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A division of Avisar Everyday Trust Ltd.
Unit B410 – 200020 84th Avenue
Langley, BC V2Y 5K9
Canada
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What does an executor’s role entail?
The executor of a personal estate has a number of important responsibilities, which can be summarized as:
- The executor must access and review the Will and notify the next of kin and beneficiaries.
- The Will must be “probated”, which means that in order to administer the estate, the executor must be able to prove that he or she has the legal authority to do so.
- The executor is responsible for making funeral arrangements and paying funeral expenses out of the estate.
- The executor must make an inventory of the property in the estate and its value.
- The executor must protect the property of the estate, ensuring that all valuables are kept safe and that the property is fully insured.
- Until the estate is distributed, the executor must keep the money and investments in the estate properly invested. They must choose low-risk investments, as beneficiaries could sue for making bad investments and reducing the value of the estate before it is given to them.
- Once the estate has paid all the debts and taxes, the executor is able to distribute the property to the beneficiaries.
- Finally, the executor must provide detailed accounts to the beneficiaries including a list of everything that was received and paid out by the estate.
How long does it take to execute a personal estate?
In Canada, personal estates generally take between 3 and 12 months, depending on the size of the estate and its complexity. The executor will spend on average 570 hours completing the job.
Is it easy to transfer the responsibility to a professional executor?
Generally, yes. Once you have been appointed an executor, you have the legal right to pass the responsibility to another. It’s not uncommon for a personal executor to hire a lawyer, accountant and/or notary to handle legal and financial aspects of the estate. When you work with The Executors, all those responsibilities are included in our service.
How is the executor’s fee calculated?
In British Columbia, executors of an estate are entitled to a maximum compensation of 5% of the gross aggregate value of the estate under the Trustee Act. However, these provisions of the Trustee Act are not applicable where the executor’s or trustee’s compensation has been fixed by the Will or Trust. The executor’s fees are not paid until the responsibilities to the estate have been concluded.
Our fee schedule is as follows:
On the first $1 million of assets 4.00%
Between $1 and $3 million of assets 2.00%
Between $3 and $5 million of assets 1.25%
Between $5 and $10 million of assets 0.50%
Greater than $10 million of assets 0.30%
Can you execute an estate without a will?
Yes. It’s not unusual to find that no will has been made, even when the estate executor has been appointed. The Executors are experienced in working with will-less estates and bringing them to successful closure.
I’ve been named an estate executor but don’t wish to do it. Can I refuse?
Yes you can. But doing so means that a new executor will need to be appointed, and there is no guarantee that individual has the time or the skills to do the job correctly. If you want to be certain that the estate is properly resolved in a timely manner, you may use the power of your appointment to select a professional executor.
Can the executor withdraw money from the estate?
The answer to that is absolutely not. Even if the executor is one of the beneficiaries of the estate account, at the end of the day the account is not theirs. The estate belongs to all the beneficiaries. So, if an executor withdraws cash from the estate account, that is considered by law to be taking everyone’s money.
Are funeral expenses covered by the estate?
The executor must check to see if the deceased has left a funeral plan in the will. Funeral expenses can usually be paid for from the deceased person’s estate but you may have to wait until the probate process has been completed for funds to become available. This means you or the other beneficiaries may need to cover the funeral costs in the short term while probate is ongoing.