Being appointed the Executor of someone’s estate, while a sign of respect and trust, can also be a daunting task. Many people do not know what the job entails and accept the appointment without realizing that if the job is not done correctly they can open themselves up to personal liability. To help shed some light on the topic we asked Surrey Wills and Estates lawyer Mary-Jane Wilson, a Partner at Surrey law firm Grieg, Wilson & Rasmussen LLP to share an overview of some of the Executor’s primary duties. That list includes:
- Locate the original will and all the documents relating to the estate
- Locate the Safety Deposit Box, obtain keys and make a list of the contents
- Review the deceased’s personal papers to determine all assets and liabilities
- Assemble, protect and insure all of the assets before Probate
- What is Probate?
- Notify beneficiaries
- Prepare a Statement of Assets and Liabilities
- Complete any life insurance claims and collect proceeds on behalf of the estate
- Prepare a complete and detailed accounting
- Arrange for probate of the Will
- Review all Separation Agreements and Divorce orders
- Advertise for creditors if you are concerned about debts coming to light after you have settled the estate
- Re-direct mail, cancel subscriptions, notify credit card companies
- Distribute assets of the Estate per the terms of the Will after obtaining releases and consents
- Set up and administer Trusts as directed by the Will
- Prepare and file Income Tax Returns and obtain a Tax Clearance Certificate.
Sounding like a bigger job than you thought? If you are concerned (and particularly if the Estate and the Will are complex) Mary-Jane recommends seeking proper professional advice both to make your job easier and to protect yourself from potential personal liability. Wills and estates lawyers, like the team at Greig, Wilson & Rasmussen LLP, are experienced dealing with Executors and can advise you on all the things that need to be done to properly and efficiently settle an estate.
