Being asked to be an estate executor in Toronto

One facet of owning anything in Canada is what happens to your possessions after you die, and this is very true for Toronto home owners. Most Canadians will choose someone to act as the executor of their estate, and if you have been chosen as an executor you should be aware of the lengthy and complicated process ahead.

Hiring a Toronto lawyer or accountant can make the task of being an executor of an estate much easier.

An executor is named as such directly within a will, and according to the Canadian Bar Association their duties include gathering up all of the estate assets (land, home, money, investments and personal belongings), paying off the debts of the deceased and then ensuring the requested beneficiaries receive what has been left to them.

A lawyer and accountant can be hired and paid from the estate to help sort through all of the responsibilities involved in being the executor to ensure all goes smoothly and nothing is missed.

If you do decide to be the executor, your duties will include making funeral arrangements, confirming that the will you have is the last will the deceased had drawn up, canceling any subscriptions and credit cards along with notifying beneficiaries.

If the deceased lived alone in a home or condominium, it is up to the executor to change any locks and ensure that the deceased’s valuables are taken care of or stored safely.

Insurance is also a factor, and to prevent insurance policies on a home from being cancelled automatically while the home is vacant, the insurance agency should be spoken to about acquiring a vacancy permit.

If acting as the executor of an estate is not done correctly, there is personal liability involved. While being asked to be the executor of an estate can be considered a huge honour, there’s no shame in asking for help with such an important job.

Another option is choosing to not act as executor at all. If you have not taken any action to deal with the estate or the assets of the deceased, no one can force you to take on the serious responsibility. However, once you have begun sorting through the assets you are legally bound to the task at hand.

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