Have 570 hours to spare?
Serving as the executor of an estate can be a challenging responsibility and requires significant effort over time: an executor in Canada spends hundreds of hours (on average 570) fulfilling his or her duties over a period of 3–12 months.
If a family business is involved, double those hours.
So, what takes all that time and effort?
First Week
- Notify employer
- Secure assets
- Arrange funeral
- Locate the will
- Notify Veterans
- Affairs Canada (VAC)
- Order death certificate
First Month
- Optionally retain lawyer
- Protect unoccupied property
- Cancel unneeded services
- Notify Service Canada
- Notify Canada Revenue Agency (CRA)
- Request Trust Account Number (TAN)
First 3 Months
- Inventory assets
- Determine heirs
- Start probate process if required/desired
- Notify heirs
- Establish family allowance if applicable
- Forward mail
- Notify life insurance companies
- Notify RRSP and similar beneficiary accounts
- Notify RCMP about firearms
- Notify other agencies
- Notify extended acquaintances
- Open estate bank account
- Publish notice of death
Whenever Possible
- Inventory debts
- Determine estate solvency
- All debts resolved
- Plan asset allocation
Calendar Year
- Pay local property taxes
- Submit final decedent income tax returns (T1)
- Submit estate income tax forms (T3)
Finish
- Obtain CRA tax clearance certificate
- Compensate executor
- Pass accounts for probate
- Close estate bank account
That’s it, in a nutshell. Not so bad, right? As long as you have the skills and 570 hours or so to spare. If you don’t, and you’d like to explore having a professional execute the estate, reach out!
Link to: FAQ
I want to do this myself
Link to: Contact
I want help doing this!