The information below is presented from an accounting perspective and does not constitute legal advice. The following checklist is intended to provide a good overview of some of the principal tasks. �u�o(�K�b��a��f\k�!���9���ßS7-Is:���:�0#��>R)�)�X���-�M�D��ub�E�Q���!��>���M���Zl�9.$��Pn� ��Bx(����M^ʔ�CR�B��'��cqo���aٲ)j��z8�k��Őz}C]B׈�or��~. Our Executor's Checklist is a comprehensive information storehouse that keeps all of the crucial personal and financial information in one place, in case of a sudden death or incapacitation. If the executor disputes a claim against the estate in whole or in part, the remedy of the creditor is to sue the estate. In British Columbia, an individual named as an Executor in a will can choose to decline to act at the time of the willmaker’s death. ( see section 104 of the Wills, Estates and Succession Act of BC – the “WESA”). Whether you are currently settling an estate or planning to appoint an executor * in the future, the following checklist can help prepare you for the key tasks involved. 4 0 obj When you agree to serve as executor or personal representative of a will in BC, you agree to assume all responsibility for the proper administration of the will in all respects. 2 0 obj Asset Possession and Protection. Initial Notifications and Tasks. An Executor Checklist Posted on December 28, 2018. This serves two purposes. Final Considerations for Executors Upon the completion of the above, the executor should consider whether or not they need to update their own will. Locate the Will and review for specific instructions concerning the funeral. If you’re named the executor (also called a personal representative), take a look at this checklist for executing a will: 1. The steps you may need to take to fulfill a major responsibility. April 18, 2016 by Gail Rubin Leave a Comment. For assistance in applying for probate, some of the options for free or low-cost legal help may be helpful.. In addition to the paperwork, executors must cope with tax laws, inheritance laws, family property laws, court procedures and the demands of beneficiaries. Assets that Pass to Personal Representative by Will or Intestacy, Assets that Do Not Pass to Personal Representative, Temporary Substitute Decision Maker (TSDM), A Representation Agreement and an Advance Directive, Identification of Personal Representative, Grant of administration without will annexed, Grant of administration with will annexed, Medical Certificate of Death and Death Certificate, Payment of Funeral Service Costs and Other Immediate Bills, Review of Will(s) and Trusts, As Applicable, Content: List of Estate Assets and Liabilities, Accounts at Banks or Financial Institutions, Claiming Life Insurance, Canada Pension Plan (CPP) Death Benefit and Other Benefits, Application for Grant of Administration with Will Annexed, Application for Grant of Administration without Will Annexed, Disclosure Statement for Executors and Administrators, Application by Personal Representative for Advice and Directions, Deceased Taxpayers: Required and Elective Returns, Elective Return for Income from a Trust Plan, Elective Return for Partnership and Proprietorship Income, Transfer of Assets and Distribution of Estate, http://wiki.heritagetrustcompany.ca/index.php?title=Executor_Guide_for_British_Columbia&oldid=279, Pages using duplicate arguments in template calls, About Executor Guide for British Columbia. Advertising for creditors involves placing a notice in the BC Gazette, a government publication. 37. %���� This page was last modified on 30 October 2018, at 05:48. Notify the beneficiaries of the death, if necessary, and advise them of their entitlement under the will. After death, the executor of a will has a lot of duties. If you do hire a lawyer, legal fees are considered a proper expense and may be paid out of the estate (subject to the approval of … EstateExec also marks certain tasks inapplicable depending on estate gross value (and other factors). This is a living document, updated to December of 2017, that will evolve with British Columbia's law on estate planning and estate administration. We’ll also offer insights on each of the 100+ steps in the process. The Society of Notaries Public of BC offers a list of notaries in the province. A creditor will have 30 days after publication of the notice to come forward with a claim against the estate. <>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/StructParents 0>> %PDF-1.4 stream If you are a Keyholder® … Fair Market Value: The price of an asset comparable in the marketplace or what it would reasonably be worth in an