If someone has named you as their executor, you may be wondering where to begin. There can be a lot to manage, often while you’re grieving too.
An executor’s job is to look after the estate, deal with its debts and taxes, and distribute what remains according to the will and Manitoba law. You do not have to do it all at once. The first step is to find the will, protect the person’s property and get a clear picture of what they owned and owed.
What should I do first as an executor?
Start by locating the original will and gathering important documents, such as bank statements, insurance information and property records. Make sure the home, vehicle and other valuable belongings are secure.
Then begin a list of the estate’s assets and debts. Keep copies of bills, receipts and correspondence as you go. A simple record started now will make later decisions easier to explain to beneficiaries.
Do I need to apply for probate in Manitoba?
Not every estate needs probate. A Grant of Probate is a court document confirming the will and the executor’s authority to deal with the estate. A bank or other institution may require it before releasing assets, and any real property transfer may also make it necessary.
Before applying, find out what the institutions holding the person’s assets require. Our article on when probate is needed in Manitoba explains the question in more detail.
What am I responsible for after that?
Once you understand what is in the estate, the work may include notifying financial institutions and government agencies, collecting assets, maintaining or selling property, paying valid debts, arranging tax filings and keeping beneficiaries informed.
You must manage estate property for the people entitled to it. That means keeping estate money separate from your own, recording what comes in and goes out, and following the will and applicable law when it is time to distribute assets.
Some steps are straightforward. Others, such as interpreting a will or dealing with a disputed claim, may need advice. TLR Law’s probate and estates team helps Manitoba executors work through those decisions.
What happens with the deceased person’s taxes?
The deceased person’s final income tax return must be filed. The estate may also need its own tax return if it earns income after the death. An accountant can help determine which returns are required and what the estate may owe.
Before making a final distribution, an executor will generally seek a CRA clearance certificate. It helps protect you from being personally responsible for covered tax amounts left unpaid after estate assets are distributed.
A partial distribution may be possible earlier, but you need to keep enough in the estate to cover tax and other obligations. If beneficiaries are asking for their shares, it is better to explain the holdback than to promise an amount too soon.
How long does settling an estate take?
There is no set timeline for every Manitoba estate. An estate with a few accounts and clear instructions may move more quickly than one involving a home sale, several beneficiaries, tax complications or a disagreement about the will. Tax assessments and a clearance certificate can add time.
Give beneficiaries updates as you reach each stage, even if the update is simply that you are waiting for information. You can explain what has been done without guessing at a final distribution date.
When should I ask for help?
Consider speaking with a lawyer early if you are unsure whether probate is needed, someone disputes the will, you cannot locate a beneficiary, the estate has debts you may not be able to pay, or you are being asked to distribute assets before you know what remains owing.
Being an executor is a responsibility, but it is one you can approach step by step. If you’ve been named as an executor in Winnipeg or elsewhere in Manitoba, contact TLR Law or call 204-925-1900. We can help you understand what this particular estate needs next.
