What Do Executors WANT to Know?
There are a great number of questions that we receive on a daily basis from executors. Ken's discussion will revolve around these and more:
1) Can an executor be held personally liable for an estate?
2) What are the roles of the executor?
2) How long will it take for an estate to settle?
3) When does the responsibility of an executor end?
4) Does the executor get paid?
What Do Executors NEED to Know?
Executors NEED to know to the challenges and obstacles they may face, and that the job as an executor can be difficult, emotional and stressful. It can also be gratifying to offer your assistance out of love for the deceased and their family.
The Executor takes on many roles throughout the Estate process which lasts an average of 12 months and can last indefinitely if a trust is involved.
As Executor, you are responsible for: (but not limited to):
1) Arranging and paying for the funeral
2) Locating, itemizing and valuing all personal assets
3) Liquidating assets & properties
4) Pay all debts
5) Submitting tax reports to CRA and ensuring all taxes are paid
6) Keeping accurate records
7) Providing consistent and on going communications with the beneficiaries.
Ken will discuss various examples of estate settlements "gone wrong" and what things you and your executor can do to ensure it won't happen with yours.
How Can I Help my Executor Now?
Ken will talk with you about all the ways you can help your executor. With a little organization now, you can ensure that your last wishes and bequests are being met, your funeral is to your liking and your estate expenses (including taxes) are minimized.
Doing the hard work now will go a long way in supporting your family during a time of grief and distress after your passing.
I Don't Need a Will .... Why Would I?
In this chat, Ken will discuss the consequences of dying without a Will.
It’s astonishing how much of an estate even people of modest means will have. An estate will include anything with a value that could be sold or liquidated … a car, stocks, a savings account, payroll yet to be paid, debts owed to the deceased and debts needing to be paid by the deceased.
Without a Will, the government decides who will share in your estate …. and charges you $ to do so.
You Have a Will ... But is it Valid?
Ken will discuss the circumstances as to when a Will can be declared invalid and the consequences that will follow for your executor.
Most likely reasons that a Will may become invalid include:
Changes in the family structure
New property purchases, especially when it is out of home province or country
Move from province to province
Government modifications to the rules (which happens annually)
What About My Dependent Child?
In Canada, Approximately 1 in 7 Canadians over 15 years old experiences some type of disability and that number is growing. Your Estate Planning should reflect the special needs of this family member.
Ken discusses the special considerations that include:
Capacity – can they make decisions relating to property & personal care?
Benefits – will they rely on income-tested support from the government? Do you know what is available?
Housing – capable of living on their own?
Guardianship – required or not?