If you've been named estate executor, you probably feel honored to be trusted to this degree. In a recent Ipsos Reid survey, almost 90% of Canadians who were asked to be an executor agreed to the request, with many stating that it was an honor.

But being a good executor requires a lot more than just trustworthiness and good intentions. An executor faces many duties and responsibilities, which call for time, effort and expertise.

The same Ipsos Reid survey found that fewer than 10% of respondents were aware of the long list of duties associated with being an executor. In fact, there are as many as 70 distinct tasks that an executor may be responsible for when settling an estate, including the following:

• Locating and meeting the beneficiaries to give them an overview of the estate settlement and administration process, from probate to distribution.
• Arranging the funeral, memorial, cremation or burial, as required.
• Locating all the deceased's assets, making a detailed inventory, and reviewing and adjusting any insurance coverage.
• Managing the deceased's financial assets and making investment or asset sale decisions.
• Arranging for the residence to be emptied and cleaned, locks to be changed and the property sold, if necessary.
• Filing claims for life insurance and pension benefits, and preparing and filing up to five income tax returns for the deceased.
• Maintaining all necessary tax and financial records.
• Paying out legacies and other bequests and distributing the remainder of the estate.
• Setting up and managing any trusts established in the Will.

In all cases, the executor must balance the interests of multiple beneficiaries, taking steps to insure and protect estate assets and ensuring any actions taken are reasonable in the circumstances.

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