Checklist for Executors
The following is a partial list of the duties and responsibilities of an executor/trustee
- Make all funeral arrangements.
- Notify all financial institutions. Obtain up-to-date balances on all savings, investment and chequing accounts.
- Locate insurance policies and determine amounts payable. Notify insurers.
- List contents of safety deposit box.
- Review personal papers to determine assets and liabilities.
- Prepare detailed statement of assets and liabilities.
- Arrange for storage and insurance of assets that need it.
- Notify beneficiaries of their entitlement under the Will.
- Apply for insurance amounts payable to the estate.
- Redirect mail and cancel subscriptions or charge accounts. Destroy credit cards.
- Obtain all unpaid wages, insurance and pension benefits from employer.
- Apply to the court for Letters of Probate.
- Advertise for creditors.
- File income tax for year of death and outstanding returns from former years.
- Apply for Canada Pension Plan benefits, and any foreign benefits also payable.
- Pay funeral expenses, income taxes and debts.
- Pay bequests and distribute specific gifts according to the Will.
- Retain sufficient cash to carry out final steps.
- File the estate's tax return and pay tax owing.
- Pay legal, executor, accounting and other fees related to administering estate. Pay Probate.
- Arrange sale or transfers of estate assets to the rightful beneficiaries.
- Prepare and distribute a final report to beneficiaries.