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Thread: Duties of an executor

  1. #21

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    Re: Duties of an executor

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    I found out that he didn't have a power of attorney either so it looks like that will be dropping in my lap as well. IMO the POA is more important than the will. When you're dead none of your possession are relevant to you. When you're alive but in a coma how your estate is being handled means what kind of a dump you'll have to spend your last days.

    I've suggested, once the papers are signed, a get together over wings and beer to better understand the nuances.

  2. #22

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    Re: Duties of an executor

    Quote Originally Posted by nobbie48 View Post
    I found out that he didn't have a power of attorney either so it looks like that will be dropping in my lap as well. IMO the POA is more important than the will. When you're dead none of your possession are relevant to you. When you're alive but in a coma how your estate is being handled means what kind of a dump you'll have to spend your last days.

    I've suggested, once the papers are signed, a get together over wings and beer to better understand the nuances.
    This has been a really helpful and informative thread. I'm one of those guys who hasn't finished my will. I will be making it a priority.
    Thanks for taking the time to respond. I have learned a lot.

    ~steven - south central 'ssauga

  3. #23
    klr_guy's Avatar
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    Re: Duties of an executor

    Quote Originally Posted by Katapult View Post
    This has been a really helpful and informative thread. I'm one of those guys who hasn't finished my will. I will be making it a priority.
    Thanks for taking the time to respond. I have learned a lot.
    Please do make it a priority, and thanks as well to all. I'll be the executor for my parents, but my dad is super organized (anal-retentive, in a good way) and has showed and given me a copy of the will, and where all important paperwork/investments/accounts/etc. are located.

    Hopefully, it's many years to come, but I appreciate the effort he's put into making it as 'easy' as possible for me to deal with.
    BLUE_KAWI: "The real powers at be have already decided who will win. PC are going to win. Itís already been decided. Why do you think Tim Hudak looks so comfortable on camera?"

  4. #24

    Re: Duties of an executor

    Really great advice shared already.

    I do want to stress on the importance of an estate lawyer, and also an estate accountant. And remember to take the lawyer's advice on accounting with a grain of salt.... leave that to an actual accountant.

    In terms of physical contents like family heirlooms and such, it is generally a good practice to do up an inventory with photos. Number the items also when taking a photo.

    All the best. It's not an easy task as an executor, especially hearing OP's story of "looting", probably will have to deal with some emotions and bullsh*t along the way.
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  5. #25
    Green Meenie's Avatar
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    Re: Duties of an executor

    Yes people! Make sure you have a will of some sort and POA for finances and a POA for person (health) in place. It doesn't have to cost a lot or be that complicated but the last thing you want is to die or become incapacitated and not have these things in place! I know so many young people who have never given it much thought but it becomes a real nightmare if something unexpectedly bad happens and nothing is in place.

    Also, if you want to plan to reduce the probate costs for your own Estate as you go through life, consider what you want to state as your beneficiary on banks accounts, investment holdings, insurance policies and the like. If you know where you want your assets to go, list that person or those people jointly as beneficiaries rather than the standard "Estate" that many institutions will suggest. Probate fees will be avoided on those holdings if this is done. Just be careful of putting other assets such as property in joint ownership (houses, cottages & investment properties). Not recommended due to numerous other legal issues both for yourself and the joint owners.

    Also, if you are en executor and have a copy of the will and all the relative other information, make sure you keep in touch with that person and update things every few years. People put an executor in place today then die 40 years later and guess what? Very little is the same 40 years down the road.

  6. #26
    crankcall's Avatar
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    Re: Duties of an executor

    Nobody likes extra taxes, but probate fees are a pretty tiny percentage in Ontario.

    Advice we were given about joint ownership, cottages, houses ect. was DON'T DO IT. The taxable portion is pretty small when settling an estate and in the meantime "life" , if one of your kids has a DUI accident, gets involved in a civil suit or just doesn't pay Revenue Canada, any asset in that persons name (your stuff) can be taken to settle the suit, insurance claim, whatever.
    Yes its a longshot, but it happens all the time.

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