Jun 10, 2022
How long does an executor have to settle an estate in Ontario?
Settling an estate is a challenging responsibility that can often take between six months to a year in Ontario. Here’s what you need to know.
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When a close family friend, parent, or relative dies and names you as their estate executor in their will, you may find yourself dealing with the responsibility of settling their estate and overseeing plans for their funeral and for the distribution of their inheritance. Being an estate executor is a tremendous responsibility, but also an honorable one: You are ensuring that your loved one’s last wishes are carried out and that their belongings are properly taken care of.
In order to be prepared for the role, you should know what lies ahead.
As the executor of an estate, you have a legal responsibility to settle the affairs of the deceased. This can be a complex and time-consuming process, but it is important to know what is expected of you. Depending on the size and complexity of the estate, your duties may vary.
Here are your duties you need to fulfill an executor in Saskatchewan:
An estate executor will need to submit the deceased’s will to the Saskatchewan probate court, so that the probate process can begin. You will probably also need an official death certificate to present to the court and to insurances and banks.
You’ll have to go through your loved one’s assets and create a detailed inventory of all belongings, and have everything appraised in order to determine the estate’s value. Not everyone keeps paperwork for their properties or financial assets neatly in one place. You may have to do the detective work of tracking down these assets and finding the relevant paperwork for it.
Your loved one may leave unpaid debts and taxes behind. Settling these debts and notifying creditors is now your responsibility. You will also have to file a final tax return on the deceased’s behalf, as well as report any income tax if the estate generates income during the probate process (such as through investments).
In addition to taking care of debt and taxes, an estate executor will need to oversee the payment of bills, insurance payments, and other ongoing expenses in order to keep real estate property and other aspects of the estate going.
Your loved one will probably have left directions for how they wish their funeral service to be conducted. You’ll be in charge of making these arrangements. The service will be paid for by funds from the estate.
Another responsibility of estate executors is to oversee the distribution of the estate’s assets according to the will. This will require a lot of contact with beneficiaries, including informing them of their right to an inheritance, and keeping them updated on the settlement process.
Settling your loved one’s estate is an important responsibility: You’re carrying out their last wishes and ensuring everything they owned gets taken care of in the way they envisioned it. By planning ahead and relying on the help of an experienced partner like ClearEstate, you’ll be equipped to navigate this process more smoothly and efficiently.