Tips for executors of wills

you will be responsible to locate the deceased’s assets, pay the funeral costs, debts and taxes and then distribute the remaining money and property according to the instructions in the will.

An executor is entitled to reasonable remuneration.

Being an executor takes time, energy and careful attention to detail.

An executor can get help from family members and professional advisers including a lawyer or accountant.

However, the executor is the person who is legally responsible to administer the estate.

The duties of the executor are significant and include many responsibilities and duties, including but not limited to the following: locating the will; making funeral arrangements; keeping a diary of actions and expenses; obtaining a death certificate; safeguarding the assets of the estate; identifying and locating all assets and liabilities of the estate and preparing a detailed list; securing professional advice, dealing with pre-existing legal agreements, legal matters and court orders to which the deceased was a party; notifying government offices of the death to cancel ID and government accounts and apply for death benefits; preparing and filing the income tax returns; preparing an accounting; obtaining executed releases from all beneficiaries; dealing with any estate litigation arising from the administration; and distributing the funds of the estate to the beneficiaries.

The job as an executor may be more difficult and an estate will take more time to administer based on numerous factors, including but not limited to: the number of beneficiaries; if the deceased owned a business, held significant investments or had significant debt; had foreign assets; had dual citizenship; if the will involves a trust; or if its contents are challenged.

For example, a spouse or child of the deceased had legal standing in B.C. to commence a court action to vary the deceased’s will based on a claim the deceased failed to make an adequate provision for that spouse or child.

This type of claim results in estate litigation which can add significant complication, time and expense in administering an estate.

A key responsibility of an executor is to obtain a grant of probate.

Probate means to prove a will at law. Without probate, institutions that hold or control assets of the deceased (including banks, insurance companies, the Land Title Office and others) may refuse to recognize the executor’s authority over the estate assets.

Timing for final distribution of the estate is subject to many factors but this process typically takes a year or more.

It is strongly recommended an executor seek the advice of professionals including an accountant and a lawyer.

Any professional adviser should specialize in this area because of the many technical rules, procedures and reporting requirements which may have an impact on the estate.

Reasonable professional fees are considered a proper expense and may be paid out of the estate funds.

Jody Pihl is a lawyer with Pihl Law in Kelowna. Reach her at lawyers@pihl.ca.