open, unrestricted, and non-artificial transaction. When setting up a new estate, you are asked to provide a rough estimate for the estate gross value, so that EstateExec can determine the likely applicability of these tasks. Call us on 03 9667 6444 or outside Melbourne, call 1300 138 672. Hunter Kuffel, CEPF® Mar 11, 2019. The executor gives up the right to apply to the court for probate Hiring a lawyer: A lawyer is not required in order to apply for a grant of administration. It is of utmost importance that an Executor keep accurate financial records, including copies of all receipts, as well as a record of time spent in administering the estate. Preliminary steps – Immediately after death. What does this really mean? Even if probate is required, many states have streamlined procedures for small estates. This checklist is designed to be used with the CLIENT IDENTIFICATION AND VERIFICATION PROCEDURE (A-1) and the PROBATE AND ADMINISTRATION INTERVIEW (G-4) checklists. <> }X���b���f�o&��ë��;���)ه�W�q�O0-�\I�T�p�>{u�k�������&l4V��u��!���F��u��9$k� *��:���=� In fact, it is probably best if you do. It has been broken up into various sections so that you can easily navigate to the information that is relevant to your specific legal issue. This checklist is current to September 1, 2019. To renounce is to refuse or decline to do or receive something. Serving as the executor of a will can be a time-consuming endeavor that takes up a lot of mental bandwidth. EXECUTOR CHECKLIST Tasks Complete Initial Steps 1. After a Death Checklist | gov.bc.ca/afterdeath | Pg 1 After a Death Checklist In British Columbia, when someone dies and you need to look after their affairs, you will make decisions about what to do next. June 23, 2011 . The executor is responsible for closing out the deceased’s estate and carrying out the will. We even offer a Data Vault to allow you to capture important information, like funeral costs, executor expenses, and estate tax. You will need to seek out the appropriate professional (e.g. Checklist for Canadian Estate Executor - AG Tax LLP. Decide which assets should be sold or retained. Last Updated: December 19, 2019. 1. <> 39. It can be an intimidating role, with many details to manage. Locate and review will. This is especially important if the deceased had a role. Welcome to the Executor Guide for BC, a free public resource provided by Heritage Trust Company. Securities may be sold or transferred. Share. It can be hard to keep straight the various forms, procedures and duties. 214 shares. Fulfilling these duties is not only a measure of your ability, but a measure of your character. Executor duties checklist Ce document est aussi disponible en français. Some tasks may be handled by other family members, and there may be more tasks depending on the complexity of the estate and the terms of the Will. In most cases it is preferable that executor fees be outlined in the will and these can then be paid without further approval. More than 70% of adults avoid preparing for end-of-life realities. The Estate and Trust Guide for BC is intended as a resource only and not as legal advice. A notary public can help certifying legal documents. Phone: 778-786-0615 Fax: 778-786-0616 Email: info@ null bcheritagelaw.com Book an Appointment After 30 days, you may distribute the estate and you won’t be liable for any creditor claims that weren’t raised. The Public Guardian and Trustee of BC is a government office that manages estates, for a fee, when the executor is not able or willing to do so, or when someone dies without a will.. Visit website. ���#�M�I�n?os����/8�W�d ?�l�|i[����n��Ǝ*�������{D��u�����W���Bq���DSe�pܷ���@��`E3�P�? This document is also available in French. Creditors might make claims against the estate if the executor did not pay their claims. Home / Executor Services / I have been named Executor / Simple Estate Administration Checklist for Executors. Purpose and currency of checklist. &D���H��%+D^�}#2��,���Z#�f�(r��]��vS!؛5�立�}�a�.hп`�0�مlr�*��F3�+���|u����i���{d�O�wo��q�z`Y����Q�i�`��bW��@rm�L,~����t�M�%~\M������6�o� ����cg�"Y��#;B�ʺ Y�ל�[.���s^��7���5���ikn����k�#�^7�G�\�j�p��� p -�z����۾�.̅0��Z�_h� ���ZY��[4̅ G$��kӣ�f���/�73��h�!