ANNOUNCER: I’m with Victoria Young from Cohen Highley Lawyers. Anything Executors of wills should know?
VICTORIA: Often, people designated as executors are overwhelmed with the minutiae of finalizing an estate. Most aren’t completely aware of what their responsibilities are or even where to start. Depending upon the life, particulars and assets of the deceased, there can be many loose ends for the executor to tie up.
ANNOUNCER: Such as?
VICTORIA: There can be multiple assets to account for and sell or transfer, personal debts and taxes to pay, filings with the CRA, Ontario Superior Court and the Ministry of Finance. Executors also need to report to beneficiaries and ultimately obtain releases from them before they wrap up the estate.
ANNOUNCER: Can executors get help with this?
VICTORIA: Absolutely. If you’re an executor of a will, contact a lawyer skilled in estate administration. The legal fees are paid out of the estate and the assistance gives great peace of mind that the estate of a loved one is managed properly.
