Most frequent questions and answers
Executor Coach is a brand name and title given to an individual who has practical experience as an Executor and has earned the Certified Executor Advisor (CEA) designation.
CEA’s have practical knowledge of everything the executor needs to know and are uniquely qualified to steer executors away from potential problems.
An Executor is responsible for arranging the funeral, reviewing the will, identifying the beneficiaries, settling the debts of the estate, paying taxes, and distributing the residue of the estate to the beneficiaries.
An Executor is a person(s) named in a Will who is in charge of administering the estate.
The Executor has a fiduciary duty, or a higher standard of care because they have to manage and distribute money belonging to other parties.
An Executor can receive 2.5% – 5% of the value of the estate assets as compensation for their work, subject to terms in the Will, a court order, or an agreement with beneficiaries.
A Will is a legal document that states who you want to receive your assets when you pass away.
No, the Executor is not personally responsible however must follow specific guidelines regarding the priority of payments to creditors and taxes.
If you have already started the process of administering an estate, it is important to review the steps you have taken, check for anything you have missed and understand what lies ahead.
The Executor Toolkit includes resources that can help you self-assess your progress and plan your next steps in an organized and informed manner.
Executor Coaching sessions can provide valuable insight and guidance regarding estate administrative issues.
A beneficiary is a person or organization that is entitled to receive some advantage under a will, such as a gift of money, property or use of property.
Being an Executor comes with many responsibilities, therefore it is important to be prepared before the testator passes away.
The Executor Toolkit includes resources to help you and the Testator understand the responsibilities and potential liabilities of this role.
Probate is the process whereby a court establishes the validity of a will.
Probate is typically required by financial institutions and provincial land registry systems in order for the executor to take control of financial assets or change title to property.
Executors are empowered with authority, burdened with responsibility, and exposed to liability in the normal course of estate administration.
With the Executor Toolkit, you can understand what it takes to settle an estate and then select individual(s) you feel are most capable of taking on the role.
A Coaching Session with you and your Executor can be invaluable to their success, once you have passed away.