational skills, legal awareness, and sensitivity.
Who to Notify?
Upon assuming the role of an executor, one of your initial responsibilities is to notify relevant parties. These may include:
- Family and Beneficiaries: Inform close family members and beneficiaries mentioned in the Will about the death.
- Financial Institutions: Notify banks and financial institutions where the deceased held accounts or investments.
- Employers and Pension Providers: If applicable, inform the deceased’s employer and pension providers.
- Government Agencies: Notify relevant government agencies, including the Canada Revenue Agency (CRA) and eHealth.
- Service Providers: Inform utility companies, insurance providers, and any other service providers.
To efficiently manage the deceased’s affairs, an executor should gather and secure important documents, such as:
- Last Will and Testament (original signed copy): The foundational document outlining the deceased’s wishes for the distribution of their estate.
- Death Certificate from Funeral Home: A vital document required for legal and administrative purposes.
- Financial Documents: Bank statements, investment records, details of mortgage, debts and loans, etc.
- Insurance Policies: Life insurance policies and other relevant coverage.
- Pension and Retirement Account Information: Details of pensions, retirement accounts, and other benefits.
- Tax Records: Previous year’s tax return and other relevant tax documents.
- If applicable, documents related to spousal issues, such as Separation Agreement, Cohabitation Agreement, certificate of divorce.
This is not a comprehensive list of all executor duties and responsibilities. Navigating the duties of an executor requires careful attention to detail, adherence to legal processes, and effective communication. Seeking legal advice and assistance, particularly in complex matters, can significantly ease the executor’s responsibilities and ensure the proper administration of the estate.
Disclaimer: This Blog is intended to provide readers with general information. Each client’s circumstances and legal solutions might vary. For further details, please reach out to us to learn more.
