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Preliminary Steps

qLocate and review Will qFuneral arrangements - (already paid?) qSpecial arrangements qDetermine cash requirements for family qObtain funeral director’s statement of death or apply for provincial death certificate qDetermine whether there are any problems with Will

Determine Complexity of Will

qIs expertise required beyond scope of executor? qIs executor aware of conflicts? qShould Will be validated by court?

Contact Beneficiaries (and estate lawyer)

qSet up meeting with family members (lawyer may attend) qGather preliminary information from family for meeting qMeeting and note information gathered

Checklist of Executor’s DutiesThis checklist provided to you by Trinity Funeral Home, is part of Trinity Care, our ongoing commitment to the families we serve. It is based on distribution in Alberta only with a valid Will. This checklist starts with preliminary steps that an Executor / Trustee should take, up to the time of application and distribution thereafter.

Preliminary Information

Name of Executor:

Co-executor:

Deceased:

Address of Deceased:

Deceased’s Spouse:

Date of Death:

SIN of Deceased:

Preliminary Steps:

12134-66 Street Edmonton, AB T5B1J8 p: 780-474-4663 f: 1-888-329-3408 info@trinityfuneralhome.ca

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Interview Beneficiaries (Including Estate Lawyer)

qCollect relevant papers and information qAdvise beneficiaries - of realities of estate administration timing qDetermine families’ financial needs qDocument meeting

Establish an Estate Account

qNote all particulars about banking qFreeze accounts qDetermine if there is a safety deposit box qList contents of safety deposit box qObtain bank requirements to deal with accounts qDetermine if funds available to pay funeral expenses

Locate Important Documents

qLocate and obtain title documents for real property, mortgages, share certificates, bonds, debentures and guaranteed certificates

Notify Legatees and Residuary Beneficiaries

qDetermine if any difficulty in identifying charitable organizations, etc. qNotify charities of charitable bequests (and regulators where required) qNotify legatees/devisees of benefits to be received under the Will qNotify residual beneficiaries and provide a copy of the Will

Set up a Diary of Time Limitations

qExpiry of dependant relief claims qIn Ontario - Family Law Act claims by spouse election to be made within 6 months qFinal date to file T1 return

Immediate Action

Business interest and investments qWhere operating business, if deceased sole or controlling shareholder, take control of operations and ensure operations can continue or obtain manager qArrange for a review of investment portfolio qMake appropriate decisions regarding investments to yield favorable outcome

Real Estate qReview adequacy of property insurance coverage and alter if necessary qIf deceased lived in rental premises alone, terminate lease or arrange sublet qIf premises vacant, arrange for protection and supervision of real estate

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Chattels qArrange for appropriate insurance on vehicles and personal effects etc.

Inventory qTake from home and business an inventory and custody of the following: qCash on hand qSecurities qJewelry and other valuables qReal estate deed and mortgage documents qOther documents of potential value

Protect assets qSecure assets in safekeeping e.g. vacant property

Mortgages - receivable qNotify payer to reduce payment qCollect on mortgage qMortgage insurance available

Rental properties qWrite tenants to redirect rent for rental properties

Brokerage accounts qAdvise of death qCancel open doors qRequest statements to be forwarded qObtain list of assets held with original cost information

Contact Third Parties

qContact and inform Canada Pension, Survivor’s Benefits, Veteran’s Affairs and where appropriate make claims for death benefits for dependants qNotify Service Canada to cancel entitlements under the Income Securities Programs qCancel health insurance coverage qCancel social insurance card qCancel driver’s license, magazine & newspaper subscriptions, cable television, club membership, telephone and request rebate on a pro rata basis qRequest Canada Post to re-route mail qConfirm outstanding balances and cancel credit cards - determine if insurance exists qContact present and previous employer re: benefits qContact investment / insurance advisor qContact executor / trustees of other estate where deceased may have entitlement qContact lawyer / accountant - used for personal / business qContact insurance companies qCheck with insurance broker re: insurance coverage on property qWhere deceased receives pension from foreign jurisdiction (e.g. Social Security from the U.S.), notify foreign jurisdiction, cancel entitlement, make claim for death benefit, if applicable

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Compile Tax Information

qCopies of last six years returns qTax installments, medical, charitable receipts, etc. qPrepare and file any T1 returns for previous years within six months of the date of death

Foreign Assets

qDetermine if valid Will exists in foreign jurisdiction and conforms to jurisdiction qIf there is no valid Will, then determine applicable legislation qHire an agent if appropriate to deal with matters in foreign jurisdiction

Collect Information on Assets and Liabilities

qReview and collect information of liabilities of estate e.g. rental agreements qDetermine if any assets are missing qContact investment advisors / insurance advisor or financial planner for all information qContact banks if not already done to ascertain balances, investments, etc. qDetermine if there are matters to be litigated on behalf of estate or to extent if there will be liability for law suits involving the deceased and / or the estate qDetermine all liabilities outstanding at death, and interest accruing on outstanding debt after the date of death - determine what should be paid to save interest qEstablish personal guarantees made by deceased on loans

Valuation

qArrange for valuations of real estate, securities, personal property, automobiles

