Being named the Executor of a Will means you have been entrusted with a significant legal and personal responsibility. Your job is to ensure that the deceased's wishes are fulfilled while managing the complexities of estate administration. Below, you will find your key duties as Executor and an overview of what you can expect this role to entail.
1. Understanding Your Legal Role
In Saskatchewan, an executor is responsible for overseeing the administration of the deceased's estate. This responsibility includes gathering assets, paying debts and taxes, and distributing the estate to the deceased's beneficiaries. You are legally obligated to act in the best interests of the estate and to follow the instructions in the Will.
2. Key Duties of an Executor
Locating and Probating the Will
Your first task is to locate the deceased's Will and ensure it is valid, which can require submitting an application for Letters Probate to the Court of King's Bench of Saskatchewan. Probate is a legal process which confirms your authority to act as Executor and to deal with the property of the deceased person.
Securing and Managing Assets
It is your responsibility to identify and safeguard the deceased's assets, which could include bank accounts, real estate, personal belongings, and investments. In Saskatchewan, this may also include cancelling government services, such as health cards and pensions.
Identify Beneficiaries and Interested Parties
You must identify, verify and locate all beneficiaries named in the Will. You will also need to notify creditors and handle any claims against the estate.
Paying Debts and Taxes
You must pay any outstanding debts using estate funds, prior to distributing the assets of the estate to the beneficiaries. Additionally, you are required to file the deceased's final income tax return and handle any estate taxes.
Distributing the Estate
Once all debts and taxes have been taken care of, you are entitled to distribute the remaining assets of the estate to the beneficiaries in accordance with the Will. In some cases, this may require liquidating assets to allow for distributions.
3. Challenges of an Executor
In your role as Executor, you may encounter disputes among beneficiaries, difficulty locating assets, or managing debts that exceed the estate's value. If these situations arise, seeking legal advice can help protect you from personal liability and ensure the estate is handled properly.
Final Thoughts
Serving as an executor is a significant commitment to take on without legal assistance. Your ultimate duty is to act in the best interests of the estate and its beneficiaries. If you are unsure of the tasks that lie ahead in fulfilling your role as Executor, please seek professional legal advice to guide you.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
