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EXECUTOR`S CHECKLIST
IMMEDIATE MATTERS
PRELIMINARY STEPS
■ Locate and review the Will, determine if a valid Will exists in a foreign jurisdiction an
conforms to jurisdiction.
■ Make Funeral Arrangements o Determine whether the deceased had pre-paid funeral arrangements
o Most banks will pay for funeral costs from the deceased’s bank account upon the p resentation of an invoice from the funeral home.
o Life insurance or social assistance may be available to cover the cost of the funeral depending on the circumstances.
■ Determine cash requirements for the family. If these persons cannot wait until the estate is distributed there are possible sources of funds:
o Canada Pension Plan – A person may be able to obtain a lump-sum death benefit, while the spouse and children may be entitled to monthly payments.
o Death Benefit or Employment pay – through the deceased employer
o Life Insurance Policies – only if designated beneficiary is an immediate family member.
■ Obtain funeral director’s statement of death or apply for provincial death Certificate
■ Locate important documents ie. Will, Title to property, mortgages, share certificates etc.
■ Set up a diary of Limitations ie expiry of dependent relief, date to file taxes)
■ Determine if the Will provides for pets and how they will be cared for.
CONTACT ESTATE LAWYER
■ Set up meeting with family members
■ Gather preliminary information from family meeting
■ Collect relevant papers and information
■ Determine families’ financial needs
■ Notify Beneficiaries of the Will
ESTABLISH ESTATE ACCOUNT
■ Note all particulars about banking
■ Freeze accounts
■ Determine if there is a safety deposit box
■ Determine if accounts are joint
■ List contents of safety deposit boxes
■ Obtain bank requirements to deal with accounts
■ Determine if funds available to pay for funeral expenses.
■ Pay utility bills, mortgage payments, property taxes, income taxes, insurance premiums and credit cards. If possible pay bills from the deceased’s account.
PROPERTY INSURANCE AND PROPERTY MATTERS
■ Dispose of all perishable produce and ensure that the home remains heated or drain the pipes to prevent freezing.
■ Update insurance on all properties owned.
■ If in rental property, terminate lease or sublet property
■ Arrange insurance on vehicles and personal effects o If someone else is driving the deceased vehicle, ensure that there is the proper insurance in place.
■ Notify mortgages and find our options available
■ Rental properties: write to tenants to redirect rent
THIRD PARTIES TO CONTACT
■ Contact and inform Canada Pension or Quebec Pension Death Benefits, Survivor’s Benefits, ■ Veteran’s Affairs and where appropriate make claims for death benefits
■ Notify Service Canada to cancel entitlements under the Income Security Programs
■ Cancel Health Insurance coverage
■ Cancel Social Insurance Number
■ Cancel Driver’s License, and any subscriptions to magazines, cable, telephones,
■ Notify utilities for final reading and billing
■ Request Canada Post mail re-routing
■ Confirm outstanding balances on credit cards
■ Contact present and previous employers for benefits
■ Contact invest/insurance advisor
■ Contact the executor /trustees of other estates where the deceased may have been an executor or a beneficiary.
■ Contact lawyer/accountant
■ Contact insurance companies
■ Where deceased receives pension from foreign jurisdiction (eg. Social Security from the U.S).
■ Dispose of any unused medication with assistance of a pharmacist.
COMPILE TAX INFORMATION
■ Copies of the last six years tax returns
■ Tax installments, medical, charitable receipts etc
■ Prepare and file any T1 returns for previous years within 6 months of the date of death
■ File with the Ministry of Finance the Estate Information Return. Please see the Ministry of Finance instructions regarding the Information return and the downloadable form
§ Guide:
http://www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbforms.nsf/GetFileAttach/9955E~2/$File/9955E_Guide.pdf
§ Form: http://www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbforms.nsf/GetFileAttach/9955E~1/$File/9955E.pdf
COLLECT INFORMATION ON ASSETS AND LIABILITIES
■ Review and collect information of liabilities or estate e.g. rental Agreements
■ Determine if any assets are missing
■ Determine if there are any digital accounts and take inventory
■ Contact investment advisors/insurance advisor or financial planner for all information
■ Contact banks if not already done to ascertain, balances, investment etc.
■ Determine if there is matter to be litigated on behalf of estate or to what extent if there will be liability for law suits involving the deceased and/or the estate
■ Establish personal guarantees made by deceased on loans
■ Collect any outstanding cheques
RRSP/RRIF AND INVESTMENTS
■ Review investment portfolio
■ Request confirmation of benefits payable
■ Ascertain plans payable to estate or whether designated beneficiary
■ Determine requirements to receive monies.
LIFE INSURANCE
■ Request confirmation of benefits payable
■ Name of person entitled to receive benefits or confirm estate
■ Determine whether there are outstanding liabilities against policy
■ General inquiry as to whether other policies exist – request requirements necessary to have proceeds paid to beneficiary or estate
■ Arrange for payment of proceeds – may pay for certain debts immediately e.g. funeral expense
INTERIM MATTERS
INVENTORY
■ List by class and full details of assets
■ List assets by value and full particulars, including certificate numbers, registration particulars
■ List maturity dates
■ Interest rates
■ Calculate accrued interest where applicable
■ Provide information regarding foreign assets but do not list for probate
■ Payments received and frequency
■ Full particulars of liabilities of estate
■ Collect any outstanding cheques
■ Arrange for valuation of assets where necessary
APPLICATION TO COURT
■ Retain and meet with estate lawyer to complete application for proper certificate
■ Make provisions for any fees that may be applicable.
■ Review documents and parties to be served and request originals and notarial copies of final orders
DEBTS OF ESTATE
■ Prepare ad for Notice to Creditors in newspapers, etc. (expiry date must not predate issuance of certificate or probate obtained from court)
■ Once probate is granted, determine when ad for creditors can expire
■ Provide ongoing report to beneficiaries
■ Where applicable obtain releases – avoid delay of distribution
■ Set aside reserve funds for estimated debts, taxes and the personal representative`s compensation
■ Prepare interim release and make interim distribution to beneficiaries (if appropriate).
FINAL MATTERS
TAXES AND ASSETS
■ Re-register assets in the estate`s name, if applicable.
■ Convert investments and assets to cash and deposit into estate account or invest the estate balance into interest-earning investments.
■ File a T-3 income tax return
■ Prepare transfer for conveyance of real property if required by the Will. Your real estate lawyer will be able to assist you with the transfer.
DISTRIBUTION AND REPORTS TO BENEFICIARIES
■ Distribute and dispose of assets and personalty according to the Will
■ Prepare cheques, pay legacies, and transfer bequests as provided in the Will
■ Prepare cheques and pay balance to residuary beneficiaries
■ Write to beneficiaries with a final report on all aspects of administration.
ESTATE ACCOUNT
■ Pay executor’s fees/legal/accounting fees/misc. fees
■ Pay all legitimate claims against the estate
■ Maintain holdback/reserve pending receipt of necessary clearance certificates (do not issue final cheques until certificate received)
■ Arrange for closing estate bank account after confirming all cheques electronic transfers have cleared.