How To Be The Executor Of A Will
A family member or good friend may ask you to be the executor of their will. This means that you carry out the directions of the will and wrap up the estate. If the person has a formal will, you will likely work with a lawyer like one at Terry Napora Law Office, in order to accomplish the task. These are the steps that you need to take.
Order a Death Certificate
The death certificate is essential as you settle the debts and handle all other aspects of the estate. The funeral director may be able to help you with this, or you need to contact the government to obtain one. You will need a copy of the death certificate for each creditor.
Cancel Benefits and Services
According to Service Canada, it is important to cancel the benefits and pension a person is receiving as well as personal identification documents. You can contact the Old Age Security Office and the Canada Pension plan as well as the Canada Revenue Agency to cancel the benefits. You need to cancel passports, drivers license's, and other forms of identification with each of the departments that issued it. You may also need to cancel health insurance, vehicle registration and other things that were issued to the deceased. You may want to look into canceling magazine subscriptions and other more trivial services as well since it will save the estate money.
Settle the Estate
Settling the estate must be completed before you can carry out directives in the will. You must use the deceased's assets to pay any outstanding debts that the estate has. If there are more debts than assets, than the estate will not be able to divide up any assets for the will. However, you do not have to pay off the debts with your own money. You will need to contact the creditors explain that the person is deceased and they will write off the remaining debts. If there is an outstanding mortgage on the home, the bank will claim the home unless the estate can pay it off.
Carry Out the Will
Finally, you will execute the will. This means dividing the remaining assets according to the instructions set forth in the will. There may be a person who bequeaths of personal property and other items. The will should be fairly straightforward. If someone wants to contest the will, it will need to go through court and it can take sometime for it to settle completely.