��i��zb� �v;������� ��4�fFhC���``��S 3�?d'1�1���"Y�_�������ZD����ҹ�b�����ɺi7ˬ͇t��y��%U�/���2�~?2[�][.GB��_���C謦�uΥE73{���[l �b5�Y+iWs�6��f��Y���n�uˆ"����( D������n�ӎ�Ⱦ2�� �r�=$�9 �}�, � Estate matters can be complicated, and we recommend that an individual acting in the capacity of an estate executor use this outline in conjunction with obtaining legal advice. If refusing to act, the Executor is said to be renouncing. Self-Counsel Press publishes do-it-yourself guides on legal and financial topics for BC. 40. Executor's Checklist - one stop for all your crucial information. EstateExec automatically adds or removes tasks based upon particulars of the estate, such as state location, year of death, etc. executor(s) and/or trustee(s) of the deceased’s death and ascertain outstanding entitlements. The Supreme Court of BC recently confirmed that, The executor has a duty to ascertain the liabilities of the estate. The Estate and Trust Guide for BC is intended as a resource only and not as legal advice. We’ll build you a custom executor checklist to guide you through your executor duties. Executor’s checklist: What are the duties of an executor? West Vancouver, BC V7T 1C5. The After a Death website also has detailed information and links to resources such as needed forms. Simple Estate Administration Checklist for Executors . Executor Checklist Getting Started If you've been named as an Executor, which is the person responsible for carrying out the terms of a Will, there are some important things you should know about your new role—whether you're called upon soon or in the far future. The Public Guardian and Trustee of BC is a government office that can manage an estate, for a fee, when the executor is not able or willing to do so, or when someone dies without a will. Intestacy: Intestacy occurs when a person dies without a legal Will. Whether probate is necessary often depends upon the size of the estate, after all the non-probated assets (anything that can be transferred outside of probate) are removed. <>/OutputIntents[<>] /Metadata 78 0 R>> EXECUTOR’S CHECKLIST Estate administration is demanding and time-consuming. After The Funeral: An Executor’s Checklist. In the majority of cases, the parties will agree on a reasonable amount of compensation for the executor, as they both recognize the effort carried out by the executor, and want to avoid the cost and delay of asking the court to settle the matter for them. This checklist has been prepared as a guide for the responsibilities and duties that are likely to fall on anyone acting as an Executor/Executrix. Advertise for estate creditors. (you can see a generic executor checklist here). Below is a checklist of some of the steps an executor should follow when the testator (the person who made the will) has passed away. This checklist helps you determine who to notify and keeps you organized. An Executor’s Checklist. x��ko7��~\֚��@�rh��k�á�EZۺȒ+���y3��J+�*����p8�΋�^�l���tֱׯ�n�n:{l��׫�u׭�~������z? Advertiser Disclosure. The Executor’s Checklist Seek Professional Advice Completed As well as the practical steps to be taken, there are many legal requirements. By Jim Yih. It is written primarily from the per-spective of a lawyer acting for an executor or administrator. It means you agree to take on all of the following duties during the probate process and through the distribution of assets to beneficiaries: 1. You will need to transfer registered assets, such as vehicles, real estate, and bonds, to yourself (as the executor) before they can be transferred to a beneficiary. Pay debts and legacies, file tax returns 38. Executor Checklist Probate and Distribution of Assets Do you ha ve a question? Assist with funeral arrangements and placement of an obituary. You can approach these tasks methodically. An Executor is the person named in a Will to carry out the testamentary requests and estate distribution of the deceased. Executor Checklist One of the fundamental obligations of an Executor is to protect the assets of the deceased’s estate. If you are an executor to an estate, you must carry out your duties responsibly. 3 0 obj 1 0 obj You can change this estimate at any time (see Track Ta… Your estate lawyer can provide a checklist to go through to ensure you have collected all assets. Estate Administration Checklist . Personal Wealth Strategies 205-30 Dupont Street East, Waterloo Phone: 519-884-7087 Toll free: 1-877-883-3970 Fax: 519-884-5741 www.finplans.net . Print this page Simple Estate Administration Checklist for Executors. Visit website. They don’t have wills or trusts, advance medical directives or pre-need funeral planning in place before there’s a death in the family. If you're the executor of an estate, here's what you need to do. Pay balances on all credit cards, lines of credit, utility accounts, and money owing to other creditors. In BC executor’s fees must either be set out in the will or agreed to by the executor and the beneficiaries. 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