• What is an Executor? 2

    Wikipedia says that an Executor is a person named by a maker of a will, or nominated by the testator, to carry out the directions of the will. The Executor is responsible for offering the will for probate, although it is not absolutely required that he or she do so. The executor's duties also include the disbursement of property to the beneficiaries as designated in the will, obtaining information about any other potential heirs, collecting and arranging for payment of debts of the estate and approving or disapproving creditors' claims. An executor also makes sure estate taxes are calculated, necessary forms are filed and tax payments made, and in all ways assists the attorney for the estate. Also the executor makes all donations as left in bequests to charitable and other organizations as directed in the will.

    Pls See: en.wikipedia.org

    The article gives a short explanation about the following concerns:

    1. Responsibilities of Executors in Canada

    2. Probate an Estate in Canada

    3. Executory Contract in Canada

    What are the Responsibilities of Executors in Canada?

    An executor in Canada has the important responsibility of finding the estate's assets, notifying the government, paying bills, cancelling the driver's license and charge accounts, closing bank accounts, paying taxes and carrying out the final wishes of the deceased. If the deceased has requested a certain type of burial or cremation, it is your role as executor to carry out those directions out to the letter.

    In Canada, you must provide personal identification, an original copy of the will and several copies of the death certificate to prove that you are the true executor. The executor has the legal right to accept a specific percentage of the estate in return for his duties as executor. The lawyer handling the estate will advise you what that percentage will be. You can decline this fee, and then those fees would be included in the remainder of the estate to be distributed to heirs.

    Pls See: ehow.com

    What is Probate an Estate in Canada?

    There is no estate tax in Canada. Thus, there is less reason to avoid probate than compared to other countries especially because of the significant expenses. One way to do this is put up a family trust even it entails expenses. If the estate is moderately big it can be worth the effort.
    The person who establishes the trust must first decide which assets you want to contribute to the trust. You can contribute cash, real estate or other property and gradually add assets as you get older. If you are 65 or older, you might want to consider a large initial contribution.

    The trustees decide how the assets of the trust are to be distributed among the beneficiaries. Although most jurisdictions allow the settlor to become a trustee, a trustee who is not a family member should be appointed as well in order to prevent the trust to be considered fraudulent in the event of litigation or a government audit.

    Name the beneficiaries of your family trust. Beneficiaries can be anyone in your immediate or extended family. Beneficiaries have no say in how the trust assets are distributed. If the trust deed requires the unanimous consent of the trustees for any distributions, you will have veto power over them.

    Have an attorney draft the trust deed for you. The trust deed is the foundational document of the trust and must set forth trust assets as well as the name of the settlor, the trustees and the trust beneficiaries. It should also spell out the authority and duties of the trustees; clarify trustee voting rules and regulations concerning the investment of trust assets; and establish financial management rules. Sell your assets to the trust on a gradual basis.

    Pls See:ehow.com

    What is an Executory Contract in Canada?

    One of the main differences between Canadian and U.S. bankruptcy law is that there is more certainty regarding the rights of the parties to executory contracts (contracts that contain on-going obligations between both parties) in the U.S. because of specific rules in the U.S. Code.
    Although Canadian contract law recognizes the concept of this legal agreement, the country’s bankruptcy and insolvency laws currently do not provide specific rules for dealing with the parties’ rights under such a contract.

    For example, both the CCAA and the BIA are silent on the right to assume or assign executory contracts. In Ontario, however, there have been cases in which a court permitted assignment of such contracts (even where the specific wording of the contract prohibited assignment) in the context of a CCAA proceeding involving the sale of a business.
    In Canada, therefore, while a creditor may obtain the same results concerning an insolvent debtor as a creditor under U.S. bankruptcy laws, as a general rule, the end result is far less predictable because Canadian courts have broad discretion under the CCAA to grant orders affecting the substantive rights of the parties.

    Pls See: outsourcing-center.com

    Executor’s Difficult Tasks

    The executor is the representative of the estate for all purposes, and has the ability to sue or be sued on behalf of the estate. The executor also holds legal title to the estate property, but may not use that property for the executor's own benefit unless expressly permitted by the terms of the will.

    Article Created: 2012-07-09

    Article Updated: 2013-08-05

    10 CMA MEMBERS Likes this.
Add Your Comments:
Fields with * are required
Your Comment Below:
Enter Above Code
Note: Comments are moderated - Spam will be deleted