The Role of an Executor: Responsibilities and Considerations

Executor Responsibilities and Estate Administration Checklist in Canada

Being appointed as an executor, also known as a liquidator, is both an honor and a significant responsibility. As an executor, your primary task is to administer the estate of a person who has passed away, ensuring their wishes, as outlined in their Will, are executed in accordance with applicable laws. Executors can be family members, friends, trust companies, lawyers, accountants, or a combination of these professionals.

However, it’s important to recognize that the role of an executor can be complex and time-consuming. Executors are also fiduciaries, meaning they have a legal obligation to act in the best interest of the estate and its beneficiaries. They can be held personally liable for any mistakes or omissions made during the administration of the estate, even if they hire professionals like accountants or lawyers for assistance.

Executor Duties and Challenges

The duties of an executor include the following tasks:

Notifying family, friends, and relevant parties

Securing and protecting the deceased's assets

Paying outstanding debts and taxes

Distributing assets to beneficiaries according to the Will

Filing necessary tax returns

Given the complexities involved, it’s best to discuss the role with the potential executor beforehand. Some may not have the time or desire to fulfill this responsibility, and it’s important to ensure they are willing to accept the position and understand the potential liability involved.

Estate Executor Checklist

The following checklist provides a step-by-step guide to help an executor manage the estate of the deceased:

Task	When Due
Notify close friends & family	First Week
Notify employer if any	First Week
Secure assets	First Week
Arrange funeral	First Week
Locate the will	First Week
Order death certificates	First Week
Notify Veterans Affairs if applicable	First Week
Retain lawyer	First Month
Submit will to court	First Month
Protect unoccupied property	First Month
Cancel unneeded services	First Month
Notify Service Canada	First Month
Determine heirs	First 3 Months
Start probate process if required/desired	First 3 Months
Notify heirs	First 3 Months
Notify life insurance companies	First 3 Months
Notify CRA and similar beneficiary accounts	First 3 Months
Notify credit cards	First 3 Months
Consider online media accounts	First 3 Months
Open estate bank account	First 3 Months
Inventory assets	First 3 Months
Start ancillary probate (if applicable)	First 3 Months
Publish notice of death	First 3 Months
Debt claims deadline expired	As Soon As Possible
Inventory debts	As Soon As Possible
Determine estate solvency	As Soon As Possible
Plan asset allocation	As Soon As Possible
Conduct estate sale (if desired)	As Soon As Possible
All debts resolved	As Soon As Possible
Dispose of unwanted assets	As Soon As Possible
Pay local property taxes	Calendar Year
Submit final decedent income tax forms	Tax Year
Submit estate income tax forms	Tax Year

It’s important to work closely with legal, tax, and financial professionals to ensure the proper execution of these tasks, as errors can result in penalties or complications for the estate and beneficiaries.

For more information, visit the official page: Canada Revenue Agency - Representing the Deceased