05 Aug Information for Executors
When you prepare a will, you will need to decide who to appoint as your executor. Your executor is the person or entity (i.e. a Trust Company or law firm) responsible for administering your estate and executing your wishes as specified in your will upon your death. For instance, your executor will need to identify all of your assets and liabilities, cancel credit card accounts, cancel telephone accounts, newspaper or magazine subscriptions, apply for and collect a CPP death benefit, liaise with the accountant to file the deceased’s final return and estate return and apply for probate (if necessary). If you have not already done so, read our prior blog post titled, “What is Probate?”
As you can see, the job of an executor can be time-consuming. However, you can make your executor’s job easier by organizing your important documents during your lifetime. The documents, which will be of primary importance to your executors, will generally include the following:
- Bank account statements;
- All insurance documents;
- Any unemployment insurance or Canada Pension Plan information;
- Investment certificates, or statements evidencing any managed investment funds;
- Bonds (Federal, Provincial, Municipal and/or corporate) and stock certificates;
- All real estate documents, including state of title certificates and mortgage documents;
- A list of names and addresses of people to be notified in the event of death (i.e. your spouse, children and any beneficiaries named in the will);
- Documents relating to funeral arrangements and/or burial plots;
- Any pension documents;
- Any documentary evidence of debts owed to or by you by other parties; and
- Your social insurance number and copies of any birth certificate, marriage or cohabitation agreement, marriage certificate, separation agreement, and/or Order of Divorce, or other Court Order relating to your family members, your family property, or yourself, that you may have obtained.
Arranging your valuable documents will save considerable time, effort and expense for your executor. At Sitka Law Group, we not only act as legal counsel for executors of estates but we also act as executors for estates. If you would like Sitka Law Group to assist please do not hesitate to call. We are happy to take as large or small of a role as is necessary and convenient for you. If you have any questions regarding an estate located anywhere in British Columbia please do not hesitate to contact Sitka Law Group. We are located in Victoria, B.C., near the border of Saanich and Oak Bay.