Most executors, when asked if they would ever take that task on again, answer with a resounding “no.”
Although honoured when first appointed executor, many quickly realize they lack the knowledge to properly administer an estate.
Most Canadians are either named as executor in a will or have a will of their own in which they have named an executor.
As executor, certain duties must be performed, within a certain timeframe and in a specific order. Vehicle ownership must be transferred, terminal tax returns filed, taxes paid (including the possibility of capital gains tax), property transferred, accounts closed and accurate records kept. The average estate in Canada takes 18 months to settle. Even a little planning by the testator (writer of the will) now can make a big difference to the executor later.
“Executors need to complete a complicated task they may have never done—or did once, 20 years ago. They are required to find and gather specific documentation, know who to contact and where the government offices are, pay for numerous fees…for many, it is daunting,” says Dennis Richardson, seminar presenter and Canada Purple Shield representative.
“That’s why we are pleased to be able to provide this important information; information that can save families unnecessary headaches and estate settlement cost. I think what Toneff Funeral Services is doing to educate and empower the public is very commendable.”
Eric Toneff, owner of Toneff Funeral Services, is enthusiastic about the seminar’s content.
“It is important for the average person to walk away from the seminar with some real understanding and tangible steps they can take to make their executor’s job easier.
“That’s exactly what these seminars provide, and they are presented in simple English so even the most ‘rookie’ testator or executor will benefit.”
Everyone is invited to attend.
Topics include an understanding of the executor’s responsibilities along with a realistic expectation of costs and timelines, time-saving and money-saving tips, concerns of joint ownership, definition of probate, capital gains tax overview, funeral pre-planning information as well as cremation options.
The Living Well – Leaving Well Seminar will be presented on Wednesday, Feb. 3 at 1:30 p.m., at the Comox Legion, Main Hall; entrance on Comox Ave.
Reserve a seat by contacting Toneff Funeral Services at 250-338-4463.