March 2011 - Brian Loughlin, LLB


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The Role of the Executor - RDM Lawyers

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March 2011 - Brian Loughlin, LLB

  1. 1. The Role of Executor<br />Brian Loughlin - Lawyer<br />March 3, 2011<br />Robertson, Downe & Mullally<br />33695 South Fraser Way<br />Abbotsford, BC, V2S 2C1<br /><br />604-855-5206<br />
  2. 2. What is Probate?<br />Legal procedure where a Will is approved and an executor is confirmed under provincial legislation.<br />
  3. 3. Is Probate Necessary?<br />Acceptance of the Will by third parties<br />Limitation Periods on claims against the Will<br />
  4. 4. Fundamental Duties of Executors<br />Avoid conflict of interests<br />Act personally<br />Duty of care – must exercise the care, diligence, and skill that a reasonably prudent person would exercise in comparable circumstances<br />Act impartially <br />Duty to account<br />
  5. 5. Duties of Executors<br />Review the Deceased’s Will<br />
  6. 6. Duties of Executors<br />Ensure appropriate funeral arrangements are made<br />Do arrangements comply with Deceased’s wishes?<br />Are arrangements reasonable in light of Deceased’s financial circumstances?<br />
  7. 7. Duties of Executors<br />Take possession or control of the Deceased’s assets:<br />search for cash, securities, jewellery and other valuables and arrange for safekeeping<br />secure the residence and other properties<br />check that there is sufficient insurance coverage for all assets (motor vehicles, house, contents and so on)<br />arrange for interim management of the Deceased’s business<br />notify financial institutions of death<br />arrange for redirection of mail<br />check mortgages for payment and due dates<br />check maturity dates on GIC’s, bonds, share conversion rights, etc.<br />check leases and tenancy agreements, arrange for collection of rents<br />review any cheques drawn on the Deceased’s account for irregularities<br />
  8. 8. Duties of Executors<br />Ensure that investments are authorized<br />
  9. 9. Duties of Executors<br />Pay debts and making provision for other liabilities<br />
  10. 10. Duties of Executors<br />Continue, or bring and maintain, actions on behalf of the estate<br />
  11. 11. Duties of Executors<br />Notify beneficiaries<br />
  12. 12. Duties of Executors<br />Distribute the Estate:<br />In accordance with the terms of the Will<br />Have all creditors been satisfied?<br />Have all time periods elapsed?<br />Notice to creditors and others<br />Wills Variation Act<br />Do you have a Tax Clearance Certificate?<br />
  13. 13. Considerations Before Accepting an Executor Appointment<br />Ensure compliance with the rules of professional conduct<br />Ensure compliance with your firm policies<br />Review the terms of the Will<br />is there an outright distribution or an ongoing trust being constituted?<br />Identify all possible conflicts<br />Consider the potential for personal liability<br />Verify compensation arrangements<br />Ensure you are able to commit the amount of time necessary to fulfill all obligations<br />
  14. 14. Thank You!<br /><br />
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