Understanding Executor Powers

April 3, 2017

An executor carries out the instructions in your Will. Jurisdictional laws define what the executor must do, whether they are a friend, relative, professional, or a trust company—however, the Will can specify even more extensive powers.

The executor may have to deal with some or all of the following: funeral homes, beneficiaries, Canada Revenue Agency (CRA), insurance and investment companies, government and business pension departments, real estate agents, lawyers, accountants, appraisers, stock brokers, and business partners.

Where there is life insurance with beneficiaries assigned, monies pay as defined in the life insurance contract.

Executors may also be empowered to convert the estate to cash or divide assets equally among beneficiaries. In many cases, they can establish income payments to a guardian of a young or disabled heir.

Avoid appointing all of your children as you may reduce the ability for agreement, slowing down document reviews.

 

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