Lexis Nexis The Executor's Handbook, 6th Edition
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Product description
From making funeral arrangements, to the final distribution of the estate, the administration of an estate can be a complex, multi-faceted and often emotional task. The Executor’s Handbook is a comprehensive and practical resource designed to assist the executor, administrator or liquidator with this undertaking, and provides the information and direction required to administer an estate in Canada, from start to finish.
The definitive guide
Now in its sixth edition, The Executor’s Handbook offers a detailed look at the responsibilities and liabilities associated with administering an estate, making it a valuable publication for anyone who finds themselves in that situation. The topics covered include:
- Organ donations and funeral arrangements
- Letters probate and letters of administration
- Inventory of assets and dealing with the debts of the estate
- Income taxation
- Estate accounting
- Testamentary trusts
- Distribution of the estate
- Compensation for the personal representatives
- Estates under the Indian Act
Updated to reflect current legislation and best practices, The Executor’s Handbook, 6th Edition includes new information regarding:
- Digital assets and accounts
- Charitable donations
- Taxation at death
- U.S. estate tax
- Intestate succession
- Nova Scotia’s presumed consent organ donation legislation
- Matrimonial real property rights for surviving spouses and common law partners on reserves
- Ontario’s 2019 budget proposals for planned changes to probate taxes and estate information return deadlines
This practical and easy-to-follow guide will prove indispensable for lawyers, non-legally trained executors and estate administrators, and wealth management professionals.
Table of contents
Chapter 1: Overview of estate administration
Introduction
Renouncing appointment as executor
Receiving professional assistance
Organizing the paperwork
Simplified overview of estate administration where a will exists
Simplified overview of estate administration where no will exists
Estate administration checklists
Important limitation periods and deadlines
Guardianship of children
The law is constantly evolving
Chapter 2 : Organ donations and funeral arrangements
Organ or body donations
Consent
Funeral arrangements
Chapter 3: Letters probate and letters of administration
What is probate?
Letters probate
Letters of administration
Estate information return for estate trustees in Ontario
Chapter 4: Inventory of assets
Introduction
Assets that pass outside the estate
Real estate
Mortgages
Bank accounts and safety deposit boxes
Life insurance
Automobiles
Canada Savings Bonds
Other marketable securities including shares, bonds and mutual funds
Employee benefits
Business interests
Registered plans and pension plans
Personal property
Digital assets and accounts
Canada and Quebec Pension Plan benefits
Workers’ Compensation survivor benefits
Travel reward programs and other bonus points
Firearms
Chapter 5: Debts of the estate
Introduction
Ascertaining the debts
Paying the debts of the estate
Insolvent estates
Claims of spouses and dependants
Chapter 6: Income taxation
Introduction
Liability of the personal representative
Income tax returns checklist
Returns for the deceased
Income and capital gains
Deemed disposition of property at death
Other income in the terminal year
Special rules for RRSPs, RRIFs, RPPs, RDSPs, PRPPs and TFSAs
Tax credits
The estate as taxpayer
Beneficiaries
Clearance certificate
Quebec
United States estate taxes
Chapter 7 : Testamentary trusts
Introduction
Trustee’s duties
Spousal/Common-law partner trusts and trusts for children
Trusts and taxation
Deemed disposition – 21-year rule
Chapter 8: Distribution of the estate
Introduction
Distribution where there is a will
Distribution where there is no will (intestacy)
Chapter 9 : Estate accounting
Introduction
The passing of accounts
Sample estate accounts
Chapter 10: Personal representative’s compensation
Introduction
Approaches to determining compensation
Care and management fees
Special fees
Pre-taking compensation
Taxation of personal representative’s fees
Deductions from compensation to pay third parties
Division of compensation
Costs and expenses
Chapter 11: Estates under the Indian Act
Introduction
Wills
Intestacy
Ten-month restriction on distribution of estate
Reserve land
Matrimonial real property on reserves
Additional information
Appendix A: Estate assets and debts
Appendix B: Income tax forms and guides
Appendix C: Websites and organizational tools
