Executor Duty Checklist

Collect Preliminary Information

Collect and record key information in once place, like a notebook or digital file. Include:

• Name of executor
• Co-executor (if applicable)
• Name of deceased
• Date of death
• SIN for deceased
• Address of deceased

You can download a complimentary pdf of this checklist here.

Preliminary Steps Checklist:

• Locate and review Will
• Determine if there are any problems with the Will (e.g. missing pages)
• Funeral arrangements - (Were they pre-paid?)
• Special arrangements - (e.g. organ donations, etc.)
• Determine immediate cash requirements for family/dependents
• Obtain funeral director’s statement of death or apply for provincial death certificate (multiple copies)
• Notify family, friends and/or employer of death
• Arrange for obituary announcement
• Arrange for care and/or adoption of pets, livestock and crops
• Change locks to the home, if there is any uncertainty as to who may have access to the premises
• Determine who will administer the estate
• If the deceased was a sole or controlling shareholder of a business, take control of operations and ensure operations can continue or obtain manager

Determine Complexity of Will

• Is there professional advice/expertise beyond the scope of the executor required?
• Is executor aware of any conflicts?
• Should Will be validated by court? (Probate)
• If Yes, you may be required to bring the following documents to court (check your Provincial website for specifics):
• Original Will (and any Codicils)
• Affidavit of witness to the Will/Codicil
• Documentary proof of death
• List of all the deceased’s assets with respective values (estimated)
• Estimate value of estate (do not include JWROS accounts, Real Estate outside of Province, Insurance owed to beneficiaries)
• Payment for probate fees or Estate administration taxes

Contact Third Parties

• Contact and inform Canada Pension, or Quebec Pension Death Benefits
• Survivor’s Benefits, Veteran’s Affairs, and where appropriate make claims for death benefits for dependants (e.g. CPP)
• Notify Human Resource Development Canada to cancel entitlementsunder the Income Security Programs
• Cancel health insurance coverage
• Cancel driver’s license, passport, magazine and newspaper subscriptions, cable television, club memberships, telephone and utility services. Where applicable, request for rebates on a pro rata basis.
• Request Canada Post to re-route mail to the executor
• Confirm outstanding balances and cancel credit cards - determine if insurance exists to cover balances
• Contact present and previous employer on benefits
• Contact investment/insurance Advisor(s)
• Contact executors/trustees of other estate where deceased may have entitlement
• Contact lawyer/accountant - used for personal/business reasons
• Contact insurance companies (Advisor may do, on your behalf)
• Contact CRA and provide them with death certificate, probated Will and the new mailing address
• Check with insurance broker on insurance coverage on property
• Close all social media accounts and online digital assets. Where applicable, transfer digital assets, such as rewards or loyalty points as provided for in the Will.
  

Contact and Interview Beneficiaries

• Set up meeting with all named beneficiaries in the Will (e.g. family members, friends, charitable organizations, etc.)
• Advise beneficiaries of the realities of estate administration timing (e.g. tax issues, litigation, etc.)
• Determine families’ on-going financial needs
• Document meeting notes/minutes
  

Initial Steps in Dealing with Assets

• Note all banking particulars - determine if accounts are jointly held and with whom
• Freeze accounts
• Obtain bank requirements to deal with accounts
• Establish an estate account
• Determine if funds are available to pay funeral expenses (if not already paid)
• Provide for immediate family’s financial needs (if necessary)
• Determine if there is a safety deposit box - list contents of safety deposit box
  

Set up a Diary of Time Limitations

• Check expiry of dependant relief claims (e.g. in Ontario - Family Law Act claims by spouse election to be made within 6 months)
• Confirm final date to file T1 return
  

Compile Tax Information

• Gather copies of tax returns for the last six years and ensure all income tax returns for past years have been filed
• Pay tax instalments, medical, charitable receipts, etc.
  

Out of Province and Foreign Assets

• Determine if a valid Will exists in a foreign or Out-of-Province jurisdiction
• If there is no valid Will for foreign or Out-of-Province assets, then determine applicable legislation
• Hire an agent, if appropriate, to deal with matters in foreign jurisdiction
  

RRSP/RRIF

• Request confirmation of benefits payable
• Ascertain if registered plans are payable to estate or to designated beneficiaries
• Determine requirements to receive monies
  

Insurance

• Request confirmation of benefits payable
• Name of person entitled to receive benefits or confirm if estate
• Determine whether there are outstanding liabilities against policy
• Make a general inquiry as to whether other policies exist - request requirements necessary to have proceeds paid to beneficiary or estate
• Arrange for payment of proceeds - may pay for certain debts immediately (e.g. funeral expenses)
  

Inventory of Assets and Liabilities

• List by class (children, grandchildren, etc.) and full details of assets
• List assets by value and full particulars, including certificate numbers, registration particulars, etc.
• List maturity date for relevant assets and liabilities (e.g. mortgage renewal, GICs, TFSAs, etc.)
• List interest rates on various assets and liabilities (e.g. mortgage)
• Calculate accrued interest where applicable
• Provide information regarding foreign assets but do not list for probate
• Payments received and frequency
• Gather particulars of liabilities of estate (e.g. tax, lines of credit, etc.)
  

