You are a professional and your client asks you to be their executor. What do you need to know before you say ‘yes’? I identified the top 10 questions you should ask to protect yourself. 1. Are you ready to transfer your professional, impersonal relationship into a…
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How long does it take to handle an estate? Every estate is different. You should consult with a lawyer about your time commitments as executor. There is a rule of thumb called the executor’s year. This describes how long a beneficiary should wait for a distribution from…
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Is it difficult acting as an executor? The answer to this varies. Some estates are simple. But the deceased’s personal affairs could be secret, complicated or organized. You don’t have to have other special skills or experience to be an executor. You were chosen as executor because…
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Did you ever turn down a job offer? Your instincts probably said it wasn’t right or a good fit. The offer to serve as estate executor is like a job offer. It may be a job you should turn down. You need more than good instincts to…
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When can executors take charge of the estate? Your appointment as executor is effective when a person dies. A deceased person’s property legally “vests” in you as their personal representative, executor, or estate trustees. That’s a way of saying you become the legal—but not registered owner—of all…
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Who pays for the funeral if you are the executor? Executors must be reasonable when arranging a funeral. Funeral directions in wills are not legally binding on executors. The funeral is an estate expense shared by residual beneficiaries. They can object if the costs are extravagant. You…
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How do I know I am the executor? Did a relative tell you that you are their executor? Executors, or estate trustees in Ontario, must be named in a will. You must find an original signed will to confirm you are appointed. It is a person’s last…
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Ontario has new estate rules to tax estates. Executors, don’t be caught off guard.Starting September 2015, you can become a happy executor. Join me for The Happy Executor “How to Be an Executor” seminar series for executors and executors-to-be. You will learn how to: use your executor…
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Ontario executors now have new probate headaches. I’ll share 3 key tips that you and your estate trustee probably don’t know. These tips should help eliminate some probate panic. TIP #1 Estate Information Return (EIR) These forms are required for most estates after January 1, 2015….
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I will try to make this simple. Any talk of taxes usually can make you fall into a coma. But stay with me to avoid estate tax audits and costly penalties. Being an estate trustee in Ontario was complicated enough. As of January 1, 2015, the job…
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