After the death of your spouse, a loved one or friend, you may find that you have been named as the Executor or Executrix. An Executor could also be a trusted friend or an advisor or even a trust company If the deceased did not have a Will or the Will did not name an Executor then the Surrogate or Probate Court will have to be approached and the court will appoint an appropriate person as the representative. This person is called the Administrator and fulfills the same role as the Executor.
Executors carry out the terms of the Will, pay any estate debts, and perhaps make funeral arrangements. Disposition of an estate is a provincial/territorial concern and each jurisdiction has basic rules outlining what the Executor must do. (Please see our links page for provincial government websites). Many properly drafted Wills will also lay out specific responsibilities or powers given to the Executor which actually makes the process simpler. Check the deceased’s Will to see the powers given to the Executor.
Executors are responsible for paying probate fees on the estate. These fees are essentially provincial/territorial death taxes applied to the value of the deceased’s assets. They are calculated based on a percentage; therefore the larger the estate, the higher the probate fees. Probate fees are theoretically intended to pay the costs the government incurs to settle a deceased’s affairs. These are a provincial concern and vary quite widely across the country.
Depending on the nature of the estate, you may want to call in outside professionals to assist in winding up the estate. These could include lawyers and accountants. If an estate is complicated this is certainly advisable.
Although many family members who are named Executors choose not to be paid, provincial law does allow for reasonable compensation for the Executor. If the Executor is paid, there are guidelines established but the court would have the final say on whether the compensation is appropriate. Any reasonable ongoing expenses incurred to wind up the estate would also be paid.