Below is a summary of some of the duties of an Executor and Trustee and Estate Trustee of an estate:
Preliminary
- Arrange funeral and burial
- Obtain proof of death certificates from the funeral home
- Locate original Will and Affidavit of Execution and review
- Communicate with beneficiaries
- Ensure assets including home and contents and automobile are insured
- Secure custody of assets including personal effects
- Apply for Canada Pension Plan death and survivorship benefits
- Determine if any claims will be made against estate
- Retain lawyer for estate
Interim
- Determine and list assets of the deceased
- List contents of safety deposit box and clear and close it
- Determine and list debts owed to or by the deceased
- Determine and locate beneficiaries
- Apply to court for a Certificate of Appointment of Estate Trustee if required
- Locate and review contracts which bind the estate
- Re-direct mail to executor
- Advise third parties of death, including Canada Pension Plan and Canada Revenue Agency
- Determine and list debts owed to or by the deceased
- Cancel driver’s license, credit cards, memberships, subscriptions, cable and arrange for refunds
- Locate prior income tax return and determine income tax returns which need to be filed
- Obtain appraisals of property such as real estate, art or jewellery
- Determine particulars of any life insurance and contact insurance company to advise of death and obtain claim forms
- Advertise for creditors of the estate
- Open estate account
- Sell and liquidate assets of estate including real estate and deposit proceeds into the estate account
- Pay or transfer legacies and specific bequests in the Will
- Make interim distribution of estate to beneficiaries
Final
- Pay debts and expenses
- Prepare and file all income tax returns
- Apply for Clearance Certificate from Canada Revenue Agency
- Settle claims against estate
- Prepare accounting to beneficiaries including statement of executor’s compensation
- Prepare and send Receipt and Release to beneficiaries
- Make final distribution of estate or set up trust funds as directed by the Will
- Close estate account