Information Executors of Wills & Estates in Alberta Need To Know
An executor of a will and/or estate have legal obligations and fiduciary duties that are required to be executed upon the passing of an individual. In most circumstances – the deceased will have notified the executor at some point prior to death to inform them that they were appointed as an executor. If you have been bestowed with the duty of being an executor – it is important to note that you are now required to satisfy the legal and financial obligations that were left upon you unless you object in which case there are legal avenues for you to consider. Please note this article is only intended to act as a general overview on these topics and does not constitute legal advice. For independent legal advice – please contact our law firm and speak with an Alberta based wills and estates lawyer from Verhaeghe Law Office.
What are the roles of an executor of a will?
If for some reason you choose not to be the executor of the will – there are legal options for you. You can inform the court when the application for probate is submitted that you do not want to be the personal representative/executor. At this point, the family will then need to agree on who will take on the role of the executor. If there is conflict within the family – a lawyer may advise that a corporation take on the role of executor. An executor is responsible for settling the estate and in some situations will be responsible for filing a Grant of Probate. If the deceased individual has a complex estate or large asset values – a grant of probate will be required. The executor is also responsible for settling the estates as per the deceased individual’s last wishes and has to do so within the legally prescribed time frame. The executor is also responsible for keeping the residual beneficiaries informed throughout the process and inform them what gets distributed to them. Once the estate is close to settling, the executor is also responsible to prepare an account of all financial transactions for beneficiaries with respect to the estate and this is something a lawyer can assist with as well.
How long does an executor have to settle an estate in Alberta?
When there are no backlogs or delays at the courthouse – a grant of probate is generally issued within 4-6 weeks after it is received for processing. We recommend when filing a Probate Application that you contact a wills and estates lawyer for assistance as this is not an easy process. For more information on this process read our earlier blog post on Probate Applications and how they work in Alberta.
Can an executor be a beneficiary in Alberta?
Across Alberta – we have seen numerous instances where an executor is also a beneficiary in a will. It is very common and there is no law in Alberta that prevents beneficiaries from being executors. We’ve seen a lot of cases where executors are also the sole beneficiaries in a will – for example if a spouse or single child is appointed. While this might seem straight forward there are still many legalities to consider and we recommend you contact a wills and estates lawyer for legal assistance.
Contact our Edmonton Wills & Estates Lawyers Today
If you are an executor of a will and are in need of legal assistance regarding a wills and estates matter – contact our law firm today to book a consultation. You can book a consultation with our legal team by filling out an online consultation request form, via live chat or by calling us to schedule a consultation. Our Edmonton wills and estates lawyer are on stand-by and waiting to help you with all your wills and estates legal matters. Call us now by dialing 587-410-2500.
Disclaimer: Please note this article is only intended to act as a general overview on a legal topic and does not constitute legal advice. We recommend you contact our lawyers for custom legal advice as is pertains to your unique and individual situation. Contact our law firm for legal assistance and once a lawyer-client agreement has been established we can provide you with legal advice.