Being chosen to administer the estate of a loved one is a privilege that comes with numerous duties. As Ontario residents undertake these duties, they may want to keep a few things in mind in order to make sure they get through the process successfully. This begins with knowing what is expected of them as executors.
The administration of an estate could require numerous steps to complete depending on the circumstances. As many as 70 tasks may require an executor’s attention over the course of the administration. Unfortunately, many people underestimate the commitment they undertake when they agree to do the job.
For this reason, it is advisable to enlist some help. Properly carrying out the duties of an executor could require financial advisors, appraisers and lawyers, among others. Otherwise, any significant mistakes could lead to personal liability on his or her behalf.
One mistake that could prove costly would be distributing assets to heirs prior to paying all of the taxes and debts of the estate. Another mistake would include not carrying out the wishes expressed in the will. It is not the executor’s job to make sure any distributions are fair. His or her job is to carry out the wishes of the decedent even if they are unpopular.
These are just some of the potential mistakes that executors could make. They are duty bound to carry out the wishes of the deceased individual and otherwise close out the estate, but they also need to protect themselves. One of the best ways to do that could be to involve an Ontario lawyer in the process.