Acting as a personal representative is a significant responsibility that can require a great amount of time and energy. While this checklist provides a summary of the main tasks involved in settling an estate, it’s important to seek professional support to ensure all considerations that apply to your specific situation are addressed.

Use this checklist as a reference of your duties as a personal representative (also known as an executor, administrator, estate trustee or liquidator).

For more information specific to your situation, please speak with your accountant and financial advisor, as well as a legal advisor with experience settling estates to ensure all assets and liabilities are properly handled.

Executor Checklist: Preliminary Actions

• Notify the deceased’s family, friends and employer of the death.
• Locate the will and all documents relating to the estate, including marriage contracts and shareholders agreements.
• Make funeral arrangements and pay funeral expenses.
• Obtain several original copies of the funeral director’s death certificate (at least two).
• Make sure that assets belonging to the deceased, such as identification, credit cards, jewelry, stock certificates and other valuables are stored securely; deposit any cash into an estate account.
• Lock the personal residence and notify the police and insurance company if it is vacant.
• Consider opening an estate bank account as this can help you keep track of money as it is received by the estate.
• Meet with a wills and estates lawyer or notary and any co-executors/co-liquidators to discuss the estate administration process and determine how any immediate financial needs will be met.
• Make a list of named beneficiaries (or immediate family members if there is no will) along with their addresses and birth dates (or approximate ages).
• Make a list of the deceased’s personal belongings, such as household furniture and goods, jewelry, artwork, collectibles and vehicles, including recreational vehicles (obtain details on registration and insurance).
• Arrange for care of pets and storage of assets, if necessary, and notify property insurance companies. If necessary, have assets appraised.
• Arrange with the local post office to readdress mail.
• Arrange alternate means to pay utility bills.
• Contact Service Canada to cancel any Canada/Quebec Pension Plan or Old Age Security payments.
• Cancel driver’s licence, leases and cell phone contracts.
• Determine if the deceased had any social media accounts which should be closed. Contact the social media provider for details on how to close an account.

Executor Checklist: Banking, Investment Accounts, and Retirement Plans

• Locate all bank accounts and determine in whose name the accounts are held under and the balance in each.
• Review bank transactions for recurring charges and cancel if appropriate.
• Speak to the financial institution about the procedure for creating an estate account, if necessary.
• Locate any safety deposit boxes, obtain keys and make a list of the contents. (In Quebec, when the safety deposit box is opened, a notary must draw up minutes.)
• Cancel charge accounts and return or destroy credit cards.
• Gather copies of latest investment statements for any mutual funds, guaranteed investments or other investment accounts the deceased may have had.
• Obtain statements for any RRSPs, RRIFs, TFSAs, or other retirement plans held by the deceased.
• Consult with a tax advisor and the deceased’s wealth management consultant or financial planner regarding what to do in the short term with the investment portfolio.

Executor Checklist: Personal Debts

• Identify all outstanding debts or bills. If the legal advisor recommends it, arrange for advertisements to try to locate creditors of the estate.
• Check for accuracy of all debts and pay them once you are satisfied all creditors have been identified and the estate has enough assets to pay them.
• If the estate is insolvent, speak to the estate’s legal advisor before paying any debts. The personal representative could be liable if some creditors are preferred over others, or estate assets are distributed to beneficiaries before all the creditors have been paid in full.

Executor Checklist: Tax Returns

Consult with a tax accountant to help you:

• Notify Canada Revenue Agency (CRA) of the death of the taxpayer and obtain access to the deceased’s account by submitting an authorization request to CRA.
• File the appropriate return(s) for the deceased and their estate (as required) and pay any taxes due.
• Determine if previous years’ returns need to be filed or re-filed.
• Elect to have the estate considered a “graduated rate estate” for tax purposes.
• Determine if there are capital gains or losses associated with certain assets held by the deceased and the most effective way to handle them before you transfer assets to certain beneficiaries.
• Determine if there are any additional tax-planning opportunities such as filing multiple returns or elections on personal properties.
• Consider transferring income producing assets (such as a savings account) to a non-income producing account (such as a chequing account) to cease income reportable by the deceased’s estate.
• If the deceased made a charitable gift as part of the distribution of the estate, ensure that charitable donation tax receipts are obtained and used in the most tax-effective manner.
• Obtain a tax clearance certificate from the CRA to ensure all outstanding taxes have been paid.

Executor Checklist: Insurance and Other Benefits

Gather the following information to claim life insurance benefits:

• Life insurance policy numbers.
• Names, addresses and birth dates of all beneficiaries named in the life insurance policy(s).

Canada/Quebec Pension Plan Survivor Benefits:

• The deceased’s family may be entitled to a lump sum death benefit, a survivor’s pension, children’s benefits or a disability benefit.
• If the deceased was receiving Canada or Quebec Pension Plan benefits, cheques may be cashed up to and including the month of death. Any cheques issued after such time must be returned.

Executor Checklist: Employee Benefits

Contact the employer as soon as possible regarding:

• Unpaid salary, commissions or bonuses.
• Accrued vacation or sick pay.
• Group life insurance or pension plan benefits owed to the deceased.
• If the deceased was retired, check with the organization providing pension payments about any death benefit owed to beneficiaries.

Employment Insurance

• If the deceased was receiving employment insurance benefits at the time of death, the estate is eligible to receive benefits to the date of death. For assistance, contact Service Canada.

Veterans Affairs Canada

• If the deceased was a veteran, the estate may be eligible for additional benefits. For assistance, contact Veterans Affairs.

Union or Business Associates

• If the deceased was a member of a union, club, business, professional or fraternal association, check to see if the deceased had any group life insurance or other benefits.

Executor Checklist: Real Estate

• Search the titles of any real property owned by the deceased to determine the details of the ownership, and obtain legal descriptions.
• Determine if any money is owed on mortgages or other encumbrances, and whether there is mortgage insurance.
• Check for outstanding taxes and utility charges.
• Check on property insurance and transfer the ownership if necessary. Ensure premium payments continue until property is sold or transferred to heirs.

Executor Checklist: Business Assets

• Make a list of equipment, machinery, accounts receivable, goodwill, etc.
• Arrange for the business to continue, if necessary.
• Have farm and business real estate appraised, if necessary.
• Contact the accountant who maintains the company records and files tax returns to determine if any tax planning may be required to minimize taxes at the time of death.
• If the deceased had shares in a small business corporation, or farming or fishing assets, speak to an accountant to ensure that any use of the lifetime capital gains exemption is maximized.

Executor Checklist: Settling the Estate

• Before distributing any assets or bequests, make sure there is sufficient money to settle all debts, taxes owing and other costs, such as appraisals, professional fees or corporate trustee fees.
• Sell any assets which must be sold or which you choose to sell if you have a power of sale. Review the will first to see if any particular assets have been left to specific beneficiaries.
• In common-law jurisdictions, apply for probate or administration and pay all probate fees or estate administration taxes.
• After paying all debts and any other charges, and obtaining clearance certificate(s) regarding income taxes, distribute the estate according to the deceased’s will and applicable laws.
• If the will provided that certain estate assets are to be held in trust, arrange for trust accounts to be opened or for the name on title to be changed.
• Keep accurate records, including invoices and receipts, of any payments or distributions made.

Accounting and Advisory Support for You

KWB Accountants & Advisors can provide you with insight and guidance to help you navigate tax and estate planning for you, your business, and your family. We also partner with other professionals to provide you with coordinated and thorough information and assistance.

This article was prepared in collaboration with Blue Print Planning Group.