Have you put off making your will? Is it because you can’t decide who your executor should be? I can solve that issue for you. You need to make a will to name your estate executor. Don’t stop reading because you have not made your will yet….
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Albert didn’t bother talking to a lawyer. He wasn’t sure if he was playing it safe. Albert was executor of his uncle’s small estate. He didn’t realize, however, the size of the estate’s liabilities. His uncle’s RRSPs were transferred directly to his designated beneficiaries. Unknown to Albert,…
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Question 6 Are there foreign or business assets? Wouldn’t it be nice to travel to Europe? What if the estate has assets in another province or country? Will you have time and ability to manage assets in other jurisdictions and with different legal requirements? Are you familiar…
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Question 5 Is there real estate? Real estate is always a headache. Executors must keep real estate insured for fire and valuable contents. You must secure and inspect property. Can you change the locks? Can you access estate funds to pay insurance premiums? What if there is…
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Question 4 Do You Have a Conflict of Interest? Are you an estate executor and also an estate beneficiary? This is not, generally, a conflict of interest. But consider the circumstances below. How many different hats do you wear? One hat may be as executor wanting to…
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Question 3 Will there be lawsuits? Are you an Ontario estate executor? You must know this. How people interpret wills can lead to disagreements which are inevitable. Even in the best families, people don’t always agree. Disagreements can cause people to hire lawyers. You may be involved…
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Question 2 Can you handle the executor job? Should you renounce if you are 83 years of age and living 3,000 miles away? Do you have health problems? Why risk your health with the stress of administrating an estate? Consider renouncing. Arguing with people over estate problems…
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Question 1 Is the Estate Broke? Most executors find being an executor is more work than they expected. No one ever warned them before they got involved. People wished they knew how much trouble being an executor was. Before you act, here’s what to ask first: Q…
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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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This is my third post on how to choose the right executor. Read Make Sure Your Executor Isn’t Dracula and The Right Executors Save You Money. You appoint an executor to manage your estate for your loved ones. I’ll share my secrets to get the right choice…
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