What Are Your Responsibilities as an Executor? 

Dealing with the passing of a parent or other loved one will always be one of the most difficult challenges you will face. If your deceased loved one has also trusted you to be the Executor of their estate, you suddenly find yourself with a large responsibility while trying to navigate your own feelings of grief. In addition, other family members will likely be looking to you for guidance and support. 

How do you handle such an important task? It begins with understanding the scope of your responsibilities and then taking it step by step. In this post, we’ll offer some guidance to help make your path forward as streamlined and stress-free as it can be given the circumstances. 

Why Your Role Matters

Being an Executor isn’t an easy task, but remember that your loved one has placed a great deal of trust in you to ensure their final wishes are respected. Generally speaking, you have one year from the time of their passing to settle the Will and handle any disbursements. 

This could also mean selling the family home, which will be one of your most complex tasks. When that time comes, a good Realtor® who is familiar with estate sales will ease your burden considerably. Even so, having a general overview about what is expected of you will help you stay on track. Here’s a list of some of the responsibilities you have toward the beneficiaries of the Will.

Do you need to sell a home quickly? The posts below will help you navigate a challenging market:

• Can You Earn More Money By Staging Your Home?
• How to Sell an Inherited Home 
• When Is The Time Right To Sell Your Parents’ Home?

1. Retain a Lawyer Who Specializes in Estate Law

Estate law can be complicated. Emotions are running high, and grief can make people act in uncharacteristic ways. And unfortunately, the situation can be even more intense when significant assets or money are involved. 

Even if there is harmony amongst the beneficiaries of the Will, obtaining expert legal advice should always be your first step. An experienced lawyer will ensure that your loved one’s wishes are carried out exactly as specified. Your real estate agent can always recommend a skilled and reputable lawyer if you do not currently have one in your network. 

2. Keep Accurate Records

You are entitled to compensation as the Executor, which means that it is critical to maintain accurate records at all times. This means keeping track of who you have contacted, how long each task takes, and any expenses you accrue as part of your role. For more details about Executor responsibilities and other areas of estate law, you can visit the Ontario Probate website.

3. Determining Whether a Will Exists

Everything about your role as the Executor will be easier if the deceased left a valid Will. Probate will be faster, and the likelihood of someone contesting the process is significantly lower. If your loved one is still living, now is the time to have the uncomfortable but necessary conversation about creating a Will. 

At the very least, use a free online platform to generate a Will. Even better, contact an estate lawyer to ensure that there are no loopholes and the terms are clear and undeniable. The presence of an indisputable Will significantly reduces any discord amongst survivors about what the deceased would have wanted if they had ever gotten around to putting it all in writing. 

4. Notify Beneficiaries 

One of your duties is to notify anyone with an interest in the estate at least 30 days before applying for probate. This could mean a beneficiary, charity, or religious organization. You can contact each beneficiary either in writing through the mail at their last known physical address, or through email. For beneficiaries under the age of 18, you notify their legal guardian. 

If anyone challenges the Will, you will need to provide evidence that you have complied with the correct protocols. A signed affidavit will affirm that you have contacted all appropriate parties to the best of your ability. 

5. Apply for Probate if Applicable

If your loved one owned property or financial assets, you will need to apply for probate. This is where the courts acknowledge your authority to act as Executor of the estate, which can be a lengthy process in Ontario.

Technically, you can list a home before probate is granted. Potential buyers can walk through and even place offers. However, the transaction cannot close until probate is complete. The sooner you begin the process, the better it will be for everyone involved.

Do you need to know more about how probate works? Read How Does Probate Affect Your Loved Ones When Selling Real Estate?

6. Clear Outstanding Debts From the Estate

Before distributing any assets, you must first pay any outstanding debts or taxes from the estate. These might include utility bills, insurance, and property taxes. Once these are settled, you’re one step closer to finalizing the process and allowing all parties to move on. 

7. Preparing the Family Home for the Market

Selling a house on behalf of a deceased family member comes with its share of unique challenges. You owe it to your loved one and their beneficiaries to obtain the highest possible value from the sale. However, you may also find yourself facing some serious time constraints that affect your ability to properly prepare the home for the market.

This is one burden a full service real estate team can take off of your plate. Some Realtors® assist and advise you on what upgrades can result in a more successful sale. Others, like Thompson Sells, come with teams of professional cleaners and tradespeople to handle everything from start to finish, including decluttering, cleaning, and staging, as well as disposing of excess furniture and belongings.

Are any of your loved ones preparing to downsize? The posts below can lead to a streamlined experience:

• Why Work with an SRES® Agent as a Senior?
• Essential Decisions to Make Before You Downsize
• Is It Better To Buy Or Rent After Downsizing?

Finalizing the Process

Once you’ve obtained probate, settled all outstanding debts, and successfully sold the family home, you are getting close to the finish line. The last step is to distribute the remaining assets in accordance to the terms outlined in the Will. Once everything is complete, you can rest easy knowing you have performed your duties well and acted in the best interests of your loved one who has passed.

If you have questions or need help with estate planning, ThompsonSells is always here to help. Reach out to contact@thompsonsells.com or call 416-450-5900 for more information.