Being named an executor in a will is an important responsibility. The executor is the person chosen to carry out the wishes of someone who has passed away.
This role involves both legal and practical tasks that can take several months to complete. Understanding what is required can help you prepare and avoid costly mistakes.
What Does an Executor Do?
An executor manages the estate of the deceased person. This means gathering their assets, paying their debts, and making sure that what remains is given to the right people as set out in the will.
Key responsibilities include:
- Locating the will and reviewing its instructions
- Making funeral and burial arrangements (if not already handled)
- Securing property and valuables of the estate
- Notifying banks, insurance companies, and government agencies of the death
- Applying for a Grant of Probate if required
- Identifying and gathering assets such as bank accounts, investments, and real estate
- Paying debts, taxes, and final expenses of the deceased
- Preparing an accounting of the estate for beneficiaries
- Distributing the remaining assets according to the will
How Long Does It Take?
In Alberta, estate administration usually takes between six months and one year, depending on the complexity of the estate. Larger estates or those with disputes can take longer. Executors are expected to act reasonably and keep beneficiaries informed throughout the process.
Can an Executor Be Paid?
Yes. Executors are entitled to fair compensation for their work. The amount is not fixed in law, but Alberta courts provide guidelines. Payment is based on the size and complexity of the estate, and is usually approved by the beneficiaries or the court.
Where Mistakes Often Happen
Common issues for executors include:
- Missing deadlines for probate or tax filings
- Distributing assets too early, before debts and taxes are settled
- Failing to keep proper records of estate transactions
- Not communicating clearly with beneficiaries
These mistakes can cause personal liability for the executor. That is why many executors choose to work with a lawyer for guidance.
Being an executor is an honour but also a serious legal role. If you have been appointed, take time to understand your duties before acting. Professional advice can save you stress and protect you from personal liability.
At Bosecke LLP, we guide executors through each step of the process, from applying for probate to final distribution. Our role is to help you meet your legal obligations and ensure the estate is handled smoothly.
Contact us today to learn how we can support you in carrying out your duties.
