Duties of a Personal Representative
Before Accepting the Role of Executor: Key Duties to Consider
If you have been asked to serve as a personal representative, it’s important to fully understand the breadth of responsibilities that come with this role. Acting as a personal representative is a significant commitment, and while you may not be responsible for every single task, you should be prepared to handle many of the following duties:
Immediate Responsibilities:
Legal Risks:
As an executor, you are legally obligated to follow the exact terms of the will. Failure to do so or acting outside of the will’s provisions could lead to personal liability or lawsuits. It’s essential to get professional advice, particularly for tax planning strategies. A financial advisor can guide you on using charitable donations to minimize estate taxes, funding insurance policies to cover potential tax liabilities, or making contributions to a surviving spouse’s Registered Retirement Savings Plan.
If you have been asked to serve as a personal representative, it’s important to fully understand the breadth of responsibilities that come with this role. Acting as a personal representative is a significant commitment, and while you may not be responsible for every single task, you should be prepared to handle many of the following duties:
Immediate Responsibilities:
- Obtain copies of the death certificate: This will be needed for various notifications and legal processes. A limited number are provided by the funeral home with a CMS plan. More can be purchased if required. Often, scans are accepted.
- Secure the deceased’s home: Create a detailed inventory of all assets and secure any valuables. If the home is rented, notify the landlord.
- Change or rekey locks: Ensure the property is secure.
- Redirect mail: Arrange for mail to be forwarded to your address.
- Notify beneficiaries: Inform all named individuals of their status in the will.
- Notify landlord or home insurer: In the case of rental properties or owned homes, ensure proper parties are informed.
- Notify financial institutions: Contact banks and other financial institutions to freeze accounts and get an overview of the assets.
- Notify employers and business associates: If applicable.
- Contact insurance providers: This includes health, life, home, and vehicle insurance companies.
- Government agencies: Notify the Canada Revenue Agency (CRA), Service Canada (for Canada Pension Plan, Old Age Security), and any other applicable agencies.
- Utility providers: Cancel or transfer services like phone, internet, utilities, subscriptions, and memberships.
- Probate the will: If required, complete and submit probate forms, which can be detail-intensive.
- Identify and assess assets: Locate bank accounts, investments, safety deposit boxes, real estate, and personal property. Take a full inventory and determine their value.
- Advertise for creditors: Publish a notice to creditors and evaluate claims against the estate.
- Settle debts: Pay all outstanding debts and obligations.
- Open an estate account: Use this to manage estate funds and settle estate expenses.
- Apply for benefits: Claim Canada Pension death benefits (time limit - so act quickly), life insurance, and other eligible pensions or benefits.
- File the final tax returns: Ensure all taxes are paid, including any capital gains, income taxes, or other obligations.
- Obtain a CRA Clearance Certificate: This certifies that all taxes owed by the estate have been paid.
- Distribute assets: Allocate the remaining assets to beneficiaries in accordance with the will and obtain their signed releases.
Legal Risks:
As an executor, you are legally obligated to follow the exact terms of the will. Failure to do so or acting outside of the will’s provisions could lead to personal liability or lawsuits. It’s essential to get professional advice, particularly for tax planning strategies. A financial advisor can guide you on using charitable donations to minimize estate taxes, funding insurance policies to cover potential tax liabilities, or making contributions to a surviving spouse’s Registered Retirement Savings Plan.
more information
| youve_been_named_executor.pdf |
Administering an estate (Government of Alberta)
Public Trustee administered estates (Government of Alberta)
Burial or funeral arrangements (Government of Alberta)
Concerns about how an estate is being administered (Government of Alberta)
Public Trustee administered estates (Government of Alberta)
Burial or funeral arrangements (Government of Alberta)
Concerns about how an estate is being administered (Government of Alberta)