Executor Responsibilities

Death can be very taxing, in more ways than one. First, there are the emotions everyone goes through. Then all the financial stuff must be sorted through. When your Uncle Albert asked you all those years ago to be his executor, you had no idea your innocent “Sure,” would end up with you sorting through all the papers and dealing with the arguing family members.

As an executor you’ll be called upon to manage everything from funeral arrangements to paying bills, filing tax returns (yes, there could be more than one), settling the assets, and dividing up the remains to the heirs, along with advising them what’s taxable and what’s not. So, the job of executor carries important responsibilities that come with attention to detail.

Always remember if there are things you aren’t sure how to deal with, you don’t have to go it alone. Hire a professional to help you if needed, but be careful whom you choose as you want them to act according to the Will and the costs can be paid by the estate, but you don’t want the costs to eat up all remaining $ the estate has.

Jodi

This blog has been prepared by Jodi Dark who is a Financial Advisor for HollisWealth®, a trade name of Investia Financial Services Inc., and does not necessarily reflect the opinion of HollisWealth or Investia Financial Services Inc. The information contained in this blog comes from sources we believe reliable, but we cannot guarantee their accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication/blog and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities. The information contained herein may not apply to all types of investors. The Financial Advisor can open accounts only in the provinces in which they are registered