Executor of Estate, Duties, Canadian Executor | Final Needs Planning
Marc Nashaat, Enterprise SEO & Digital PR Consultant, reached out with Canadian Estate information from Deepa Tailor, Managing Partner at Tailor Law. Deepa’s firm is based out of Canada and specializes in Estate and Family Law.
Marc included some notes below on this exact topic that Deepa was previously quoted on:
“Legal fees can vary depending on what capacity the lawyer is assisting you with.”
· “To access someone’s estate after they pass, when there is either no will, or you were not properly designated, you will need a certificate of appointment of estate trustee. For assistance to obtain a certificate of appointment of estate trustee, some lawyers do it on a flat rate, others do it billable hourly.”
· “Legal fees can also add up quickly, depending on how complicated the estate is, as a lawyer would need to fill out many different forms and submit them to court. The more forms and filing a lawyer does for you, the higher your fees will get if you are on a billable hourly retainer.”
· “If you also want the lawyer to act as estate trustee, there is a cost to this that comes out of the value of the estate. The benefits of having a lawyer as the estate trustee is that you have a trustworthy person familiar with the process in charge of paying debts and filing taxes properly on your behalf. The amount the estate trustee charges is based on court tariff guidelines and is 2.5% per transaction, unless a will states otherwise. In some cases, there might be a care and management fee as well.”
· “If the estate is being challenged, if multiple people are disagreeing on the division of an estate, this can complicate the case greatly and increase costs quickly. With litigation processes, there is no set amount of time or money, it is dependent on how long the disagreement goes on for without settlement.”
· “ It is important to remember that you will be required to pay the estate tax before you obtain any money from the estate, whether you have a lawyer or not. Some people cannot front that amount, it could be thousands. Some insurance policies can help front these costs, so check your policy before you move forward with pursuing an estate.”
The Elephas Group is a family-owned business that has been providing Funeral Planning advice and helping families deal with their times of loss for years. We are the premier provider of personalized funeral plans in Canada, proudly offering a Final Needs Planning Program, a Travel Protection Plan, Final Documents Service, Monument Services and a Supplemental Health Benefit Pharmacard.
Contact The Elephas Group for a free consultation from a Final Needs Planning expert today. We’ll work with you and your family to build an insurance plan best for your needs. For more questions about Final Needs Planning Program™ visit our website or contact one of our consultants at 1-800-661-8908.
Jarrett Goldman, CPC