An Executor of an Estate is an individual charged with the responsibility of executing the wishes of the Testator (Deceased) as outlined in the Testator’s Will.
“Black birds tend to like shiny things.” ~ The Bloody Raven
The role includes paying the debts of the estate, alerting creditors, arranging and organization of funeral wishes, communicating to beneficiaries, distributing remaining asset to the heirs and beneficiaries, and final Tax filing on behalf of the estate.
I’ve been named as an Executor for five late family members over the years. Quite a few of my relatives and friends thinks I’m some sort of Estate planning guru and come to me for advice.
I’m just pretty good at budgeting and Canadian Tax laws. I didn’t want the Executor job but one case led to another and another until voila, it’s hard to shake the reputation and I though perhaps I should charge a stipend but I felt it is in bad taste even if is legal under Canadian Executor and Probate rules to charge up to 5% of the estate’s asset value. At least I have the experience.
Other than my Mom's estate I’m currently helping a single Mom manage her late friend’s estate without the aid of a written Will. It’s a bit of a mess I can say dealing with an uncooperative relatives that felt entitled to the deceased’s personal effects. Under certain property laws, that person has made a serious incorrect assumption and will face consequences. Not from just the actual owner but earning the disdain from his family too.
I have my own written and notarized Will in place. It was done with the assistance of a bookkeeper friend who has done more than his fair share of Estate cases for free. Typical uncomplicated Wills done by a Notary Public are not expensive, anywhere between $150 to $250 CAD. Well worth the peace of mind even if I’d be few assets, that is totaling less than the legal $25,000 CAD threshold. It’s not worth our families becoming divided over by.
In my case, my net worth has become quite substantive from about 25 years of employment in the Healthcare field. A mortgage free home, a Rental property, a self-directed retirement fund, a tax free Investment fund, Emergency reserve Cash fund, and the physical assets of the Bloody Raven’s personal Central Bank. An important note is that here in Canada conveying a real property title is easiest done with a clearly written Will. Without a Will it could take several months through the supervision of the public Trustee of my Province and the expensive fees they charge the estate. It could even take years if a substantial portion is promised to an outside third party without a will. Meanwhile the property may be in legal limbo with the bills racking up.
My assets are basically divided evenly between my two sons with a few minor exceptions such as nieces and nephews with something to remember.
As friends, he didn’t want any payment for both my late Roommate’s, and for my own Will. I gave him a gift, two silver Maple Leafs for his service. And interestingly enough we discovered each other as precious metals Stackers. He said, “You’re doing the right thing, thank you for this totally unexpected gift.”
My next important document to finish is an enduring Power of Attorney. In the event I go stark raving mad or incapacitated in a manner that I cannot competently direct my own medical choices, my designated next of kin(s) can decide on my medical care.
Next is a pre-need and pre-paid funeral contract and thus take the decisions and expenses off the hands of my children and siblings. It’s hard enough to make such choices while grieving. My Mom purchased a funeral package and put to rest our varying choices for interring her remains as her contract was her final say.
And finally my last contract of the heart for my best friend and roommate, I safeguard her remains until the day I we both share a mausoleum space together as roommates again.
Without you I wouldn't have made it this far my sister ...until the day of his return, come Lord Jesus.
This post are my thoughts and response to this week's Ladies of Hive writing imitative judged by @joanstewart posted here.
"To the Question; Have you written up a Will and filed it, protecting your spouse and children? Take control of your estate, assets, or worldly possessions — make sure you leave behind to those you wish it to go to!"
References & Sources
Photos are my own shot with an ancient 2018 Samsung SM-A530W or otherwise indicated.
P. Image under Pixabay
W. Wiki Commons
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Cameo Raven Brooch from The Black Wardrobe.
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