8 WEDNESDAY, SEPTEMBER 4, 2024 ASK THE MONEY LADY Picking an executor of a wil ee IBBOTSON Your Money Dear Money Lady: I am doing up anew will and want to change my executor because I want someone in my family instead of a friend. I am on my own and in my 70s now. I have two daugh- ters that live near me. Should I pick one pareniene 4h can I have both. Thanks, G Thanks, Gerald, ns your ques- tion - you should choose both Is. girls. By having both daughters as your executors, this will allow them to manage the duties together and if they’re your sole beneficiaries, it aeah sense to have them togethe: en you draw as your will, just make sure that the lawyer uses the wording as “jointly and severally” meaning that one or the other can make a decision about your estate. Ifit is not done this way, an instead written as “jointly,” they will both need to agree, sign or transact on all duties together in person, without exception. Let's look at the basic duties bestowed on an executor today. First, they will need to arrange your funeral, crema- easier on the executor(s) since the decisions have already been made by you. Once that’s done, they'll need to get all the ID and credit cards of the deceased and the most recent will. All credit cards, memberships and services will need to be cancelled. accounts and any safety deposit boxes should be closed, and a new bank account opened specifically for the estate. The bank most likely will want to see the probated will in order to do this. Ifthe deceased had private any amounts owing under the policies. Next, the executor needs to collect all debts or payments owed to the deceased, and this will include promissory notes, corporate accounts or any accounts receivables. If the deceased was a busi- ness owner, they will need to obtain a copy of the partnership or shareholders agreement to determine the estate’s rights, responsil ilities, entitlements and liabilities. Allreal estate assets and investments will need to be transferred to the ownership of the estate account, and it will be up to the executor as to wheth- erthe oe should be sold or liqui peas executor must keep impeccable notes and run every- thing through the new estate bank account. They will also need to advise CPP and OAS and fill out the application for the survivors’ benefit for any eligible depen=9 7° dants. Capital gains, losses or any tax obligations will need to be determined’ order to file that final-ta return with the CRA. 1am pleased that your daugh- ters ey near you. There are so many tax implications that arise when your executor(s) is out of province, or even worse, not a permanent resident of Canada. Written by Christine Ibbotson, author, finance writer, national radio host, and on CTV & BNN, syndicated across Canada. Send your questions through her website at askthemoneylady.ca MITCHELL ADVOCATE TORCH RUN FOR SPECIAL eS The Perth County Ontario Pravincis Police Special Olympics through the ci ‘et to Tim Hortons on Ontario Road. OPP. officers, along with Seecale ighout the county to raise awareness a and funds for the Special Olympics and the athletes who Participate in the events. The torch run is an excellent way to raise awareness and much needed funds for Special Olympic athletes, & Torch Run Coordinator. awpy BaDER Regular programs return now that September is upon us ROSEMARY MINNELLA WEST PERTH LIBRARY CEO Fall is on its way! Many of West Perth Public Library's regular programs return in September after a sunny summer break. Perth Care 4 Kids’ EarlyON Babytime is now at the Library on Friday afternoons, Fables & Fun moves to Wednesdays, Dun- geons & Dragons is at the Youth Centre on Monday evenings egistration is required), and Active Adult Fitness resumes at the Community Centre on Tues- day mornings. lways, we are happy to welcome the Blood Pressure Clinic, Partners in . Said Barry Cookson, Perth County OPP Sergeant our Seniors Book Chat on Sept. 30. For something special, join us at Veterans Park—a.k.a. the Poligree Garden— (adjacent 'o the tennis courts on Welling- ea Street) on Sept. 19 for the 5 Mitchell Legion Band’s children’s concert fo amusical evening outdoors! The fll list of the Library’s September programs for all ages can be found at 105 St. Andrew Street, Mitchell, or euine a Settlement Daoe and Ser= vice Canadaito the Library each month! For iipek lovers, Book Banter.is wit ithuson Sept. 14, as is book, Instagram, ae a TikTok. we look forward to your next visit!