Executor Services – Frequently Asked Questions
1. What is an Executor?
An Executor is the person named in a Will to manage and administer a person's Estate after their death, OR, if there is no Will, a person who has priority under Alberta law to administer the Estate. In Alberta, the legal term commonly used for this role is Personal Representative.
The Executor is responsible for applying for a Grant of Probate (where there is a Will) or a Grant of Administration (where there is no will). They will also be responsible for identifying, valuing and securing estate assets, paying debts and expenses, addressing tax obligations, distributing assets to beneficiaries, and completing the administration of the Estate.
2. What are Professional Executor services?
We are typically contacted by a person named in a Will or by statute as Personal Representative, who would prefer that the Estate be dealt with by a professional. We essentially replace that person with our professional lawyer, who takes over all of the responsibilities in completing the Estate.
3. Why should I use a Professional Executor?
Acting as an Executor can be time-consuming, complicated, and emotionally difficult, particularly while grieving the loss of a loved one.
Our Professional Executor provides experience, professionalism, and impartial administration. This may be especially valuable where the estate involves multiple properties, investments, business interests, complex tax matters, or potential disagreements among beneficiaries.
Appointing a professional can also spare family members from having to take on substantial administrative responsibilities during an already difficult time.
4. How long does it take the Professional Executor to administer an estate?
The time required depends on the size and complexity of the Estate.
A relatively straightforward Estate may be administered within several months, while an Estate involving real estate sales, complicated investments, tax issues, litigation, or disputes among beneficiaries may take a year or longer.
Court processing times, tax clearance matters, creditor claims, and the time needed to sell assets can also affect the timeline. We aim to administer estates as efficiently as the circumstances reasonably permit.
5. How much do professional executor services cost?
The cost depends on the responsibilities involved and the complexity of the estate.
Factors may include the value and type of assets, the amount of work required, whether probate is necessary, whether real estate must be sold, the complexity of tax matters, and whether disputes arise.
Before proceeding, we can discuss the anticipated responsibilities and applicable fees so that you can make an informed decision. Estate expenses and professional fees are generally paid from estate funds, subject to the applicable law and the terms of the engagement.
Contact Total Estate to discuss fees for your circumstances.
6. How are beneficiaries protected?
A Professional Executor has legal duties when administering an estate. These include acting in accordance with the Will and applicable law, properly managing estate property, addressing estate liabilities, keeping appropriate records, and distributing the estate to those entitled to receive it.
Our Professional Executor maintains appropriate financial records and document estate transactions. Beneficiaries may also have rights to information and accounting under applicable law.
Our objective is to ensure that estate assets are handled responsibly and that the administration is conducted with care, transparency, and accountability.
7. What is the difference between an executor and a trustee?
An Executor, or Personal Representative, administers a deceased person's Estate. This generally involves collecting assets, paying liabilities, and distributing the Estate in accordance with the Will and applicable law.
A trustee manages assets held in a trust. A Will may establish a trust for a spouse, children, or other beneficiaries, in which case a trustee may need to manage and distribute those assets over a longer period.