Very useful list of items needed when handling an estate. Printable version that can be included with a will or given to an executor to make the process smoother.
John Woodfield, B.Comm, CFP, FMA, FCSI│Raymond James Ltd.
Financial Advisor, 1.877.979.2700, 250.979.2744, 604.654.1502
Make funeral arrangements.
Locate the original will.
Meet with the lawyer that will represent the estate.
Locate the bank accounts of the deceased and the balance on deposit in each account.
Notify the banks of the death.
Locate the insurance policies, annuities and investments and determine amounts payable.
Notify any pensions.
Locate the key to the safety deposit box and prepare an inventory of its contents.
Review all personal papers of the deceased.
Review all real estate documents (deeds, mortgages and leases).
Prepare a detailed estate inventory of all of the deceased’s assets and debts.
Open an estate account for depositing funds received.
Advise insurers of any physical assets of the deceased.
Arrange storage for any item that needs to be stored (insurance may be needed)
Notify the beneficiaries named in the will of the death and advise them of their entitlement.
Cancel any subscriptions or charge accounts (destroy all charge cards).
Contact service clubs for death benefits that may be payable to the estate.
Obtain benefits and wages owed from the deceased’s former employer.
Apply to your Provincial Court (General Division) for Letters Probate (if there is a will) or for Letters of Administration (if there is no will) and pay all probate fees to the Court.
Advertise a Notice to Creditors and Others, if necessary.
Arrange for the filing of the final income tax return and any years that may not have been filed.
Apply for Canada Pension Plan benefits.
Apply for civil service, union and veteran’s benefits, if applicable.
Pay funeral expensed, income taxes payable, charge cards, personal loans and any other debts .
Pay all money bequests and distribute property to the rightful beneficiaries pursuant to the terms of the will and obtain releases from all beneficiaries.
Transfer or cancel any insurance policies on property (car, house or other).
Obtain reimbursement for all reasonable expenses incurred in the administration of the estate.
Pay legal fees and all other outstanding fees relating to estate administration.
Pass accounts before a judge of your provincial Court.
For further information or a copy of our will guide or will planning kit please call:
John Woodfield, B.Comm, CFP, FMA, FCSI│Raymond James Ltd.
Financial Advisor, 1.877.979.2700, 250.979.2744, 604.654.1502
Securities offered through Raymond James Ltd., Member-Canadian Investor Protection Fund .Insurance products/services offered through Raymond James Financial Planning Ltd., not a Member-Canadian Investor Protection Fund.