Some will contests go on for years, maybe decades. As executor, you may have no authority to take any action. You may, however, be responsible for explaining what you did do, even on a temporary basis. Make sure that before you start acting as executor you get…
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Even in situations where everything is spelled out in the will down to the smallest detail, there will be disagreements. It is inevitable. As part of the human condition, people disagree. Even in the best of families, there will be questions of interpretation. “That’s not what dad…
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If you are 82 and live 3,000 miles away, you must seriously consider renouncing as executor. You don’t want to impair your health by administering an estate. Long-distance is a terrible way to find out you have a fire you can’t put out. Don’t start acting as…
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If there’s an active business to wind up and sell, will you be up to it? As executor, you can be caught in the middle of a shotgun clause in a shareholders or partnership agreement. Will you be able to handle the stress and get the best…
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Wouldn’t it be nice to travel to the Caribbean? What if the estate contains assets in another province, state or country? Is There a Will for Foreign Assets? Will you have the time and ability to manage assets in another jurisdiction? You may not be familiar with…
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If there are investments, you will need to prepare a prudent investment plan. If not, you could be held liable for losses on any stock portfolio. You must obtain a proper rate of return on estate investments. Don’t think you can just sell the stocks and put…
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As executor, you have to keep real estate insured with fire insurance at all times. This makes you responsible to carry out inspections to protect yourself from liability. What if a pipe bursts in the house and floods a neighbour’s property? You could be sued if proper…
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Consider this: if you are an executor with any of these headaches, you need expert estate advice. The estate is broke. If there are more liabilities than assets, think twice about getting involved. There may not be money to pay your fees or even lawyers’ fees to…
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Did the pandemic make you an Ontario executor? My condolences are in order if you have lost loved ones. Are you feeling lost? Read my free report Suddenly You’re An Ontario Executor available here as you start your Ontario executor journey. I’ll be writing about problems that…
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Kathy had always been told she would be her aunt’s Ontario estate trustee or executor. Kathy was too shy to ask where her aunt’s original will was stored. Then Kathy got a nasty Boxing Day surprise. Suddenly, her aunt passed away and Kathy could not locate the…
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