Most people postpone writing their will. This is probably because it’s a reminder of their mortality.  Leaving a will behind is same as leaving a gift to loved ones. A will makes estate management clearer, easier and without disagreements. If the deceased never had a will, their property will be divided according to the laws of the province the deceased resided. Nobody wants that to happen. So even if not yet married, a will is a necessity.

In a will, the deceased mentions the executor, who can be an estate lawyer. The Canadian Bar Association states that the executor is responsible for gathering estate assets, paying the deceased’s debts and dividing the estate.

executorEveryone needs a will. Without a will, it won’t be known who should receive the deceased’s property. When a will is not left behind, there’s a default plan based on the deceased’s marital status, with children, siblings or parents. Even if there are no relatives, nothing is allowed to go to charity, friends or non-related persons.

What’s the Process?

If the deceased leaves a will behind, the executor will firstly present it to local council to ask for authorization to administer the estate.  This is referred to as probate process. Secondly, the executor administers the estate, determines beneficiaries, creditors and others entitled to the property. Thirdly, the executor makes appropriate distributions, files taxes and closes the estate within the stated time frame. Relocate Stress Free can assist executors with decluttering the estate home and other personal items.

Should my Friend or Relative be my Executor?

Choosing an executor is especially important when one has investments or properties. A friend or relative may not be a good option as an executor, as this could cause problems. Corporate executors are more experienced in estate administration, have legal expertise and the technical knowledge to handle almost any arising situation.