When you make or change your will, you must name an executor. Executors are in charge of all your stuff when you’re gone. It’s easy enough to do. You come up with a name or two. But that does not mean you won’t make mistakes. Yes, executor…
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Why People Choose the Wrong Executor You wouldn’t think of naming the Transylvanian Count as your executor. But is naming your family always better than naming the Count? People do make crazy mistakes picking executors. Let me give you my guide to choose the best executor. Bad…
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Are you like Jack? He wanted to handle an estate as an executor. He expected to take a fee for his services. But helping yourself to big fees can get you into hot water. The will can specify what your fees are. But what if it does…
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Are you an executor or an estate trustee in Ontario? This post will help you understand the complex issues affecting spouses in Ontario estates. It will also help you understand your rights as a spouse. There are different kinds of spouses. Each category of spouse has different…
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Are you handling an estate for a relative, friend or business partner? Do you know what’s involved? As an executor, you’ll want to know answers to these top questions: How do I know I am the executor? Who pays for the funeral if you are the executor?…
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What assets are included for probate purposes? Not all assets must go through probate. If you are married and acting as executor for your spouse, you will be relieved to know this. Certain assets are not included in the probate process: 1. Jointly owned assets like joint…
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What is involved when you probate an estate? Probate is a legal process that certifies who is entitled to control the estate as executor. It also decides who shares in the estate (beneficiaries). Technically, a will is probated and an estate is administered. Most people informally refer…
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When should executors get help from professionals? The sooner you get advice the better. You want advice to protect yourself and the estate. Don’t assume that the same professionals the deceased used will meet your needs or standards. You can interview or meet with several lawyers before…
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How much do executors get paid? The amount of your compensation depends on the time and trouble involved. Your compensation is treated as taxable income by the CRA. In Ontario, executor compensation, as a rule of thumb, is 2.5% of the capital and income receipts plus 2.5%…
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Does an executor get paid? Executor fees are referred to as compensation. The law entitles you to claim compensation for your care, time, trouble, and services. Usually, this includes reimbursements for your expenses and reasonable professional fees. Executor expenses – these are paid first and include travel…
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