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TAX, RETIREMENT & ESTATE PLANNING SERVICES Checklist of Executors Duties Note: Some information contained in this checklist may not be appropriate in Quebec. ACH ENLIST OF EX ACTORS BUT I E S This

How to fill out checklist of executor39s duties

How to fill out a checklist of executor's duties:

1. Identify all assets and liabilities: Start by gathering information regarding the deceased person's assets, such as bank accounts, properties, investments, and debts. Make a comprehensive list of these assets and liabilities.
2. Obtain necessary legal documents: Obtain the necessary legal documents, such as the will, death certificate, and letters testamentary or letters of administration. These documents are crucial for verifying your role as the executor.
3. Notify relevant parties: Notify the necessary parties about the deceased person's passing. This includes notifying banks, insurance companies, government agencies, and any other institutions the deceased had accounts or dealings with. Provide them with copies of the death certificate, if required.
4. Inventory and appraise assets: Create a detailed inventory of all assets, including their values. Depending on the jurisdiction, you might need to have certain assets appraised by professionals, such as real estate or valuable collectibles.
5. Pay debts and expenses: Before distributing any assets to beneficiaries, ensure that all outstanding debts, taxes, and expenses are paid. This may involve settling credit card debts, mortgage payments, funeral expenses, and other outstanding bills.
6. File necessary tax returns: As the executor, you are responsible for filing any necessary tax returns on behalf of the deceased person. This includes income tax returns for the year of their death, as well as any estate or gift tax returns that may be required.
7. Distribute assets to beneficiaries: Once all debts and taxes have been paid, you can distribute the remaining assets to the beneficiaries according to the terms outlined in the will or according to the laws of intestacy if there is no will in place.

Who needs a checklist of executor's duties?

1. Executors: Executors of an estate can benefit greatly from a checklist of duties. It provides them with a structured and organized approach to navigate the complex responsibilities that come with administering an estate.
2. Family members: Family members who may be involved in the estate administration process, such as beneficiaries or heirs, can also benefit from a checklist of executor's duties. It helps them understand the steps involved and what to expect during the process.
3. Estate planning professionals: Estate planning professionals, such as attorneys or financial advisors, can use a checklist of executor's duties as a resource for guiding their clients through the estate administration process. It ensures that no crucial steps are overlooked or forgotten.

In conclusion, filling out a checklist of executor's duties involves identifying assets and liabilities, obtaining legal documents, notifying relevant parties, inventorying and appraising assets, paying debts and expenses, filing tax returns, and distributing assets to beneficiaries. Executors, family members, and estate planning professionals can benefit from this checklist.

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