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Executor’s Checklist

 
• Make funeral arrangements;
• Locate Will, if one was made;
• Gather names and addresses of the beneficiaries named in the Will and notify them of their interest;
• Locate safety deposit box, if any, and record a list of the contents;
• Locate and list all property and assets and determine the full value of the property and assets;
• Determine all debts and the value of the debts and arrange for payment of the same;
• Gather all information regarding the mortgage or lease of any land or buildings;
• Locate existing insurance policies, advise the insurance companies of the death, and place any required insurance to protect the assets of the deceased;
• Protect the property and assets of the deceased from damage or loss of value;
• Protect and arrange for supervision of vacant land and buildings;
• Manage estate property, including continuing operations of any business;
• Cancel club memberships, health insurance, subscriptions, credit cards, etc.;
• Retain a lawyer to advise on the administration of the estate;
• Apply for pension benefits, annuities, death benefits, life insurance or other benefits available to the estate;
• Advise any surviving owner of joint property of the death;
• Advise beneficiaries of life insurance policies, R.R.S.P’s, or other property that passes outside of the Will, of their interest in the asset;
• Manage cash and investments until distribution; ensure there is enough money left for any income tax that may be payable;
• Decide whether to advertize in a paper for creditors and claimants. (This is not mandatory; however, it provides the Executor some protection from creditors who may come forward in the future.);
• File all income tax returns, including the final return; pay any taxes owing and obtain a Clearance Certificate from Canada Revenue Agency;
• Deal with any foreign property in the required manner;
• Administer any trusts contained in the Will;
• Comply with the requirement for filing an acknowledgement of trustee before distributing any property to a trustee (or beneficiary of any kind of trust);
• Prepare financial statements and keep detailed records of how the Estate is to be distributed; and
• Distribute the Estate.

It is highly recommended that Executors retain both a lawyer and a qualified accountant to assist and advise the Executor in carrying out his or her duties.

The above is intended for information purposes only and is not intended to provide legal advice. No solicitor-client relationship is established in the absence of a retainer or retainer agreement.