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by Dorothy PowellQ: You mentioned that a well thought out plan prior to one's death could simplify the Executor's duties. What does that involve?
A: The cornerstone upon which one's estate plan rests is the Will. This must be properly prepared, regularly updated and easily obtained by the executor at the time of death. Funeral arrangements can be made in advance or preferences discussed with both family and executor. In the case of minor children, suitable guardians can be appointed. The plan should outline what you want to achieve as well as state how you want the estate to be distributed. All assets and liabilities should be listed including notes on joint ownerships and unusual circumstances. Having designated beneficiaries on certain assets such
as RRSPs allows those assets to be passed on directly rather than through the estate. Preservation of the estate should be considered with regard to taxation and probate fees.
To ensure that the estate has sufficient liquid assets to pay taxes and other liabilities, Life Insurance policies are often purchased. Charitable giving is one way in which you can leave a legacy and pay less in taxes. In some cases prior division of assets is advisable. Obtaining professional advice from an accountant or lawyer may prove to be well worth while.
Keeping one's affairs current and important papers filed can ease the executor's job as well as ensure that your estate is being handled according to your wishes.
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