At first glance, being named as an executor by a parent or other relative seems like a great honor. It sends a message that you are responsible and trustworthy, someone likely to carry out your loved one’s final wishes.
But when the time comes to fill the role, many executors discover the responsibilities are heavy, and that significant amounts of time and energy are required. At the end of the day, you may wish you had been the black sheep of the family. As an executor, you have many obligations. You feel an obligation to your loved one, to handle all affairs in accordance with both the letter and spirit of his or her wishes. And you also realize that you have a weighty obligation to others — including heirs mentioned in a will or trust document. You must deal with legal details, and sometimes family drama. There can be resentments centered on the fact that you were chosen for the role, or that property and heirlooms are being divided in a certain way. Sometimes these emotional issues spill into the courts, and you can find yourself as a defendant in a civil action. Details, documents and paperwork you must manage can include death certificates, funeral arrangements, locating financial accounts and other information, reviewing the will, settling loans and finding lost assets. If there is no legal trust, your responsibility will likely include probate, a lengthy, protracted and costly process. If there is a trust, there are related duties to ensure assets are identified and divided appropriately. In cases such as this, you need an experienced advisor guiding you through the process. Fortunately, Canada Life has created a program that offers solid guidance for executors and others involved in the process of probate, trust management and other aspects of inheritance. I am proud to offer this new program to my clients who are taking on executor responsibilities. It’s known as Estate at Ease™, and it provides not just the advice you want, but every single document you will need. The process begins with a simple, half-hour phone call with a Canada Life representative, who will review your situation, collect information and provide practical solutions to the tasks that have been entrusted to you. The review includes: • Government letters, applications and notifications • Memberships and licenses • Pensions, benefits and life insurance policies • Loyalty programs and subscriptions • Dormant bank account search • Charities • Health professionals • Internet, phone and cable • Utilities • Property taxes Based on this discussion, Canada Life prepares all the paperwork you will need, and sends it to you for your signature. You sign and return in a pre-paid envelope. The process not only saves time, energy and expense, it also gives you peace of mind. Extra benefits, such as identity theft protection to shield the estate, add to your feeling of confidence and relief. Canada Life also ensures that you will maximize any benefits that may be due the estate. The entire process takes less than two weeks. Beyond the initial service, you also receive a full year of guidance. Estate at Ease is a trusted, proven resource that will allow you to focus on the priceless memories of your loved one, rather than the pressures of managing the estate. Important information about mutual funds is found in the Fund Facts document. Please read this carefully before investing. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Unit values and investment returns will fluctuate. Insurance products, including segregated fund policies, are offered through Beyond Business Financial Solutions Inc., and Investment Representative Nathan Garries offers mutual funds and referral arrangements through Quadrus Investment Services Ltd. |
AuthorNathan Garries is a Certified Financial Planner who has been involved in financial advising, financial planning and wealth management for over two decades, carrying on a family tradition of three generations. Archives
October 2022
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