Estate Executors: appointing and being appointed Kristin Yarish June 20, 2017

Outline What is an estate executor? General duties of an executor How to choose an executor Should you act? Questions

What is an Estate Executor? aka trustee, personal representative Executor vs. Administrator Appointed in a Will or other testamentary document Derives authority from the Will

General Duties of an Executor Read the Will Decide if you want to act Notify beneficiaries (informally) Make funeral arrangements

General Duties of an Executor (cont’d) Dispose of perishable items Make an asset inventory (as of date of death) Make a debt inventory (as of date of death) Advertise for creditors Apply for a grant of probate (as required)

General Duties of an Executor (cont’d) Set up a bank account for dealing with estate funds Collect and protect assets belonging to deceased Complete and file income tax returns Pay debts

General Duties of an Executor (cont’d) Accounting Distribute property in accordance with the Will Administer trusts created in the Will (ongoing)

How to Choose an Executor Considerations: Family member, close friend, trust company Honest, responsible, organized, competent Alternate vs. co-executor Age

How to Choose an Executor (cont’d) Considerations: Willingness Proximity Complexity of your estate Potential for dispute Grief

Should you act? Considerations: Are you capable? Do you have the time? How complex is the estate? Are you a beneficiary?

Should you act? (cont’d) Considerations: Liability Who will act if you don’t? If there is the potential for a dispute, can you be objective?

QUESTIONS? Kristin Yarish, Lawyer Field LLP 400 – 444 7th Ave. SW Calgary, AB T2P 0X8 kyarish@fieldlaw.com 403.260.8526