March 2011 - Brian Loughlin, LLB
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March 2011 - Brian Loughlin, LLB

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The Role of the Executor - RDM Lawyers

The Role of the Executor - RDM Lawyers

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March 2011 - Brian Loughlin, LLB March 2011 - Brian Loughlin, LLB Presentation Transcript

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