In many cases, an executor will be a close family member for whom this is a new role and one with which they are not familiar. There are about seventeen professions that provide information and advice when administering an estate. The Certified Executor Advisor combines knowledge from these in one package. While they are usually experts in their own field, they may be trained in the other areas to offer you comprehensive knowledge or referrals to someone else to avoid potential problems. From past experiences and tales they have heard, they know that when estates are not properly administered, family disputes tear families apart, mistakes may be made, beneficiaries do not receive their intended gifts, or the estate may be unadministered for years. In some cases, executors become responsible to repay amounts that they have distributed, if incorrectly done or if Canada Revenue Agency is still owed outstanding taxes.
This article is for informational purposes only and is not legal advice. Contact us today to discuss your specific situation.