Executors and estate administrators have a lot of responsibilities. They need to follow the deceased's wishes if they are known, close out accounts, pay bills, and deal with distributing the estate to beneficiaries who, during difficult times, may not always be co-operative.
Rarely discussed but highly important, personal liability is the biggest risk faced by an executor or administrator dealing with an estate; it can result in long, drawn-out court battles or bills that can potentially trump the estate's value and cost the executor personally.
Understanding the most common pitfalls means less frustration for executors or administrators and beneficiaries, who all likely want the estate to wrap up with the least amount of hassle and heartache.
Popular author and will planner Lynne Butler offers guidance on what to avoid in How Executors Avoid Personal Liability, the latest in her series of estate-planning books.
I'm a lawyer with more than 30 years of experience in estate planning and probate. I write about the law in a down-to-earth way that individuals, families, and businesses can really understand and use to plan their financial and personal futures, or to deal with estate administration.
I'm a frequent public speaker for businesses, non-profit groups, conventions, and the public. I've been interviewed on BNN, Global TV, CityTV, CPAC, CBC Radio, Maclean's Magazine, the Wall Street Journal, the Globe and Mail, the Toronto Star, the Vancouver Province, and the Edmonton Journal.
I'm the former host of The Law Show on VOCM Radio.
I'm the chair of the Wills and Estates Section of the Newfoundland and Labrador Bar Admission Course.
I'm also the editor of Mensa Canada's national magazine.
Practical advice for Canadians who have been named executor for the first time. Straightforward and easy to read with a useful downloadable package to help you get organized. Thanks so much for this book!