When a person in Alberta does estate planning, he or she usually nominates a trustworthy person as the executor of the will. This is also known as an estate representative whose task it will be to administer the estate of the deceased person. It could be a daunting task, and it might be sensible to consider the implications carefully before accepting to play that role.
The responsibilities of an estate representative include making arrangements for a funeral and burial, locating the final will of the deceased person, and locating and communicating with all the beneficiaries mentioned in the will. Estate fees will have to be paid, and appraisals to determine the value of the estate will have to be arranged. It will also be the task of the executor to apply for probation to validate the will by the court and deal with final income tax returns. All debts will have to be paid, and the settlement of the estate according to the will must be carried out.
Along with taking up a lot of time, there will be financial implications for the estate representative because he or she might not be paid for the efforts. The representative might even end up covering the costs of real estate appraisals, taxes, probate fees and other expenses to be recovered later. Accurate records will have to be kept of all the charges paid on behalf of the estate.
Before taking on the responsibility of an estate representative, it would be sensible to understand all the duties and also the financial implications. The advice of an experienced Alberta estate planning lawyer can be invaluable. A legal adviser can explain the potential costs and answer questions about being an estate representative.
