A cting as an executor of a will has signi cant responsibilities and may result in personal liabilities. Understanding the legal requirements and obligations are important for all who accept this task. Some confuse a will with a Power of Attorney for either health or property , which gives others the authority to act on behalf of someone during their life when, for example, they are no longer able to manage their nances or make medical decisions. A will, however, is a legal document explaining how the deceased wants to distribute their assets, which only takes effect after the person has died. The person who has been appointed to be the executor of a will has the right to decline the appointment before any work is done. This is a good time to get Understanding the role and responsibilities of executor before accepting the task legal advice on the details of what is involved and whether you are capable of completing the task. The rst step is to get a copy of the will. Family members and the lawyer of the deceased should be able to help. Then you should get a professional team, including a lawyer, to help you perform all of your duties. An accountant may be needed to le various tax returns and a nancial adviser to help you manage the investments until the estate assets are distributed. The executor will ask the court to probate the will, validating it as the last will. Financial institutions will likely 19 | Thursday, July 11, 2013 | OAKVILLE BEAVER | www.insideHALTON.com Dollars & Sense Peter Watson Guest Contributor want a probated will before they release assets to the estate. This can be frustrating, but to protect themselves these rms want assurance they are releasing the funds to the correct recipients. Courts charge probate fees and these differ in each province. In Ontario, the rst $50,000 is charged 0.5 per cent and 1.5 per cent for any higher amount. Taxes have to be led, including any income earned during the nal tax year the person was alive. Capital gains taxes will be paid if there are taxable assets owned by the deceased. It is assumed these are sold at fair market value immediately before death. A signi cant tax break allows assets to transfer from one spouse to the other without triggering a taxable deemed disposition. Capital gains taxes will be paid when the surviving spouse dies. The executor up to up to Do you know how your grows? in the tent! 100s of it items tore! in the stor Know Your Source garden should request a clearance certi cate from Canada Revenue Agency before distributing the assets. This is the federal government's con rmation all taxes have been paid. A paper released by the Canadian Tax Foundation warns executors of their obligation to ensure this. It is important to understand both the duties and liabilities of acting as an executor. 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