Role of the Executor Shepherd's Care Foundation

Presented by Robert K. James, CFP | Senior Financial Advisor ATB Investor Services

October 30, 2014

Your Will – choosing an Executor

Who should be named? 

Are they able and willing to act?

Am I willing to share all of my financial information and wishes

with this person/people?

What happens once Executor is named?

Executor Responsibilities Upon Death

‘Fiduciary Responsibility’ to carry out the instructions found within the last Will and any

amendments (Codicils)1. Contact all financial institutions to

advise of the death, book appointments to meet

2. Advise CRA, CPP 3. Find the Original Will 4. Obtain multiple ‘certified true’ or

Notarized copies of the Will5. Obtain multiple Original death

certificates from the funeral home

Bank Meeting All Executors attend wherever

possible

1. Bring copies of the Will, death certificate, and your identification

2. Update mailing addresses if necessary3. Deceased’s name will be taken off of any ‘joint’ accounts4. Estate bank account will be opened for pending bills, future

distributions5. Pay off debts6. Paying bills

Probate vs. ‘Bond of Indemnity’

Tax Planning for the Estate

• Final tax return as of date-of-of-death, completed at normal tax-time, in the year following death

• Deemed disposition of all assets at market value unless there is a spouse or adult dependent child, registered Charity as named beneficiary

• Estate Tax return – prepared after death and until estate is settled

Need Help?• Accredited Estate Lawyer• Tax Specialist• Accredited Financial Planner (CFP or equivalent)• Experienced Personal Banker

Robert K. James, CFP |  Senior Financial AdvisorATB Securities Inc. 4234 Calgary Trail NW, Edmonton, Alberta  T6J 6Y8Mobile  780-717-2255  | Fax  780-944-6383 Blog: http://is.atb.com/rjames/