At some point in your life, you may be asked to be the executor of a friend’s or relative’s will. While it is usually considered an honour, it can also be a highly demanding and time-consuming responsibility – one that can seem overwhelming when you are also grieving.
Estates can take 18 months or longer to settle with the executor needing to complete as many as 70 different tasks and duties including probating the will, preparing and filing tax returns, paying outstanding debts, and distributing assets. As an executor it is important to stay organized, keep all aspects of the estate separate from your own financial affairs and always act in the best interest of the beneficiaries.
You must understand the scope of the task you are being asked to perform and determine if you have the time, knowledge and resources to complete the task. It is important to know when to seek qualified professional advice and when to consider renouncing the role and appointing a corporate executor.
RBC offers corporate executor services through Royal Trust. See the article below on the values of appointing a corporate executor.
For more, follow the link below.