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The Executor, also known as a personal representative, is responsible for administering the estate of the deceased. Below are details of the more important duties that may be involved.
- arranging and paying for the funeral;
- reviewing and understanding the will;...
- locating, understanding and filing claims for any life insurance;
- attending to day-to-day matters:
- re-routing mail- destroying charge cards;
- cancelling subscriptions;
- co-op equity payout etc.;
- getting information on the beneficiaries and family members names, addresses, birth dates etc.;
- getting information in order to inventory the estate;
- locating bank accounts, safety deposit boxes, notifying the banks of death;
- contacting the employer to collect any unpaid wages and benefits;
- valuing the estate as at the date of the death, obtaining appraisals if needed;
- arranging for storage of assets;
- making a list of the deceased’s liabilities;
- seeing a lawyer to probate the will;
- filing claims for government benefits (CPP etc.);
- opening estate bank accounts, paying debts;
- scheduling the cash needs of the estate;
- deciding if assets need to be sold (ensure that the terms of the will are complied with);
- filing tax returns (see an accountant);
- Note: beneficiaries should not be paid until a Tax Clearance Certificate is obtained otherwise you are personally liable for the tax payable;
- tax planning post death (consult a tax expert if necessary).
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