Frequently Asked Questions
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. This individual has the knowledge and coaching experience to guide new Executors through the complexities of estate administration.
A Will is a legal document that states who you want to receive your assets when you pass away.
The testator is a person who has made a will.
An estate is the total property (both real and personal) that is owned by the decedent (testator) immediately prior to death.
A beneficiary is a person or organization that is entitled to receive some advantage under a will, sometimes a gift of money or property or use of property.
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 estate to the beneficiaries.
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 3% - 5% of the value of the estate assets as compensation for their work in administering the estate, depending on the complexity of the estate or any pre-arranged agreement.
No, the Executor is not personally responsible however must follow specific guidelines regarding the payment of creditors and taxes.
According to widely available research, it takes 12 – 18 months to settle most estates.
Probate is the process whereby a court establishes the validity of a will. Courts may levy a fee for probate which many people call “probate fee” or “probate tax”, and which is based upon the value of the estate. In Ontario, the expression used for “probate fee” is Estate Administration Tax.
If you have already started the process of administering an estate, it’s important to review the steps you’ve already taken and understand what lies ahead. The Executor Essentials workbook can help you assess your progress and plan your next steps in an organized and informed manner. Any questions can be addressed through Coaching sessions at a time that is convenient for you and your schedule.
If you have already started the process of administering an estate, it’s important to review the steps you’ve already taken and understand what lies ahead. The Executor Essentials workbook can help you assess your progress and plan your next steps in an organized and informed manner. Any questions can be addressed through Coaching sessions at a time that is convenient to you and your schedule.
While it is an honor to be asked… With the Executor Essentials workbook,you can learn what’s expected in the role and then decide whether you want to accept the appointment.
Executors are empowered with authority, burdened with responsibility, and exposed to liability in the normal course of estate administration. The ideal Executor is someone who is confident with financial matters and has the time available for estate administrative activities. No matter who you choose, we can provide guidance or assistance to your Executor through our Coaching and Concierge Services.
Book a FREE initial consultation so that we can determine the type of assistance you need. We would be happy to speak with you.