Chairing a Meeting

Introduction xiii<br/>1 General Laws and Rules for Executors 1<br/>1. Where Does It Say That? 1<br/>2. An Executor Is a Type of Trustee 2<br/>3. An Executor Is a Fiduciary 3<br/>4. Common Law 5<br/>5. Summary of the Executor's Responsibilities 5<br/>6. Specific Language in a Will 6<br/>7. The Executor's Powers Provided by the Will 7<br/>2 An Executor Must Follow the Will 9<br/>1. Making the Will “More Faira 9<br/>2. Giving Personal Items to Those Not Entitled to Them 10<br/>Contents<br/>iv How Executors Avoid Personal Liability<br/>3. Not Following Trust Instructions 11<br/>4. Ignoring Parts of the Will 12<br/>5. Acting while the Testator Is Still Alive 13<br/>3 An Executor Must Obtain Valuations 15<br/>1. Selling Major Assets below Market Value 16<br/>2. Selling Household Items 17<br/>3. Acceptable Methods of Sale 18<br/>4. Calling on Experts 19<br/>5. Selling to Beneficiaries and to the Executor 19<br/>4 The Executor Must Communicate with Beneficiaries 21<br/>1. Showing the Deceased's Will to Family Members 22<br/>2. Proactive Communication 24<br/>5 The Executor Must Not Mismanage Estate Assets 27<br/>1. Mingling Estate and Personal Funds 27<br/>2. The Executor's Estate Bank Account 28<br/>3. Investing Excess Cash (or Not) 29<br/>3.1 Investing foolishly 30<br/>4. Not Protecting Assets 31<br/>5. Paying the Wrong Creditors 32<br/>6 The Executor Should Get Professional Help<br/>with the Estate 35<br/>1. Be Reasonable 36<br/>2. Asking the Court for Help 37<br/>3. Wording in the Will 37<br/>4. Matters in Dispute 39<br/>7 The Executor Must Keep Proper Records 41<br/>1. Original Paperwork 42<br/>2. Pay Bills and Taxes before Paying Beneficiaries<br/>and Yourself 43<br/>3. Setting up a Ledger 44<br/>Contents v<br/>8 The Executor Must Know the Law 47<br/>1. Loans, Gifts, and Advances Made by the Parents 47<br/>2. The Limitation Period for Dependent Relief Claims 51<br/>3. Intergenerational Joint Assets 52<br/>9 The Executor Must Remain Neutral<br/>between Beneficiaries 55<br/>1. The Even-Hand Rule 56<br/>2. Favouritism, or the Appearance of It 56<br/>10 The Executor Must Finish the Estate in<br/>Reasonable Time 59<br/>1. The Executor's Year 60<br/>2. The Court's Position 61<br/>3. Interim Distribution 62<br/>11 The Executor Must Handle Lawsuits Properly 67<br/>1. Not Prosecuting a Third Party in Time 68<br/>1.1 Unreasonable prosecution on behalf of the estate 70<br/>2. Improper Settlements 70<br/>12 The Executor Must Provide a Proper Accounting 73<br/>1. Statement of Receipts and Disbursements 75<br/>2. Statement of Proposed Executor's Compensation 76<br/>3. Statement of Proposed Distribution 77<br/>4. How to Calculate Your Compensation 78<br/>5. Which Expenses You May Claim 82<br/>6. How and When to Pay Yourself 83<br/>13 What Factors Are Considered by the Courts<br/>When Reviewing Cases 85<br/>1. Size and Impact of the Error 86<br/>2. Personal Benefit by the Executor 86<br/>3. Good Faith 86<br/>4. Overall Conduct 87<br/>5. The Beneficiaries' Petition 88<br/>6. Beneficiary Acquiescence 88<br/>vi How Executors Avoid Personal Liability<br/>14 Possible Consequences for an Executor<br/>Who Makes a Mistake on an Estate 91<br/>1. Court-Imposed Deadlines 92<br/>2. Requirement to Account to Beneficiaries 93<br/>3. Requirement to Pass Accounts 94<br/>4. Reduction of the Executor's Compensation 94<br/>5. Removal of the Executor 95<br/>6. Requirement to Repay the Estate Personally 96<br/>6.1 Order of costs/legal fees 96<br/>7. Contempt of Court 96<br/>8. Criminal Charges 97<br/>15 Issues Specific to Estate Administrators 99<br/>1. Funeral, Burial, or Cremation Arrangements 100<br/>2. Preparing an Inventory 100<br/>3. Applying for the CPP Death Benefit 102<br/>4. Advertising for Creditors 102<br/>5. Listing the House for Sale 102<br/>6. Intestacy 103<br/>16 Co-executor Liability 105<br/>1. Renunciation 106<br/>2. Legal Protection 107<br/>17 More Ways to Protect Yourself 109<br/>1. Direct the Deceased's Mail to Your Address 109<br/>2. Advertise for Creditors and Claimants 110<br/>3. Executor's Insurance 111<br/>4. Hire a Trust Company As Agent 113<br/>5. Get a Tax Clearance Certificate 114<br/>The Download Kit 117<br/>Samples<br/>1. Executor's Ledger (Blank) 45<br/>2. Executor's Ledger (Filled-In) 46<br/>3. Statement of Proposed Distribution 64<br/>Contents vii<br/>4. Statement of Receipts and Disbursements 76<br/>5. Statement of Proposed Executor's Compensation 78<br/>6. Statement of Proposed Distribution 79<br/>7. Asking for a Tax Clearance Certificate (Form TX19) 116