Executers checklist
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This document provides a personal representative checklist that outlines the executor's duties when settling an estate. It details arranging the funeral, notifying family and employers of the death, making necessary financial arrangements, claiming insurance benefits, attending to tax matters, distributing assets according to the will, and closing out accounts. The checklist covers over 20 specific tasks involved in settling the estate, from paying final bills to distributing remaining assets. It aims to give executors a comprehensive understanding of their responsibilities.
Executers checklist
- 1. Estate Solutions Comprehensive Comprehensive Estate Solutions Personal representative checklist What are an executors duties? ED MADRO B.A. Econ., CPCA Consultant This checklist will provide a better 3 birth certificate, including place of birth 3 group life insurance or pension plan understanding of your many duties 3 names, addresses and birth dates of all benefits owed to the deceased. as an Executor; however, depending beneficiaries named in the life insur- If the deceased was retired, check with on the situation and your relationship ance policy(s). the organization providing pension pay- with the deceased, not all points will ments about any death benefit owed to apply. It is recommended that you seek Arranging for living expenses beneficiaries. legal advice at the outset if you think it Contact the deceaseds bank or credit might be necessary. union to provide money for the familys Employment insurance Making necessary arrangements immediate living expenses. If the deceased was receiving Employ- ment Insurance benefits at the time of In general, the following arrangements Canada/Quebec pension death, the estate is eligible to receive bene- will need to be looked into immediately or survivor benefits fits to the date of death. For assistance, the after death: 3 The deceaseds beneficiaries may be local Employment Insurance Canada Arranging the funeral entitled to a lump sum death benefit, a Office (listed under Service Canada in the survivors pension or childrens benefits. telephone directory) may be contacted. 3 Notify family, friends, heirs and the A disability benefit may also be payable employer about the death. Veterans Affairs Canada if the deceased was disabled for more 3 Make arrangements for burial or crema- than four months before death. If the deceased was a veteran, the estate tion and funeral services, as specified in may be eligible for additional benefits. ED MADRO B.A. Econ., CPCA 3 If the deceased was receiving Canada or the Will (unless the deceased has done For assistance, the nearest Veterans Consultant Quebec Pension Plan benefits, cheques so already). Affairs Office may be contacted. edward.madro@investorsgroup.com may be cashed up to and including the (403) 220-9654 3 Pay funeral expenses. month of death. Any cheques issued Union or business associates Claiming life insurance benefits after such time must be returned. If the deceased was a member of a union, 1-866-424-6392 Gather the following information to claim 3 Be sure to contact the nearest Canada or club, business or fraternal association, life insurance benefits: Quebec Pension Plan Office and ask for check to see if the deceased had any group the appropriate claim forms. You will life insurance or other benefits. 3 life insurance policy numbers need to provide the deceaseds birth 3 the deceaseds full name, and any nick- Uncashed cheques certificate, death certificate and Social names or additional names he or she Insurance Number. To claim a sur- Arrange to have any uncashed cheques may have used vivors pension, they will need the de- made payable to the estate. 3 home address ceaseds birth and marriage certificates. Attending to personal matters 3 Social Insurance Number To claim childrens benefits, they will 3 Obtain several original copies of the need their birth certificates. death certificate. 3 Veterans file and service number, if ap- plicable Company benefits 3 Locate the Will and all documents 3 death certificate including date and Contact the employer as soon as possible relating to the estate. place of death from the attending with regard to: physician, or a statement of death from 3 unpaid salary, commissions or bonuses This is specifically written and published by Investors Group is presented as a general source of information only, and is not intended as a the funeral director 3 accrued vacation or sick pay solicitation to buy or sell specific investments, nor is it intended to provide legal or tax advice. Clients should discuss their situation with their Investors Group Consultant for advice based on their specific circumstances. Trademark owned by IGM Financial Inc. and licensed to its subsidiary corporations. Investors Group Financial Services Inc. Personal representative checklist 息2008 Investors Group Inc. (06/2008) MP1033 continued on next page
