“Your Money” on CTV Morning Live
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May 24, 16 - What does an estate executor do?
There may come a time that you are asked to act as estate executor when someone you know and love passes away. Here’s a brief discussion of the duties, in case you’re ever tapped on the shoulder for this role:
- It’s not an easy job but by agreeing to do it, you will be helping provide your friend or loved one peace of mind knowing that their final wishes will be carried out, when they pass away.
- There are resources to help such as the deceased’s lawyer, perhaps a co-executor, and BC Court Services.
- An executor is the estate’s legal representative whose job is to administer the estate, or distribute everything owned by the deceased, as they wished.
- The executor also needs to settle the affairs of the deceased, ensuring all debts are paid and all stakeholders – including government, financial institutions and others – receive their due.
- Because an executor is responsible for paying all the estate’s debts, if a valid debt doesn’t get paid, the executor could be held personally liable. All the more reason to dot all i’s and cross all those t’s!
- If the will leaves questions, it’s a good idea to hire a lawyer or notary to help interpret it. The fees are usually payable by the estate.
Looking for more helpful information? Check out past segments