Canadian Executor Guide by ERAssure
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ERAssure® is Canada’s exclusive provider of Executor Liability Insurance. Do you have protection yet? https://erassure.com/executor-guide/
More questions?
An Executor is the person(s) legally and financially responsible for carrying out a will. This includes many duties like settling debts with creditors, paying beneficiaries, making funeral arrangements, and finding care for pets. These tasks can take on average two years to complete, and during that time you take on the financial and legal risk of the estate. That's why Canadians are securing Exec
02/17/2023
Caregivers need support, too. 💙
12/14/2022
Executors - do not distribute estate property without first obtaining a clearance certificate from the Canada Revenue Agency.
Or this might end up happening to you...
https://www.advisor.ca/columnists_/keith-masterman/a-cautionary-tale-about-executors-and-clearance-certificates/
A cautionary tale about executors and clearance certificates | Advisor's Edge Court decision serves as a warning about property distribution, executor renunciation
11/23/2022
Don't miss this free Disability and Estate Planning webinar with Kenneth C Pope tonight at 7pm.
Ken will cover important topics like:
🔹 Wills and Henson Trusts
🔹 ODSP and how it can affect estate planning
🔹 How all families with adult children with special needs can benefit from the improved caregiver tax credit
🔹 Disability Tax Credit recapturing
🔹 RDSPs and how they can grow to $700,000
🔹 Lifetime Benefit Trusts for RRIFs
🔹 Guardianships vs. Power of Attorney
Register for free:
https://us02web.zoom.us/webinar/register/WN_tK2k9MnNSEGZVUyZRxi3SQ
Welcome! You are invited to join a webinar: Disability and Estate Planning Annual Updates Webinar. After registering, you will receive a confirmation email about joining the webinar. It’s that time of year again. Join us as Ken outlines important information including recent and upcoming changes regarding special needs & disability estate planning. • Wills and Henson Trusts • ODSP and how it can affect estate planning. • How all families with adult children with special ...
11/19/2022
Not sure where to start when it comes to making your Will?
It's a common problem!
Use our free Will Preparation Guide to help you collect all of the essential family, financial, and estate information your lawyer will need to prepare your Will.
Download it today from our Resource Centre:
https://erassure.com/resources/
"2.95 million Canadians have out-of-date wills." - LegalWills.ca
Are you one of them? 😳
November is Make a Will Month, and it's also a great time to make updates too.
If you haven't had the chance to put a Will together, download our free Will Preparation Guide from our resource centre:
https://erassure.com/resources/
10/21/2022
"Who decides my Executor compensation?"
Well, that depends on where you live in Canada, how complicated the estate is, and what your beneficiaries have to say about it...
👉 https://erassure.com/executor-fees-ontario/
Executor Fees in Ontario, Alberta, B.C. & other provinces in Canada How much are executor fees in Ontario & other provinces? Find out how much compensation you're entitled to receive as Executor of the estate.
You're probably the executor of your parents' estate.
Most Canadians are.
In fact, over 1 million Canadians are acting as Executors right now.
But if you ask them, most won't know the most important thing about their responsibility...
..Executors are financially and legally responsible for the estate for up to 10 years.
That means if the estate is sued, you are the one going to court - and paying the legal fees.
Securing Executor Liability Insurance is the best protection against estate battles that happen every day.
Unhappy beneficiaries, unknown creditors, and other details can come out of the woodwork and put you at risk.
Protect yourself, your family, and your finances.
Apply for Executor protection before estate problems happen.
Visit ERAssure.com to download your application:
https://erassure.com/products/executor-liability-insurance/
In a society obsessed with youth, wear your age like a badge of honour.
You've shown the world you're tough, you're wise, and you still have great value to our community.
Not everyone is privileged enough to make it to their senior years. Cherish them and the guidance you give our world.
09/29/2022
According to Ontario provincial law, when you die, your estate is covered by the Succession Law Reform Act. This act clearly displays the line of succession in the event you died without a will:
🔹 If you have no children and are married, your spouse will receive your entire estate
🔹 If you are not married and have no children, your estate will be distributed to your closest living blood relatives. The following would become the distribution hierarchy: Parents > Siblings > Nieces & Nephews
🔹 If you are married and have children, your spouse will receive the first $200,000 of your assets. The remainder of your estate will be divided between your spouse and children.
🔹 If you have no next of kin, your estate will be given to the Crown. This is an extremely rare occurrence.
🔹 It’s important to note that common-law spouses have no claim to an estate.
Not having a will to distribute the estate is a common cause of estate litigation, so please consider making a Will this fall if you don't have one already.
Learn more: https://erassure.com/estate-without-a-will/
09/29/2022
This is an excellent, detailed answer to the question of whether or not you should gift your aging parent's assets early to avoid taxation while acting as Power of Attorney.
"I am hoping that someone can give me advice on my mother’s accounts. She is 87 years old and unfortunately has dementia and is in a care facility.
I am both her power of attorney and her executor. She is currently sitting on approximately $250,000 in accounts and GICs.
My question is should a small portion be gifted to each of her children prior to her passing as a “gift” and, if so, is that gift taxable? Is there an amount that falls into that range?
https://www.moneysense.ca/columns/ask-a-planner/gifting-a-parents-assets-using-a-power-of-attorney/
Gifting a parent’s assets using a power of attorney - MoneySense As power of attorney, does it make sense to divide up a parent’s assets before their death?
Why would someone want to sue an Executor?
If a beneficiary believes you've made a mistake handling their inheritance, for example, they could sue you for the amount the estate lost as a result of your "negligence".
Executor negligence can come in many forms, but these are the most common reasons for estate litigation provided by our friends at the Canadian Bar Association:
🔹 Improperly interpreting or not properly following the terms of the Will
🔹 Paying the wrong amounts to the wrong parties
🔹 Improper disbursements for funeral and creditor claims
🔹 Improperly preferring one creditor over another
🔹 Omitting an heir
🔹 Not prudently investing the estate assets
🔹 Breach of the even hand rule (aka not treating all beneficiaries equally)
🔹 Self-dealing
🔹 Delay in payment to beneficiaries (this is a common complaint)
🔹 Not properly protecting estate assets, for example not changing locks or purchasing fire insurance or keeping a property in repair
🔹 Not selling assets in a timely way
🔹 Improvident sales of assets
🔹 Failing to invest excess cash
🔹 Unreasonably prosecuting or defending litigation on behalf of the Estate
🔹 Not prosecuting a claim against a 3rd party in time
🔹 Improper delegation of duties
🔹 Improvident settlements
🔹 Failure to keep accurate records of the administration
As you can see, there are many reasons a third-party might disagree with the way an Executor has managed the estate.
That's why it's crucial to not only protect yourself with Executor Insurance, but also by taking extensive records of all communications, transactions, and decisions related to the estate administration.
Apply for Executor Liability Insurance today:
https://erassure.com/products/executor-liability-insurance/
09/21/2022
"Even If I can't cure, I can still care." - Sally P. Karioth RN, PhD
If you are interested in volunteering, donating, or fundraising for the Alzheimer Society of Canada, please visit their website:
https://alzheimer.ca/en/take-action
Click here to claim your Sponsored Listing.
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