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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Your Top 5 Executor Questions Answered You’ve just learned you’re an executor. You are suddenly in charge of an estate and you need answers. What is an executor supposed to do? What do you do first? Get answers to the top questions executors ask: 1. How…
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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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