Posted by Graeme Maitland — filed in Wills and Estates Law
When writing a will, one of the most important steps is deciding who will administer your estate. The person you name is called an Executor and they are empowered to do a lot of things on your behalf. To better understand their duties before you choose, or if you are an Executor and don’t know where to start, here are the basics.
The most important role of the Executor is that of the Trustee of the estate. This is not just a title, it has important legal obligations attached to it. As trustee, an Executor must exercise the powers they are given with diligence and are personally liable if negligent.
Trustees have a fiduciary duty to the estate, meaning that they must administer the estate for the benefit of the beneficiaries. It is a relationship of trust and confidence and is granted the highest standard of care in law because of this.
There is one major difference between a traditional trustee and an Executor. A trustee can appoint other trustees and can leave the trust. An Executor cannot appoint co-Executors and is an Executor for life.
Aside from the overarching fiduciary duty, an Executor has specific duties they must accomplish. These include:
This is not a complete list, but these are the common things an Executor must do in the course of administering an estate.
If you require a will or have been named as an Executor and have questions as to your duties, speak to one of the lawyers at Aarbo Fuldauer LLP in Calgary.
Address: 3rd Floor, 1131 Kensington Road NW, Calgary, AB, T2N 3P4
Phone: (403) 571-5120