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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Circle your answer and check for the correct answers below. “Executor” is the name of: a) a new planetb) a part of the brainc) a person named in a willd) all of the above Executors are Ontario estate trustees, estate representatives and fiduciaries named in: a) a…
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Here’s what happened after Marty died. Marty signed his will and had named his older brother, Vince, to be his estate executor. When Marty made his will, he had two young sons. Marty thought Vince would be a good money manager because he knew Marty’s family. 20…
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If you are an Ontario executor, answer this simple question: What makes you happy? I’d love to hear your answer. Here’s my answer: making probate simple makes Ontario executors happy. Executors don’t want to use Google to understand estate terms. Remember, Ontario estate terms are different. That’s…
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Anita, like you, was an executor. She used her father’s estate funds to pay for her mother’s nursing home care for years after her father died. This was what dad had specified were his wishes in his last will. Anita never dreamed she’d have problems after her mother died….
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Allison was retired and 64 when she passed away in Ontario. She thought she was too young to need a will. She died without a will leaving a sister, Joy, in California and her brother in British Columbia. They wanted to administer Allison’s affairs. But they had no…
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Albert didn’t bother talking to a lawyer. He was executor of his uncle’s estate. He didn’t realize the size of the estate’s tax liabilities. Uncle’s RRSPs were transferred directly to his designated beneficiaries. Unknown to Albert, those assets carried income tax liabilities. Albert’s uncle left his $100,000…
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