Beneficiary Designations

qDetermine where last designation made (i.e. Will, policy application forming contract, other instrument) qConfirm institution recognizes last designation - or requirements qFile any and all documents necessary to assist or to make claims for or on behalf of beneficiaries

RRSP / RRIF

qRequest conformation of benefits payable qAscertain plans payable to estate or whether designated beneficiary qDetermine requirements to receive monies

Insurance qRequest conformation of benefits payable qName of person entitled to receive benefits or confirm estate qDetermine whether there are outstanding liabilities against policy

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qGeneral inquiry as to whether other policies exist - request requirements necessary to have proceeds paid to beneficiary or estate qArrange for payment of proceeds - may pay for certain debts immediately, e.g. funeral expenses

Inventory

qPrepare an inventory of assets and liabilities to include the following: qList by class and full details of assets qList assets by value and full particulars including certificate numbers, registration particulars etc. qList maturity dates qInterest rate qCalculate accrued interest where applicable qProvide information regarding foreign assets but do not list for probate qPayments received and frequency qFull particulars of liabilities of estate

Application to Court

qRetain and meet with estate lawyer to complete application for proper certificate (documents required will vary from province to province) qMake provisions for any fees that may be applicable qReview documents and parties to be served and request originals and notarized copies of final orders

Debts of Estate

qPrepare ad for Notice to Creditors in newspapers, etc. (expiry date must not predate issuance of certificate or probate obtained from court) qOnce probate is granted, determine when ad for creditors can expire qProvide ongoing reporting to beneficiaries qWhere applicable obtain releases - avoid delay of distribution

Administration and Distribution

qWill differ on intestacy - see Provincial Legislation

1) Preliminary Matters: qWhen probate is granted, obtain sufficient notarial copies to transfer assets qAd for creditors must expire before distribution and accounting (usually expiry by 30 days) qAsk estate lawyer to register certificate or probate on title for real estate if necessary

2) Time limitations qDetermine whether there are any time periods remaining outstanding restricting distribution e.g. family law or dependant relief claims

3) Review Will qDetermine scheme of distribution of assets qConsult with beneficiaries regarding in specie distribution (distribution in kind) where appropriate

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4) Realize assets qBank accounts closed - transfer to estate account (if joint accounts - right of survivorship, provide financial institution with death certificate and request transfer to surviving joint tenant) qInvest surplus of cash in accordance with terms of Will qSell or transfer real estate according to Will

5) Stocks and bonds qArrange for re-registration qComplete declarations of transmission and powers of attorney required to transfer securities qSell to meet cash needs of estate qSale for distribution qTransfer to beneficiaries pursuant to Will qDeliver securities and obtain receipts if distribution in kind 6) Prepare cheques qPayment of debts qPayment of legacies qPayment of distribution 7) Legatees qPayment made qReceipt obtained 8) Personal effects qDeliver personal effects qObtain receipts qSell - depends on provisions in Will - cash becomes residuary for distribution 9) Trusts qIf Will provides for trusts, set up testamentary trusts and arrange for ongoing review of the investments and ongoing compliance within the rest of the terms of the trust e.g. payment of income

10) Tax planning qConsider spousal trust qConsider income splitting opportunities qConsider unused expenses qEstimate current year and closing capital gains and exemption qConsider filing deadlines qConsider separate returns qRRSP/RRIF contribution to a surviving spouse qConsider charitable gifts - include in T1

11) Tax returns qPrepare and file Terminal T1 Return and other returns with Canada Revenue Agency (CRA) and request clearance certificate (terminal period returns must be filed by April 30th of the year following the year of death, or by six months from the date of death whichever is later)

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qPrepare and file T3 Trust Information Return (the T3 return must be filed within 90 days from the year end of the taxation year which the estate has chosen) qFile U.S. return if applicable qObtain Goods and Service Tax clearances if applicable *N.B. distribution of estate should not occur without clearance certificate

12) Distribution qIf Will provides for outright distribution, obtain release for distribution qTransfer assets or funds to beneficiaries qRetain sufficient funds as a reserve for income taxes and any outstanding accounts

13) Cancel Insurance qCancel insurance on real estate when transferred or sold qCancel auto insurance when transferred or sold qCancel all other insurance once transferred or sold 14) Fees qRequest solicitor’s fees qDetermine executor’s compensation - must be reasonable to be deductible for estate qEstablish a reserve for any additional fees, expenses qWrite beneficiaries 15) Prepare accounts qPrepare final statements of accounts for passing or approval by beneficiaries qAsk estate lawyer to prepare releases or final approval form 16) Deeds qObtain transfer of cemetery deed 17) Approval by beneficiaries qIf accounts approved - confirm approval or releases have been sent back 18) If approval not provided by beneficiaries qIf accounts not approved must be audited by Court qAsk estate solicitor to prepare application and all necessary notices and to arrange an appointment Final Matters:

qDistribute any remaining funds or deliver assets qPay executor’s fees/legal fees/accounting fees/misc. fees qMaintain hold back/reserve pending receipt of necessary clearance certificates (do not issue final cheques until certificate received) qWrite to the beneficiaries with a final report on all aspect of administration qArrange for closing estate bank account after confirming all cheques have cleared