The legacy of love blog

Should I choose more than one child as Executor?

executor Feb 07, 2019

Your Executor/Executrix* is the person that carries out the provisions of your Will and settles your estate. It’s not an easy job, and it requires a significant investment of time, emotions and resources. You may think that sharing this responsibility among your children will make things easier for them, but that is not the case.

An Executor has to make firm decisions, sign off on documents and provide input into often sensitive situations. Having to constantly chase another person to...

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The top 8 mistakes that many Executors make (part two)

executor mistakes Jan 28, 2019

Being an Executor isn't easy.  There's a lot of paperwork to be done, lots of interaction with government agencies, Alberta Registries, banks, insurance companies, accountants, realtors and lawyers.  And there's always beneficiaries pressuring you to do things quicker or are questioning everything you do.  It comes as no surprise that Executors make mistakes.  We thought we would look at the top eight mistakes Executors make:

In our last blog post, we discussed the first...

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The top 8 mistakes that many Executors make (part one)

executor mistakes Jan 28, 2019

Being an Executor isn't easy. There is a lot of paperwork to be done, a lot of interaction with government agencies, Alberta Registries, banks, insurance companies, accountants, realtors and lawyers. And there are always beneficiaries pressuring you to do things quicker or questioning everything you do.  It comes as no surprise that Executors make mistakes.  We thought we would look at the top eight mistakes Executors make:

 

Mistake #1 – Executors Do Not Keep Proper...

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What Exactly Is An Executor/Executrix?

executor executrix Jan 24, 2019

An Executor* is the person appointed by the testator (the person that created a Will) to carry out the provisions in the Will and see to the settling of the estate. Asking someone to be your Executor is not an easy task. This person will become responsible for nearly 150 duties after your death, including:

  • Checking for insurance on the deceased’s life and property
  • Securing the list of the deceased’s property and arranging for the property to be safely stored
  • Ensuring buildings...
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Three factors to consider when naming an Executor

executor Dec 20, 2018

1.     Pick someone who lives in the Province of Alberta:

When you are looking at picking an Executor for your estate, you want to make sure you pick somebody who lives in the province of Alberta. If you pick someone from outside of the province, we may have to post bond which can be time consuming and costly. Additionally, if you have an Executor who is a United States citizen, there can be tax implications as they are considered our foreign trustee. 

2. ...

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When Should You Refuse to be an Executor?

executor Dec 01, 2018

WHEN NOT TO BE AN EXECUTOR

Many people feel honoured when they are asked to be the Executor for a friend or family member’s estate. When someone asks you to be their Executor it feels terrific; they are indicating that they believe you to be trustworthy and have good judgement. For many of us, this gives us a great feeling of pride, and we want to fulfil our duties to the best of our abilities. Sadly, many people discover that it is much more difficult than they realized.  In my...

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Beware of choosing a U.S. resident as your Executor

executor Oct 25, 2018

The global reach of our economy has provided increased opportunities for our family members to work and study outside of Canada. More and more, our family members are moving to other countries to gain experience, launch their professional careers and take advantage of exciting opportunities.

When creating an estate plan, many families look to their adult relatives to act in the role of Executor and trustee of their Wills. Choosing a competent person for this role is critical to the ensure a...

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Tailored Estate Law Services for your needs

estate executor Jul 11, 2018

No matter how much Estate Planning you engage in, there will almost always be some level of estate administration which must be performed after your passing. Estate Connection can assist in numerous aspects of Estate Law services and help remove the burden from the shoulders of your loved ones.

Grants of Probate

When a loved one passes and leaves a will, that person’s estate is considered to be a “Testate Estate.” The estates executor, or the personal representative named to...

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Choosing your kids as Executors and why it can be a mistake

executor trust company Mar 01, 2018

We all hope that when we are gone, our family members will work together to settle our estate.  Unfortunately, our office sees many estates where the testator created a Will filled with some common problems.

One of the most common problems we see is where a testator appoints all their children as their Executors.  This is a mistake.

If your family members do not get along, they are not going to suddenly be able to get along and work together after your...

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Can an Executor distribute the estate without a Clearance Certificate from the CRA?

estate executor Dec 16, 2017

A Clearance Certificate is a document that you receive from the Canada Revenue Agency that states that all the taxes owing on the estate have been paid.

The Executor should request this certificate to ensure that the estates taxes have been paid. The concern is that the Executor may distribute the estates property to the beneficiaries and then later discover that there are taxes owing. If taxes are found to be owing after the distribution, the Executor could be held personally liable for...

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