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_ Money Talk with George Perdue Halton Hills This Week,-Wednesday, August 11, 1993 — Page 17 PROVEN PERFORMANCE, The Responsibilities of Being an Executor By George Perdue, B. Sc. P. Eng. Many people turn eto a trusted person outside the family for the executor of their estate. The idea is to have an unbiased person administer the estate in a time of high emotion. Some of the chores performed by the executor include: locating and examin- ing the last will, making funeral arrangements, pro- viding for the imme- diate financial needs of family members, locating beneficia- ries, protecting estate assets and liabilities, obtaining grants of letters pro- pate from Surrogate Court, preparing and filing income tax for year of death, preparing estate’s income tax return, paying legal fees, funeral expens- es and debts, and making final distrib- ution of assets to the named beneficiaries. There can be a lot to do. You should be prepared for the work and it is best if the following condi- tions exist or you simply may not be able to handle the ic) job. There must be no conflict of interest. For example, serv- ing as the executor for a friend who hap- pens to be a busi- ness partner could MARTHA SUMMERS: 877-5165 874-3040 933-9714 873-0655 Erin Res. create problems. You should live in a proximity of the estate to minimize travel. You should not be older than the per- son you are serving and preferably both younger and in good health. It is not helpful if you die first. The usual fee of 2.5 percent to 5 per- cent of the estate should not be the motivator for being executor. In most 2 ACTON ACTION $159,900 ic vate yard from the dining room. HALTON HILLS HURRY acres with 800° . MARTHA SUMMERS Sales Representative* READY FOR SUMMER We_gre’- The pool is e house Is air ed plus hard- W ‘ors, finished 2 ition room with stone fireplace with heatilators on a quiet Complete with indoor segpool and inlaw suite lpresently operating as a instances this is a small reimburse- ment for the time and effort required to administer the estate. Given that you accept the charge of executor there are several things you should do to help the crentalix: A IPJLOTS © LOTS ° LOTS contains provision to retain egal, accounting and financial services as required. The larger and more complex the estate, the more professional help will be needed. A contingency executor should be named. Provide a periodi- cally updated inven- tory of assets, liabili- ties and important documents and their location. George Perdue is a Consultant, and Partner in Money Concepts, Halton Hills. He can be con- tacted at (416) 873- 1877. CANAD Office: Canada Trust Realty "BILL'S PICK ra BILL ELLIS Associate Broker aaa Tuukor"” Residence: OVER 20 YEARS EXPERIENCE IN REAL ESTATE OF THE WEEK” "POWER OF SALE. Large Viceroy bungalow in Hillsburgh. Big lot in new devel- opment. Features lots of good grey broadioom, stunning vaulted kitchen and living room. Offered at $179,900. Mature lot - home filled with character. Fireplace ar yw in living room, pine floors, - pretty private mature yard - walk fo GO. 2 LISTEN TO THE LEAVES Nestled amongst the hard- 0% 10 acres - Erin $89,000 - Driveway is in. 4.4 acres - Eramosa $125,000. Georgetown Corner lot $99,000. SUPER STARTER ACTON Spacious bright eat-in kitchen, living and din- ing room. 2 bedrooms ~ all squeaky clean. On ground pool ready to f use. ithe charm remains on 47+ ly needs. Upgraded with new kitchen with ceramics. new windows, Uf bathroom with jacuzzi. Detached garage. What agreat start. COUNTRY. VALUE _ 300 feet frontage on CALEDON EHS SOUTH OF KING ST. ~ “Backs onto a ravine. “Bright and spacious, bleached oak floors, finished loft. ig. A lot available at $99,900. : Complete hobby farm, ready-to-move-into house is great, barn Is else you need? 877-9500 877-7528 PRIVATE ROAD LOCATION Mature 10 acres, with , pond room. A must to see. ERAMOSA PRIVACY 29 acres - Executive home complete with cedar sunroom with hot tub & sauna. Main B floor family room with fireplace. CT93-011 EXECUTIVE REQUIREMENT? Caledon, south of King St. place. Multi-sided living room. DISCRIMINATING PURCHASER REQUIRED Superb farm with pond, barn, bush and meadow. The restored Victorian ym and 1 2 storey atrium sets the mood with 5 fireplaces.