Canadian Executor Guide by ERAssure
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An Executor is the person(s) legally and financially responsible for carrying out a will. This includes many duties like settling debts with creditors, paying beneficiaries, making funeral arrangements, and finding care for pets. These tasks can take on average two years to complete, and during that time you take on the financial and legal risk of the estate. That's why Canadians are securing Exec
10/21/2022
"Who decides my Executor compensation?"
Well, that depends on where you live in Canada, how complicated the estate is, and what your beneficiaries have to say about it...
👉 https://erassure.com/executor-fees-ontario/
Executor Fees in Ontario, Alberta, B.C. & other provinces in Canada How much are executor fees in Ontario & other provinces? Find out how much compensation you're entitled to receive as Executor of the estate.
You're probably the executor of your parents' estate.
Most Canadians are.
In fact, over 1 million Canadians are acting as Executors right now.
But if you ask them, most won't know the most important thing about their responsibility...
..Executors are financially and legally responsible for the estate for up to 10 years.
That means if the estate is sued, you are the one going to court - and paying the legal fees.
Securing Executor Liability Insurance is the best protection against estate battles that happen every day.
Unhappy beneficiaries, unknown creditors, and other details can come out of the woodwork and put you at risk.
Protect yourself, your family, and your finances.
Apply for Executor protection before estate problems happen.
Visit ERAssure.com to download your application:
https://erassure.com/products/executor-liability-insurance/
In a society obsessed with youth, wear your age like a badge of honour.
You've shown the world you're tough, you're wise, and you still have great value to our community.
Not everyone is privileged enough to make it to their senior years. Cherish them and the guidance you give our world.
09/29/2022
This is an excellent, detailed answer to the question of whether or not you should gift your aging parent's assets early to avoid taxation while acting as Power of Attorney.
"I am hoping that someone can give me advice on my mother’s accounts. She is 87 years old and unfortunately has dementia and is in a care facility.
I am both her power of attorney and her executor. She is currently sitting on approximately $250,000 in accounts and GICs.
My question is should a small portion be gifted to each of her children prior to her passing as a “gift” and, if so, is that gift taxable? Is there an amount that falls into that range?
https://www.moneysense.ca/columns/ask-a-planner/gifting-a-parents-assets-using-a-power-of-attorney/
Gifting a parent’s assets using a power of attorney - MoneySense As power of attorney, does it make sense to divide up a parent’s assets before their death?
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