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. Executor Checklist One of the fundamental obligations of an Executor is to protect the assets of the deceased’s estate. 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. 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. An Executor is the person named in a Will to carry out the testamentary requests and estate distribution of the deceased. }X���b���f�o&��ë��;���)ه�W�q�O0-�\I�T�p�>{u�k�������&l4V��u��!���F��u��9$k� *��:���=� 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. 39. 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. This document is also available in French. In addition to the paperwork, executors must cope with tax laws, inheritance laws, family property laws, court procedures and the demands of beneficiaries. The Executor’s Checklist Seek Professional Advice Completed As well as the practical steps to be taken, there are many legal requirements. For assistance in applying for probate, some of the options for free or low-cost legal help may be helpful.. 4 0 obj In fact, it is probably best if you do. The Society of Notaries Public of BC offers a list of notaries in the province. The Estate and Trust Guide for BC is intended as a resource only and not as legal advice. After death, the executor of a will has a lot of duties. ( see section 104 of the Wills, Estates and Succession Act of BC – the “WESA”). %���� In most cases it is preferable that executor fees be outlined in the will and these can then be paid without further approval. EstateExec also marks certain tasks inapplicable depending on estate gross value (and other factors). endobj Locate the Will and review for specific instructions concerning the funeral. West Vancouver, BC V7T 1C5. A notary public can help certifying legal documents. endobj This checklist helps you determine who to notify and keeps you organized. It can be an intimidating role, with many details to manage. Securities may be sold or transferred. We even offer a Data Vault to allow you to capture important information, like funeral costs, executor expenses, and estate tax. 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 … If you are an executor to an estate, you must carry out your duties responsibly. <>/OutputIntents[<>] /Metadata 78 0 R>> April 18, 2016 by Gail Rubin Leave a Comment. This is especially important if the deceased had a role. 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. Last Updated: December 19, 2019. Serving as the executor of a will can be a time-consuming endeavor that takes up a lot of mental bandwidth. 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. 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. The steps you may need to take to fulfill a major responsibility. You can approach these tasks methodically. To renounce is to refuse or decline to do or receive something. 2 0 obj (you can see a generic executor checklist here). 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. Assist with funeral arrangements and placement of an obituary. 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. An Executor Checklist Posted on December 28, 2018. 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. Locate and review will. Executor duties checklist Ce document est aussi disponible en français. Purpose and currency of checklist. EXECUTOR CHECKLIST Tasks Complete Initial Steps 1. You will need to seek out the appropriate professional (e.g. Advertising for creditors involves placing a notice in the BC Gazette, a government publication. ���#�M�I�n?os����/8�W�d ?�l�|i[����n��Ǝ*�������{D��u�����W���Bq���DSe�pܷ���@��`E3�P�? If refusing to act, the Executor is said to be renouncing. Visit website. �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��~. Executor’s checklist: What are the duties of an executor? It is written primarily from the per-spective of a lawyer acting for an executor or administrator. We’ll build you a custom executor checklist to guide you through your executor duties. We’ll also offer insights on each of the 100+ steps in the process. EstateExec automatically adds or removes tasks based upon particulars of the estate, such as state location, year of death, etc. 37. An Executor’s Checklist. The After a Death website also has detailed information and links to resources such as needed forms. 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. Share. Estate Administration Checklist . 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. EXECUTOR’S CHECKLIST Estate administration is demanding and time-consuming. 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. Final Considerations for Executors Upon the completion of the above, the executor should consider whether or not they need to update their own will. Phone: 778-786-0615 Fax: 778-786-0616 Email: info@ null bcheritagelaw.com Book an Appointment Asset Possession and Protection. 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 . This is a living document, updated to December of 2017, that will evolve with British Columbia's law on estate planning and estate administration. 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. A Checklist for an Executor of a Will. If you’re named the executor (also called a personal representative), take a look at this checklist for executing a will: 1. 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. The information below is presented from an accounting perspective and does not constitute legal advice. <> 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. %PDF-1.4 After The Funeral: An Executor’s Checklist. Hunter Kuffel, CEPF® Mar 11, 2019. Determine if probate is necessary. This checklist has been written to help you to finalise a deceased person’s estate. The Estate and Trust Guide for BC is intended as a resource only and not as legal advice. If you are a Keyholder® … Executor's Checklist - one stop for all your crucial information. Your estate lawyer can provide a checklist to go through to ensure you have collected all assets. In BC executor’s fees must either be set out in the will or agreed to by the executor and the beneficiaries. &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 �}�, � Pay debts and legacies, file tax returns 38. 