An executor’s checklist

Have you been asked to be the executor of an individual’s estate? At first you might be flattered, or maybe scared of the notion.

It’s an honour to be trusted by a friend, family member, or client but, on the other hand, the role comes with some major responsibilities. What should you consider before agreeing to be an executor, and what sorts of duties and responsibilities should you expect? This bulletin provides some answers.

As an executor, you’re responsible for handling all of the deceased’s affairs, including abiding by the terms set out in the deceased’s will. This will require you to be impartial and fair to all parties involved.

Since conflicts are common between heirs, particularly when monetary matters are involved, you’ll have to act as the mediator to ensure each heir is treated without favouritism.

You’ll also have to deal with many financial issues, or at least delegate that part of your responsibilities to others. For example, it’s very common to delegate tax return filing responsibilities to a qualified accountant, and investment management duties to a financial advisor. You’ll also need to retain the services of a lawyer to take care of some of the legal work, such as applying for probate, and making applications to the court.

If the estate is especially complex, it may also be appropriate to delegate some or all of the responsibilities to a professional executor, although you should be aware of the fees involved in such a decision. For example, many banks, trust companies, lawyers and accountants offer professional executor and trustee services.