Administration and Distribution

Note: This will differ based on intestacy - see Provincial Legislation 1.

• Stocks and Bonds
• Arrange for re-registration
• Complete declarations of transmission and powers of attorney required to transfer securities
• Sell to meet cash needs of estate
• Sell for distribution to estate (unless stated otherwise in Will)
• Transfer proceeds to beneficiaries pursuant to Will
• Obtain acknowledgment of receipt for distributions-in-kind.
• Brokerage Accounts
• Advise of death
• Cancel open orders
• Request statements to be forwarded to the estate
• Obtain list of assets held with original cost information
• Real Estate
• Review adequacy of property insurance coverage and alter if necessary
• If deceased lived in rental premises alone, terminate lease or arrange sublet
• If premises vacant, arrange for protection and supervision of real estate
• Insurance
• Review if property (e.g. vehicles and personal effects) have adequate insurance coverage for the estate.
• Valuation
• Arrange for valuations of real estate, securities, personal property, automobiles, etc.
• Arrange for valuation of assets by a legitimate valuator (Ontario only)
• Protect Assets
• Secure assets in safekeeping (e.g. vacant property)
• Rental Properties
• Write to tenants to redirect rent for rental properties
• Beneficiary of another Estate (Legatees)
• Payment made
• Receipt obtained
• Personal Effects
• Deliver personal effects to beneficiaries
• Obtain acknowledgment of receipt
• Sell - depends on provisions in Will - cash becomes residuary for distribution
• Trusts
• If Will provides for trusts, set up testamentary trusts and arrange for ongoing review of the investments and ongoing compliance within the rest of the terms of the trust (e.g. payment of income)
• Prepare and file annual trust returns (if ongoing trust)
• Tax Planning
• Consider unused expenses
• Estimate current year and closing capital gains and exemption
• Consider filing deadlines
• Consider separate returns
• Tax Returns Completion Date
• Prepare and file terminal T1 Return and other returns with CRA and request clearance certificate (terminal period returns must be filed by April 30th of the year following the year of death, or by six months from the date of death whichever is later)
• Prepare and file T3 Trust Information Return (the T3 return must be filed within 90 days from the year end of the taxation year which the estate has chosen)
• File U.S. tax return if applicable
• Obtain Goods and Service Tax clearances if applicable (Note: distribution of estate should not occur without clearance certificate)
• Distribution
• If Will provides for outright distribution, obtain release for distribution (make specific bequests first, followed by residual)
• Transfer assets or funds to beneficiaries
• Retain sufficient funds as a reserve for income taxes and any outstanding accounts
• Cancel Insurance
• Cancel insurance on real estate when transferred or sold
• Cancel auto insurance when transferred or sold
• Cancel all other insurance once transferred or sold
• Fees
• Request lawyer’s fees
• Determine executor’s compensation - must be reasonable to be deductible for estate
• Establish a reserve for any additional fees, expenses
• Write beneficiaries
• Prepare accounts
• Prepare final statements of accounts for passing or approval by beneficiaries
• Ask estate lawyer to prepare releases or final approval form
• Approval by beneficiaries
• If accounts approved - confirm if approval or releases have been sent back to executor
• If approval not provided by beneficiaries
• If accounts not approved, they must be audited by Court
• Ask estate solicitor to prepare application and all necessary notices and to arrange an appointment with executor and lawyer
  

Final Matters

• Pay executor’s fees
• Maintain holdback/reserve pending receipt of necessary clearance certificates (do not issue final cheques until certificate received)
• Distribute any remaining funds or deliver assets
• Arrange for closing estate bank account after confirming all cheques have cleared
• Write to the beneficiaries with a final report on all aspects of administration
  

The information in this publication should not be relied on as a basis for any decision or action and should not be used as a substitute for professional advice such as legal advice or a definitive analysis of tax applicability or applicable trust and estates law. You should seek independent legal and/or tax professionals to get advice regarding your personal circumstances. Trademarks owned by Investment Planning Counsel Inc. and licensed to its subsidiary corporations. Investment Planning Counsel, is a fully integrated Wealth Management Company. Mutual Funds available through IPC Investment Corporation and IPC Securities Corporation. Securities available through IPC Securities Corporation, a member of the Canadian Investor Protection Fund. Insurance products available through IPC Estate Services Inc. Mortgage Broker Services provided by Invis Inc. (Lic# ON 10801 / SK 315928) or Mortgage Intelligence Inc. (Lic# ON 10428 / SK 315857).