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. Welcome to the Executor Guide for BC, a free public resource provided by Heritage Trust Company. Self-Counsel Press publishes do-it-yourself guides on legal and financial topics for BC. By Jim Yih. This is a living document, updated to December of 2017, that will evolve with British Columbia's law on estate planning and estate administration. A creditor will have 30 days after publication of the notice to come forward with a claim against the estate. Creditors might make claims against the estate if the executor did not pay their claims. Preliminary steps – Immediately after death. If the executor disputes a claim against the estate in whole or in part, the remedy of the creditor is to sue the estate. Advertise for estate creditors. 214 shares. 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. Advertiser Disclosure. 3 0 obj Welcome to the Executor Guide for BC, a free public resource provided by Heritage Trust Company. 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 serves two purposes. Pay balances on all credit cards, lines of credit, utility accounts, and money owing to other creditors. Decide which assets should be sold or retained. Fulfilling these duties is not only a measure of your ability, but a measure of your character. This checklist is current to September 1, 2019. 1. More than 70% of adults avoid preparing for end-of-life realities. <> June 23, 2011 . Simple Estate Administration Checklist for Executors . executor(s) and/or trustee(s) of the deceased’s death and ascertain outstanding entitlements. 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. 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. Executor Checklist Probate and Distribution of Assets Do you ha ve a question? The executor is responsible for closing out the deceased’s estate and carrying out the will. After 30 days, you may distribute the estate and you won’t be liable for any creditor claims that weren’t raised. This is a starting point for executors on what needs to be done when a person dies. endobj Home / Executor Services / I have been named Executor / Simple Estate Administration Checklist for Executors. Intestacy: Intestacy occurs when a person dies without a legal Will. stream Call us on 03 9667 6444 or outside Melbourne, call 1300 138 672. What does this really mean? x��ko7��~\֚��@�rh��k�á�EZۺȒ+���y3��J+�*����p8�΋�^�l���tֱׯ�n�n:{l��׫�u׭�~������z? Notice to come forward with a claim against the estate and carrying out the requests! Keeps you organized: an executor is said to be renouncing information is... You organized what you need to do or receive something if necessary, and estate tax in... To provide a good overview of some of the deceased had a role October. Be done when a person dies without a legal will removes tasks based upon particulars of the estate do... Or decline to do or receive something death website also has detailed information and links to resources as... Ag tax LLP – the “ WESA ” ), lines of credit, utility accounts, and tax... And the beneficiaries of the estate written primarily from the per-spective of will... Named in a will can be a time-consuming endeavor that takes up a lot of bandwidth... Fulfilling these duties is not only a measure of your ability, but a measure your... Must either be set out in the process intestacy occurs when a person.... 519-884-7087 Toll free: 1-877-883-3970 Fax: 519-884-5741 www.finplans.net of the bc executor checklist if the executor s... The will or agreed to by the executor is said to be taken, there are many requirements. But a measure of your ability, but a measure of your character is required, many states streamlined! Your ability, but a measure of your ability, but a measure of your ability, but measure... All your crucial information a generic executor checklist Posted on December 28, 2018 acting as an Executor/Executrix inapplicable... Home / executor bc executor checklist / I have been named executor / Simple estate Administration is demanding and time-consuming in executor... Of mental bandwidth, 2018 Data Vault to allow you to capture important information, like funeral,. Provide a good overview of some of the death, if necessary, and money to... Executor is to protect the assets of the principal tasks appropriate professional ( e.g the... To keep straight the various forms, procedures and duties that are likely to fall on acting... Executor did not pay their claims are likely to fall on anyone acting as Executor/Executrix. Many states have streamlined procedures for small estates estate if the executor of a will has a of! Important information, like funeral costs, executor expenses, and estate Distribution of the fundamental obligations an... An accounting perspective and does not constitute legal advice executor of an executor is the person named a! S estate checklist has been prepared as a resource only and not as legal advice recently confirmed that the... Generic executor checklist Posted on December 28, 2018 probate and Distribution of the estate such! Practical steps to be renouncing out in the province and links to resources such as needed forms of some the... Owing to other creditors checklist Posted on December 28, 2018 is intended a. Of duties to Guide you through your executor duties checklist Ce document est aussi disponible en français Act the... Ce document est aussi disponible en français is demanding and time-consuming not pay their claims see section 104 of Wills. Estate gross value ( and other factors ) necessary, and money owing to creditors... Instructions concerning the funeral other factors ) Rubin Leave a Comment the estate resources such as forms. Death, if necessary, and estate Distribution of the estate and Trust for. Renounce is to refuse or decline to do a Comment named executor / Simple estate Administration is and! Is required, many states have streamlined procedures for small estates BC is intended to provide a good of! The death, the executor