The Responsibilities of an Estate Executor in Alberta

1. The Responsibilities of an Estate Executor in Alberta

2. Many people invest time and effort into creating wills that express their wishes to manage their estate after passing. As part of this process, individuals name a personal representative, more commonly known as an estate executor. This individual is broadly responsible for administering the deceased’s estate. Being a will executor in Alberta can initially seem daunting, even when you expect this responsibility. Understanding your duties, now or in the future, should a will call upon you, can demystify the process. As you prepare for this role, let’s explore what an executor needs to do. What Are the Duties of an Executor?

3. Being named executor does not mean you are obligated to assume the duties. Individuals may ask the court to discharge their duties during the initial probate application. It is also sometimes necessary to obtain the grant of probate to confirm one’s role as the estate executor. Let’s review some of your duties once empowered to handle the estate’s affairs. Locate the will If you do not have access to the most recent and valid copy of the deceased’s will, you must locate it. You may need the assistance of the family or the individual’s estate lawyer if you do not already have the will.

4. File for probate The probate process within the court system is a requirement faced by virtually all estates, especially if that estate has real property as assets. In some cases, such as when a spouse jointly owned all an individual’s property, the situation may be simpler. However, you should anticipate probate. Determine assets An executor must clearly understand all the assets held by an estate, including cash, investments, real estate and other elements. In this stage, the executor should undertake efforts to learn about any outstanding debts or financial liabilities facing the estate.

5. Settle debts The executor ensures the estate settles its debts with creditors. They must also perform appropriate tax filings related to the estate and its assets. Handle communications During the administration of the estate, executors usually need to communicate with family members, any beneficiaries of the will, creditors, and others. A lawyer can provide support during this process to simplify the sometimes large value of communications that must take place.

6. Make distributions As you prepare to close out the estate, you will need to make the final distributions to beneficiaries designated in the will. These distributions take place using the value of the estate after satisfying debts and tax obligations. Learn More About Your Next Steps

7. The estate executor has a crucial role to play in managing and closing out a deceased individual’s estate while following their stated wishes. This process is not one an individual must navigate on their own. You may connect with an experienced estate lawyer to guide you throughout the process. A lawyer can be a worthwhile resource, especially for large and complex estates, from handling the probate courts to communicating with an estate’s creditors. To learn more about getting support as a will executor in Alberta, contact the proven team at Lypkie Henderson today.