Ask an executor if they would ever agree to settle another estate and most will say, ?No, thank you.?
Although honored when first appointed, many executors quickly realize they lack the experience and knowledge to properly administer an estate when called to act.
How far reaching is this situation in Canada? Well, consider for a moment that most Canadians are either named as executor in a will or have a will of their own in which they?ve named an executor. As executor, certain duties must be performed, within a certain timeframe and in a certain order.
Taxes must be filed, accounts closed, property transferred and accurate records kept. The average Canadian estate takes 18-24 months to settle.
?Operating in this complex area of estate law, an executor must know what documentation is required, who to contact, where to go, what to do, how long each step should take and how much each task should cost.
Unfortunately, most don?t,? says Richard Beattie, of Reynars Funeral Home and Crematorium in Dawson Creek, B.C.
?It seems as though death and money can bring out the worst in people,? says Corinne Lavictoire, creator of The Executor?s Toolkit, a how-to program to help executors in estate settlement. ?Who would think that an executor could find themselves personally responsible for damages to the estate and held accountable by the beneficiaries?? That?s exactly what happened when one executor didn?t know to review the house insurance policy and burst water pipes resulted in unclaimed damage. ?Yet a situation such as this is entirely avoidable,? adds Mrs. Lavictoire, ?and being an executor doesn?t have to be an intimidating or daunting task, if you?re prepared.?
?Providing an opportunity to educate, organize and support executors is a tremendous service to the community,? commented Mrs. Lavictoire. ?We?re proud to join Reynars Funeral Home and Crematorium in presenting seminars that answer the most common estate settlement questions and allow Executors to feel more in control of a complex situation.?
Everyone is invited to attend and gain a comprehensive understanding of an executor?s legal responsibilities and fiduciary duties along with a better understanding and realistic expectation of costs, timelines and their obligations. Armed with time and money saving tips on how to work more efficiently with lawyers and accountants during the estate settlement process, stress and confusion will be replaced with peace of mind and control.
Being informed allows executors to work more effectively with their professional advisors when the time comes, noted Richard Beattie. ?This translates into preserving assets for the beneficiaries, which was the ultimate intent of the deceased.?
Reynars Funeral Home and Crematorium welcomes everyone to attend a
complimentary 2-hour estate
on September 19th, 2007 at Reynars Funeral Home 1300-102 Ave in Dawson Creek, B.C. Refreshments will be served at 6:00 pm and the seminar starts at 7:00 pm. To register, e-mail firstname.lastname@example.org or call Richard Beattie at 250-782-2424.