Has a relative asked you to be his or her executor? As executor, you will be responsible for settling all aspects of the estate.

The Role of the Executor

The role of executor can be quite demanding. It involves obtaining the death certificate, taking inventory of the estate, producing income-tax returns, paying taxes and debts, and distributing the assets according to the deceased person's last wishes.

The office of executor also entails personal responsibility. If it is demonstrated that you did not take all the necessary precautions, you could be required to pay back certain losses.

Are You Obliged to Agree?

Naturally, such a role raises a number of questions. For instance, if you agree to undertake the task of executor, can you change your mind? The answer is "yes," unless you are the sole heir.

This is a decision you will have to make after the death of your loved one. If you decline your office as executor for the estate, and you live in Quebec, the heirs will assume the role together or will designate someone they all agree on. Otherwise, a person who has an interest in the estate may ask the courts to appoint an executor. In the other provinces, the courts will appoint an executor.

After the Loss of a Loved One

The death of a loved one is understandably upsetting. So take the time you need to grieve before assuming your duties. You can then undertake the task with some peace of mind.

First, you must read the provisions of the will and inform the heirs. The will may be at the deceased's home, in a safety deposit box at the bank, with the deceased's lawyer or at the will division of the local court. Local courts in Quebec do not provide this type of service. Instead, wills are filed in registers provided for this purpose at the Chambre des notaires.

Taking inventory of the property is a crucial step. It establishes whether the deceased person's debts exceed the value of the estate, which includes everything the person owned: house, cottage, vehicle, bank balances, insurance, investments, pension fund, RRSPs, survivors' annuities, etc. The debts must also be diligently compiled: outstanding credit card balances, mortgages, etc.

Aside from these duties, you will also be responsible for making arrangements with the Canada or Quebec Pension Plan, cancelling credit cards and debit cards, driver's licence, health insurance card and social insurance card, etc.

Available Resources

Fortunately, to make your task as executor easier, there are a number of resources available to you. For one thing, you should feel free to consult a lawyer. In Quebec, notaries usually handle wills.

Also, if the value of the estate is significant (e.g.: over $250,000) and the estate-settlement process is complex, you may find the services of a trust company very useful.

Sigma Assistel, a Desjardins Financial Security subsidiary that specializes in assistance services, offers a unique estate liquidation service through Desjardins caisses.