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  #1  
Old 10-19-2013, 12:27 PM
frustratedwithex frustratedwithex is offline
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Default Co-Executor of Estate

Anyone have experience with this?

I am co-executor of my fathers estate. My brother is executor.

A lawyer we contacted has advised us to advertise for creditors in the local papers. He has indicated that this needs to be done to protect us as executors so that we will not be personally responsible for any debts.

Is the estate not responsible for the debts?

How long after the estate is settled can a creditor make a claim?
  #2  
Old 10-19-2013, 12:35 PM
standing on the sidelines standing on the sidelines is offline
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I am thinking that the reasoning is you may not know all the creditors. If the estate is settled and everything divided then a creditor comes out of the woodwork then how do they get their owed money? If they can prove you didn't do what you could to find creditors then maybe the executor is on the hook. Not sure but that's the only reason I can think of

here is a link to a site that may answer some questions.

http://estatelawcanada.blogspot.ca/2...espect-to.html

Last edited by standing on the sidelines; 10-19-2013 at 12:41 PM.
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Old 10-19-2013, 01:36 PM
frustratedwithex frustratedwithex is offline
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Thank you. That link has a wealth of information.

I am trying to be as informed as possible before entering the lawyers office.

My dad appointed me as co-executor not intending me to actually be the co-executor, but for my ex., (married when my dad drew up the will), to work with my brother as co-executor. My dad valued my exs business abilities. I remember my ex being really pissed about this at the time. Anyways, I am okay doing this. I think I am better prepared to deal with a lawyer now then I would have been a few years ago.

The lawyer on this web-site indicates we can decide to advertise or not. If we are certain there are no other creditors, I suppose we don't need to advertise.

However, she goes on to say we are personally liable for any mistakes made. So I guess it is a case of cover all our bases.
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Old 10-19-2013, 02:08 PM
standing on the sidelines standing on the sidelines is offline
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Quote:
Originally Posted by frustratedwithex View Post
Thank you. That link has a wealth of information.

I am trying to be as informed as possible before entering the lawyers office.

My dad appointed me as co-executor not intending me to actually be the co-executor, but for my ex., (married when my dad drew up the will), to work with my brother as co-executor. My dad valued my exs business abilities. I remember my ex being really pissed about this at the time. Anyways, I am okay doing this. I think I am better prepared to deal with a lawyer now then I would have been a few years ago.

The lawyer on this web-site indicates we can decide to advertise or not. If we are certain there are no other creditors, I suppose we don't need to advertise.

However, she goes on to say we are personally liable for any mistakes made. So I guess it is a case of cover all our bases.
your welcome. I have saved the link to it as when my mother passes (hopefully not any time soon) I will be in the same boat as you except its just me. A little knowledge is always a good thing instead of depending totally on lawyers.
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Old 10-19-2013, 06:04 PM
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arabian arabian is offline
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I thought family (divorce) was expensive.

Considering estate law rarely requires court attendance by lawyers, I was absolutely HORRIFIED at the cost of estate lawyer after my mother passed away.

Probably the biggest rip off I've ever encountered.
My mistake is that the lawyer gave me a verbal estimate. When the bill came it was 10x more and everything was very simple.

Horrifying to say the least. I would have preferred the money to have gone to charity. Absolutely disgusting.

Expect it to take a few years, even if there is a will, etc. Like everything else, if there is money you can expect a lawyer who handles the estate to extract every cent they can from it.
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Old 10-19-2013, 06:07 PM
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To further vent, I would add that perhaps estate lawyers are those lawyers who couldn't handle the court appearance required frequently while handling divorces?

Disgusting breed of lawyers in my opinion.
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Old 10-19-2013, 09:01 PM
frustratedwithex frustratedwithex is offline
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Quote:
Originally Posted by arabian View Post
I thought family (divorce) was expensive.

Considering estate law rarely requires court attendance by lawyers, I was absolutely HORRIFIED at the cost of estate lawyer after my mother passed away.

Probably the biggest rip off I've ever encountered.
My mistake is that the lawyer gave me a verbal estimate. When the bill came it was 10x more and everything was very simple.

Horrifying to say the least. I would have preferred the money to have gone to charity. Absolutely disgusting.

Expect it to take a few years, even if there is a will, etc. Like everything else, if there is money you can expect a lawyer who handles the estate to extract every cent they can from it.
How expensive?

We have asked three different lawyers, including my divorce lawyer, all of them are estate lawyers, and they are all pretty close in pricing.

They have quoted a flat rate plus a % of the estate. This is consistent with what I know. Essentially the fee is based on the value of the estate as per the Surrogate Rules. Two of the three lawyers attached a copy of these rules.
  • So what was the rip off?
  • What were you horrified at? and why was the bill 10x more?
  • Did you not check what the lawyer was doing?
  • Is there some stuff that can be done without a lawyer?
The lawyer needs to apply to the court for Grant of Probate, how much did that cost and what else did your lawyer do?
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Old 10-19-2013, 09:46 PM
paris paris is offline
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My husband and I just signed for the final clearance certificate for my father-in-law's estate. He passed almost 2 years ago in December.

We did not advertise in the newspaper, but we had handled his finances for a couple of years, so knew there wouldn't be anything outstanding.

We did most of the work ourselves. We took care of calling in all of his investments and setting up the estate account and sold his house and land. We kept very detailed financial records.

We found the accountants charged more than the lawyer did. She did not take a percentage... told me to keep the paperwork simplified because she charges by the page.

If you miss a debt owed, or CRA comes back with questions on taxes, then you the executors are responsible to repay that debt. Once you have the final clearance certificate, then anything that has been missed is the responsibility of the beneficiaries.

Hope that helps.
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Old 10-20-2013, 08:54 AM
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I will PM you later with details.
  #10  
Old 10-20-2013, 11:21 AM
frustratedwithex frustratedwithex is offline
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Quote:
Originally Posted by paris View Post
My husband and I just signed for the final clearance certificate for my father-in-law's estate. He passed almost 2 years ago in December.

We did not advertise in the newspaper, but we had handled his finances for a couple of years, so knew there wouldn't be anything outstanding.

We did most of the work ourselves. We took care of calling in all of his investments and setting up the estate account and sold his house and land. We kept very detailed financial records.

We found the accountants charged more than the lawyer did. She did not take a percentage... told me to keep the paperwork simplified because she charges by the page.

If you miss a debt owed, or CRA comes back with questions on taxes, then you the executors are responsible to repay that debt. Once you have the final clearance certificate, then anything that has been missed is the responsibility of the beneficiaries.

Hope that helps.
Thank you. That is great information.

What did you have the accountants do?

Did you set up the estate account first, then sell the house? and why did it take 2 years for the final clearance?

My dad was in his 90s, he did not have a lira, life insurance, and I believe there are no other investments. Not sure if that will simplify things.

How long did it take to get the grant of probate?

Last edited by frustratedwithex; 10-20-2013 at 11:27 AM.
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