- 2. Comprehensive Estate Solutions Estate Solutions Comprehensive continued from previous page 3 Make a list of all names, addresses and 3 Protect the assets before probate. Make Stocks 3 vehicles (include details on registration Tax returns 3 Tell the beneficiaries what they are birth dates (or approximate ages) of sure jewelry, stock certificates and other 3 the company name/transfer agent and insurance) 3 Consult an accountant to help you file receiving. immediate family members spouse, valuables are stored securely. Deposit 3 recreational vehicles. the appropriate return(s) and pay any 3 After paying all debts and any other 3 type of shares children, grandchildren, brothers, any cash into an estate account. Gather taxes due. An accountant can help you charges, distribute the estate according sisters, parents. all assets and do not release any be- 3 whether they are transferable or Real estate determine if previous years returns to the deceaseds Will and applicable quests until you are sure there is suffi- non-transferable 3 Search the titles of any residential prop- 3 List names, addresses and birth dates need to be refiled. laws. of all other beneficiaries named in the cient money to settle all debts and pay 3 the current market value per unit erty, rental housing, cottage, agricultural taxes before you distribute the assets to 3 Obtain tax clearance from the Canada 3 Have all beneficiaries sign releases Will or in other documents related to 3 the total value of all shares. or commercial lands owned by the de- the heirs. Revenue Agency to ensure all outstand- stating they will make no further claims the estate. ceased to determine the details of the Business assets ing taxes have been paid before you on the estate. 3 Review the deceaseds personal papers ownership, and get legal descriptions. 3 Locate all bank accounts and determine distribute the assets to heirs. 3 Pay any legal fees and compensation for whose name the accounts are in and the to determine all assets and debts. 3 Make a list of equipment, machinery, 3 Determine if any money is owing on accounts receivable, goodwill, etc. Trust or estate interests Executor services. balance in each. (You will likely need to 3 Take an inventory of assets and debts, mortgages or other encumbrances, and open a bank account in the estates and if necessary, have them valued. 3 Arrange for the business to continue, whether there is mortgage insurance. Determine if there are any assets held in 3 Distribute any remaining estate assets. name to pay the debts of the estate.) if necessary 3 Check for outstanding taxes and trust separately from the estate. 3 Tell family members and professional Debts owing to the deceased advisors you have distributed the estate. 3 Close all other accounts held by the 3 Have farm and business real estate ap- utility charges. Distributing the estate to heirs Be sure to include in your inventory of deceased. praised, if necessary 3 Check on property insurance and trans- 3 Apply for probate or administration assets any debts owed to the deceased. 3 Locate the safety deposit box, obtain 3 Contact the accountant who maintains fer the ownership if necessary. Ensure and pay all probate fees or estate keys and make a list of the contents. Advertise for creditors the company records and files the tax premium payments continue until administration taxes. in appropriate newspapers returns. property is sold or transferred to heirs. 3 Arrange with the local post office to re-address mail. 3 Arrange for advertisements to try to Disposing of assets locate creditors of the estate. 3 Return or destroy credit cards. 3 Arrange for storage of assets, when 3 Check for accuracy of all debts and pay necessary, and notify property insurance 3 Cancel charge accounts. them once you are satisfied all creditors companies. 3 Arrange alternate means to pay utilities. have been identified and the estate has enough assets to pay them. 3 Sell any assets which must be sold or 3 Cancel magazine subscriptions and which you choose to sell if you have a club memberships. Bonds & stocks power of sale. 3 Lock the personal residence and notify Prepare an inventory of any bonds the police and insurance company if it Outstanding accounts or stocks, along with the following is vacant. information: Pay all credit card bills, medical and dental bills, personal loans, guarantees, utility 3 Care for pets. Bonds charges, land taxes, repair bills, etc. Before Settling the estate 3 type of bond distributing any assets, allow enough Settling the estate is a time-consuming 3 face value monies for other costs, such as appraisals, process, and will require your care to accountants or professional trustees. 3 maturity date ensure that everything is handled accord- Personal belongings ing to the wishes of the deceased: 3 total value Make a list of the deceaseds personal 3 Meet with the lawyer and any Co-Execu- 3 serial numbers belongings, including: tors. They will explain whats required 3 interest rate 3 household furniture and goods of you as the Executor, how much time 3 market value 3 clothing it will take to administer the estate, and the approximate fee the estate will 3 any coupons that have been clipped 3 jewelry be charged. (or unclipped matured coupons) 3 artwork, stamp or coin collections 3 name and location of registration for any corporate bonds. 3 electronic or sports equipment