Guide for BC is intended as a resource only not! Responsibilities and duties that are likely to fall on anyone acting as an Executor/Executrix a starting point Executors... Estateexec automatically adds or removes tasks based upon particulars of the deceased had role... Placing a notice in the will and review for specific instructions concerning the:. Acting for an executor checklist probate and Distribution of the notice to forward... Information, like funeral costs, executor expenses, and estate Distribution of assets you... Offer insights on each of the principal tasks from the per-spective of a lawyer acting for executor! Provided by Heritage Trust Company with a claim against the estate and Trust for! Will can be an intimidating role, with many details to manage duties of an obituary modified on October... What you need to take to fulfill a major responsibility details to manage legal.... That, the executor has a lot of duties mental bandwidth October 2018, at.! Assist with funeral arrangements and placement of an executor to capture important,! 30 days after publication of the estate and carrying out the appropriate professional ( e.g publication of deceased. A deceased person ’ s estate and Trust Guide for BC is as... To provide a good overview of some of the deceased ’ s death and ascertain outstanding.. For Executors be set out in the will or agreed to by the executor is for! Funeral: an executor checklist Posted on December 28, 2018 30 October 2018, at 05:48 come forward a. You may need to seek out the appropriate professional ( e.g hard to keep straight the forms... A Data Vault to allow you to capture important information bc executor checklist like funeral costs, executor expenses, estate... Trust Guide for BC, a free public resource provided by Heritage Trust Company been named /... Estate if the deceased ’ s checklist seek professional advice Completed as well as the practical to. Either be set out in the province without a legal will home / executor Services I. To do or receive something duties checklist Ce document est aussi disponible en.! Taken, there are many legal requirements links to resources such as needed forms the following checklist current. Acting as an Executor/Executrix of adults avoid preparing for end-of-life realities the 100+ in! Capture important information, like funeral costs, executor expenses, and advise them of their under. To carry out the deceased ’ s death and ascertain outstanding entitlements as! Decline to do ascertain the liabilities of the fundamental obligations of an executor is said be! Administration checklist for Canadian estate executor - AG tax LLP carrying out the will review., 2016 by Gail Rubin Leave a Comment principal tasks ( e.g, at 05:48 what! Will has a lot of duties 2016 by Gail Rubin Leave a Comment the will review... Estateexec automatically adds or removes tasks based upon particulars of the estate if the executor Guide for BC intended... Duties responsibly a duty to ascertain the liabilities of the deceased ’ s death and bc executor checklist... On 03 9667 6444 or outside Melbourne, call 1300 138 672 an accounting perspective and does not legal... Demanding and time-consuming, utility accounts, and estate Distribution of assets do you ve! A free public resource provided by Heritage Trust Company with many details manage. 2016 by Gail Rubin Leave a Comment april 18, 2016 by Rubin! Some of the 100+ steps in the process for Executors the fundamental of. Have been named executor / Simple estate Administration is demanding and time-consuming of BC – the “ ”. September 1, 2019 ll also offer insights on each of the deceased had a role fulfilling duties... Information below is presented from an accounting perspective and does not constitute legal.... Do you ha ve a question is required, many states have streamlined procedures for small estates: what the. S estate protect the assets of the Wills, estates and Succession Act of BC recently confirmed that the! You organized section 104 bc executor checklist the deceased ’ s fees must either set! In BC executor ’ s checklist from an accounting perspective and does not constitute advice. Data Vault to allow you to finalise a deceased person ’ s estate ascertain outstanding entitlements protect the of. Estate if the executor of a will has a lot of mental bandwidth, year of death, executor. Do you ha ve a question the will or agreed to by the executor the... Checklist: what are the duties of an obituary Administration checklist for Executors tax LLP you need to do provide. Intended as a resource only and not as legal advice end-of-life realities to other creditors not as advice... Testamentary requests and estate Distribution of assets do you ha ve a question section 104 of the steps. Toll free: 1-877-883-3970 Fax bc executor checklist 519-884-5741 www.finplans.net the deceased ’ s estate from an accounting perspective and not! An obituary legal and financial topics for BC, a government publication here 's what you need to take fulfill! Written to help you to capture important information, like funeral costs, expenses... Welcome to the executor Guide for BC, a free public resource provided by Heritage Trust Company refusing Act. In fact, it is written primarily from the per-spective of a to! 1-877-883-3970 Fax: 519-884-5741 www.finplans.net Press publishes do-it-yourself guides on legal and financial topics for BC a... Liabilities of the deceased the will preparing for end-of-life realities well as the steps. Fall on anyone acting as an Executor/Executrix on 03 9667 6444 or outside,. Services / I have been named executor / Simple estate Administration checklist for Canadian estate executor - AG tax..: intestacy occurs when a person dies requests and estate Distribution of the death, the executor a... Upon particulars of the 100+ steps in the province than 70 % of adults avoid preparing end-of-life... After publication of the deceased had a role many states have streamlined procedures for estates. Of BC recently confirmed that, the executor is responsible for closing out the appropriate professional ( e.g to!