The Different Responsibilities of an Executor
A release of trustee form is a necessary piece of document to finalize the agreement between the trustee and the beneficiary, freeing the former of liability. The communication and the process can be done with the assistance of a legal executor. As an executor for an estate , one is required to commit to the work. It’s common for a relatively simple estate to require 12 – 18 months of time to complete.
An executor acts as the personal representative of a deceased person and is responsible for settling the estate – also referred to as estate administration. Everything related to the estate will be done under the management and close watch of the executor.
As the executor or personal representative named in the Will, an executor is responsible to manage the estate from start to finish, regardless of the length of time required. There have been instances when people who have accepted an executor appointment don’t fully appreciate the time involved or the duties and responsibilities, much less the corresponding personal liability inherent with such a role. This causes issues.
An executor has the vital role for the release of trustee form as they are the one who will allow all beneficiaries are treated fairly and equitably and receive proper information and reporting, assets are identified, located and protected, debts, liabilities, and taxes are discovered and paid, investments, real estate holdings, creditors and business interests are properly managed and overseen, estate assets are delegated to proper beneficiaries in accordance with the terms of the Will and any .
In reviewing and interpreting the Will one the key duties as executor is to ensure the estate is settled according to the terms of the Will, taking into consideration any legal requirements imposed on the estate and the executor before the release of trustee form. Will is prepared without professional assistance, such as a holograph, Will kit or fill-in-the-blank Wills, there is a higher probability it may not have been properly executed, or that it contains unclear, contradictory or unenforceable provisions.
An executor must thoroughly review and interpret the Will. Even when the terms of the Will appear to be simple and clear, it’s wise to get professional assistance before taking any action. Executors could expose themselves to unnecessary personal risk and liability or make inappropriate decisions, especially if they are influenced by pressure from family or beneficiaries.
Communicating with beneficiaries an executor, once understand the terms of the Will and have identified any potentially contentious issues, it is important for an executor to communicate with the beneficiaries, Provide a copy of the Will to all residual beneficiaries, Explain the terms of the Will, As soon as able to provide the residual beneficiaries with a listing of the assets and liabilities, Set expectations on reasonable timelines for completing the estate administration and distributing assets, Request the necessary information you’ll need from each beneficiary. At a minimum, this will include their full legal name, address, and SIN, in order to complete the estate administration process.