Executor-4-0
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The time has come: where do I begin?
While being an Executor does not have to be difficult, there are many details and you need to be organized. Here are the ten most common steps that an Executor will take when the testator dies.
The order is not written in stone – it will depend on the situation. No two Wills or estates are exactly the same. Many of these steps occur at the same time, with much of the work being required early on in the process. It may seem like a lot to do in a short time, but you will find that one step leads to another. You may also wish to consider talking to someone you know who has been an Executor.
You are wise to start a filing system, such as a binder, to keep track of all the matters that arise and the decisions that you make. As you do so, you can also create a checklist for yourself, in order to ensure that nothing is forgotten.
- Locate the Will and any codicils and read them as soon as possible.
- Register the death, arrange for cremation and/or burial, and obtain the Death Certificate.
- Determine the assets and debts and start to list them.
- Protect the assets.
- Determine the location of, and notify, all beneficiaries.
- Determine if you will need to apply for probate and, if so, start the application process.
- Remain aware of possible claims against the estate by dependents, spouses, and others.
- Collect, deal with, and liquidate the assets.
- Pay the debts and expenses and file the income tax returns.
- Distribute to the beneficiaries.
For more FAQs, please visit Alberta Law Line
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