Though it can seem like an honour to be appointed as an executor for a loved one or friend, it is important that you know what is involved before committing to the responsibility on your own. An estate typically takes 1-2 years to complete and includes up to 70 complicated tasks. No matter the size or complexity involved, executors of all levels of experience must engage some professional support, whether it is a lawyer or accountant. As a professional trust company, we specialize in helping executors with all aspects of estate administration and management tasks.
Our Essential Service includes completion of 7 key tasks in the estate administration process. Completion of these tasks ensures that you as executor can proceed with administration of the estate. This service is suitable for executors who have the appropriate skills and the available time to complete the rest of the estate administration.
Essential Services include the following services:
- Compiling an inventory and valuation of the estate’s assets and liabilities
- Sending notices to creditors
- Arranging for appraisals
- Coordinating the application for probate (Certificate of Appointment of Estate Trustee)
- Filing final tax returns and previously unfiled taxes
- Obtaining a clearance certificate from Canada Revenue Agency
- Inquiring about status of insurance
Our Complete Service includes everything from the above service in addition to completing all of the remaining tasks to settle the estate.
Complete Services include, but are not limited to:
- Managing beneficiary relationships (Setting expectations, providing regular updates, and responding to inquiries)
- Safeguarding estate assets (Gathering, protecting and investing)
- Selling appropriate assets and transferring titles
- Assisting in the establishment of any trusts created under the Will
- Investigating debts owed by the estate
- Initiating sale of assets
- Distributing specific assets and personal belongings
- Preparing final estate accounting and distributing releases for beneficiaries