Help! I have been appointed an executor!
Have you been appointed an executor? Initially it seems like a compliment but once you see the various things you must do and the decisions you must make, you may feel overwhelmed. It is a big responsibility!
An executor has the responsibility to carry out the wishes of the deceased. Beneficiaries are entitled to question whether the executor has done this right and often do. Disputes about the estate can turn into litigation, so you want to make sure you have done everything properly. Family disputes may further complicate matters. It is wise to get advice to make sure you have carried out your duties correctly and completely.
Experts suggest there can be up to 250 tasks as executor! A well drawn will generally authorizes the Estate to hire someone to assist you in many of these tasks.
Even if the estate seems relatively simple, you need to make sure you do your duties correctly. But there is help!
The Certified Executor Advisor is the one to call. These professionals have taken an in-depth and comprehensive course about the diverse issues you have as an executor. After successfully completing an examination, they receive the designation of “Certified Executor Advisor or C.E.A.”
A Certified Executor Advisor is often also a lawyer, a financial advisor, an accountant, a life coach, or psychologist already with extensive professional knowledge and experience about some of the areas involved in administering an estate. In addition to providing advice, a C.E.A. can assist you with knowing who you may need for assistance in areas other than their own and then helping you find that right person.
For instance, did you know that there are up to 6 tax returns that can be filed as an executor? At least two are mandatory. Not doing these right can cause penalties or additional taxes, which sometimes the executor may personally have to pay, either to reimburse the beneficiaries or to pay taxes to Canada Revenue Agency. You don’t want that!
Also, there is an increasing need to obtain appropriate appraisals before distributing any non-monetary assets. How do you obtain the best value for items that are not delivered to family members? A C.E.A. can advise you on this.
Do you know how to keep appropriate records to support what you have done in case the beneficiaries dispute what you have done? A C.E.A. can advise you on this.
There are many areas in which you may need advice when you acting as an executor. A C.E.A. can be a valuable resource. Testators may also wish to consult with a C.E.A., either before or after your role as executor arises. If you have been appointed a Power of Attorney a C.E.A. may also be a valuable resource.
This is just an introduction but you can find out more about the Certified Executor Advisor and what they can do for you at Canadian Institute of Certified Executor Advisor | CICEA.
Sylvia Carruthers
