Estate Planning and Executor Resources

An executor is a trusted person you choose to manage your estate and carry out the instructions in your will after you pass away.

Naming an executor ensures someone responsible will handle your final financial and legal affairs, reducing stress and potential conflicts for your family.

The role of an executor is an important one and includes tasks such as:

• Locating and managing your assets
• Paying outstanding debts and taxes
• Distributing assets to beneficiaries
• Handling legal paperwork
• Managing estate bank accounts

For additional details on the roles of an executor, check out our blog post.

Yes. An executor manages the estate and carries out the will, while beneficiaries receive assets from the estate. They can be different people, and often are.

Probate is a procedure to ask the court to either:

• Give a person the authority to act as the estate trustee of an estate.
• Confirm the authority of a person named as the estate trustee in the deceased’s Will.
• Formally approve that the deceased’s Will is their valid last Will.

Probate fees, also called estate administration tax, are fees that are paid to the Ontario government. The amount of the fee is based on the total value of the property in your estate when you die.

• There are no general legislative requirements for when probate is required.
• It may be possible for the estate to be distributed without probate. Intestacy, and all estates with even the potential of litigation, requires probate.
• The Credit Union generally requires probate before it will transfer assets in excess of $50,000 from the deceased to the estate or a beneficiary.

A Certificate of Appointment (with a Will) or Certificate of Estate Trustee (no Will) must be received and approved before an Estate Account can be opened. Note that if there are two or more executors in the will they are required to act together.

We will respond to any requests from solicitors regarding deceased accounts; the letter is usually accompanied by a signed Letter of Direction from the executor authorizing the credit union to release information to the solicitor. We do not provide any information to a solicitor based on a verbal request from the executor. The request must come from the solicitor in writing.

Utility bills in the member’s name being paid from the deceased’s personal account (not joint) – currently all utilities, property taxes and other requests for payments (credit cards, rent, and mortgage/loan) are authorized on a case by case basis. Funeral expenses, and probate fees are allowed to be paid without prior authorization.