I’ve Been Named an Executor—Now What?

Being named the executor (or estate trustee) of someone’s estate is both an honour and a significant responsibility. If you’ve just received this news, you may be wondering, What now? The process of settling an estate can be complex, but understanding your options and next steps can help make the experience more manageable.

Step 1: Understand Your Role (And Your Options!)

As an executor, you are legally responsible for managing and distributing the deceased’s estate according to their will (or, if there is no will, following Ontario’s intestacy laws). This includes:

• Locating and securing assets

• Paying debts and taxes

• Distributing inheritances to beneficiaries

• Filing final tax returns

• Keeping detailed records

  
  

But here’s something many new executors don’t realize: you don’t have to accept the role. If you feel overwhelmed, unqualified, or simply do not wish to take on this responsibility, you can choose to renounce your role before taking any action. However, if you have already started handling estate matters, you may need court approval to step down.

If you’re unsure, it’s wise to consult a lawyer or estate professional before making your decision.

Step 2: Determine If You Need Probate

Probate is the court process that confirms the executor’s legal authority to manage the estate. In Ontario, not all estates require probate, but it is necessary in cases where:

• The deceased owned real estate that was not jointly held.

• Banks or financial institutions require a probate certificate to release funds.

• There is a dispute over the will’s validity.

  
  

Applying for probate involves legal paperwork, court fees, and potential delays, so it’s essential to understand if it applies to your situation.

Step 3: Get Organized and Secure the Estate

Once you’ve decided to proceed, your first priority is securing the estate’s assets. This includes:

• Locating the will (if applicable) and confirming its validity.

• Contacting banks, insurance providers, and government agencies to notify them of the death.

• Securing valuable assets, including real estate, vehicles, and financial accounts.

• Making arrangements for dependents or pets, if applicable.

  
  

Having a detailed checklist can help you stay on top of these responsibilities.

Step 4: Manage Debts, Taxes, and Expenses

Before beneficiaries receive their inheritance, the estate’s debts and taxes must be paid. This may involve:

• Identifying and notifying creditors.

• Settling outstanding loans, mortgages, or credit card balances.

• Filing final income tax returns with the Canada Revenue Agency (CRA).

• Paying probate fees (if required).

  
  

It’s important to keep detailed financial records, as executors are accountable to both the beneficiaries and the court.

Step 5: Distribute the Estate to Beneficiaries

Once all debts are settled, you can distribute the remaining assets according to the will’s instructions. This may involve transferring property titles, closing accounts, or selling assets.

Be prepared for potential challenges, such as disputes among beneficiaries or legal claims against the estate. Open and clear communication can help prevent misunderstandings.

New Dawn Financial: Estate Administration Support for Executors

Serving as an estate trustee can be a time-consuming and overwhelming role—but you don’t have to do it alone. New Dawn Financial are professional estate specialists who assist executors with estate administration, record-keeping, tax compliance, and asset distribution to ensure everything is handled smoothly.

However, as an executor, you will still need legal services for probate applications, legal advice, and real estate transactions. We work alongside lawyers, and real estate professionals to provide you with a seamless, stress-free administration process.

Handling an estate comes with many responsibilities, and getting professional guidance can make all the difference. We specialize in assisting estate trustees with estate administration, ensuring compliance, accuracy, and peace of mind.

Book a free consultation today to get personalized guidance on your next steps and ensure you’re making informed decisions.