Being an Executor In Alberta
Being an executor is a solemn undertaking. It is a serious, legal responsibility that has to be taken seriously. There can be consequences. Here are just some of the tasks and responsibilities that an executor must deal with:
- Make appropriate (reasonable) funeral arrangements.
- Locate and secure the assets of the deceased.
- Prepare an inventory or the assets of the deceased, as well as things such as life insurance, joint bank accounts and the like.
- Keep a detailed account of the estate assets.
- Take possession of any wills the deceased made.
- If necessary, probate the will.
- Deal with the debts of the deceased as well as claims against the estate.
- Deal with taxes owing by the deceased.
- Deal with taxes owing by the estate.
- Account to the beneficiaries, and possibly to the Probate Court as well.
- Get releases from beneficiaries.
- Distribute the estate to the beneficiaries.
Typically an executor will meet with a lawyer to discuss the entire estate situation. A plan of action will then be drawn up with tasks clearly divided as to which tasks the executor is going to do, which tasks the lawyer is going to do and which tasks 3rd parties might appropriately handle. A good working relationship is established and business gets taken care of.