Essential Estate Planning Tips for Executors and Trustees

A Practical Guide for Executors and Estate Trustees in their role in Estate Planning

In 2024 there were an estimated 2,000,000 widowed individuals in Canada. For many of them, the practical tasks of dealing with the death of a loved one became a new, and oftentimes overwhelming, reality. Add personal grief to this equation and it creates a perfect storm. 

Serving as an Executor or an Estate Trustee (one who manages the final wishes of the deceased) is a long and complicated process. At Innova Wealth Partners, we strive to add value and assistance to our clients in their time of need. As such we are pleased to announce our new Cadence software, which is a highly effective digital estate management tool aimed at assisting Estate Executors. This tool is also an excellent resource for those interested in organizing their estate planning in advance. Cadence is offered to Innova Wealth Partners’ clients at no cost and we are available to provide you with all the support you need to begin this process.

When a person dies and has a valid Last Will and Testament, an Executor or Estate Trustee is appointed to manage and distribute the estate of the deceased. Should the deceased pass away without a Last Will and Testament (referred to as dying Intestate), then a person must apply to the court to be appointed as an Estate Administrator, which can take time and create additional expenses. In either case, the following list of activities remains the same. 

The executor will need to begin by doing the following:

• Secure the death certificate
• Probate the Last Will and Testament (in most cases)
• Notify financial institutions
• Initiate life insurance claims (if applicable)
• Cancel driver’s license, passport, Nexus, health card, subscriptions, credit cards, online presence, automatic bill payments (once real estate has been sold) etc.
• Apply for Canada Pension Plan Death Benefit
• Determine all assets and liabilities
• Notify Accountant/Tax Preparer to file Terminal Tax Return and pay tax owing (if applicable)
• Obtain the final Notice of Assessment of the deceased
• Apply for Canada Revenue Agency clearance certificate
• Pay all final expenses
• Distribute the net assets to the intended beneficiaries

Cadence will help you navigate the substantial number of tasks that will need to be addressed. The software contains a digital vault with impeccable security certificates, which manages tasks and various documents (such as a copy of the will). When completed, a successor can be appointed to gain access to this information upon death, making it much easier for the person entrusted with this responsibility.

The software will assist with the following:

1. Legals. Serving as a repository for important documents such as your birth certificate, marriage certificate, trust documents, tax records, advanced health care directives, living Wills, divorce and separation decrees, and custody arrangements of children.
2. Profile. Specifying personal information about yourself, spouse/partner (if applicable), and children.
3. Estate Representative(s). Who will be responsible for the management of the Estate?
4. Licenses. Documenting driver’s licenses, health card, passport, Nexus, firearms, membership cards, fishing license, and pleasure craft operator card.
5. Finances. Listing various credit/debit cards, bank accounts, lines of credit, loans, investments, leases, pensions, and philanthropy and charitable organizations.
6. Property. Itemizes real estate, vehicles, personal property, firearms etc.
7. Insurance. Cataloguing life, critical illness, disability, health and dental Insurance, vehicle insurance, additional umbrella insurance.
8. Expenses. Listing of electrical, hydro, gas, water, internet, phone, security expenses, property tax, etc.
9. Accounts. Cataloguing online accounts (Apple, Spotify etc.), loyalty programs (Aeroplan, Air Miles, Optima etc.), computer logins, crypto wallet, charity.
10. Key Contacts. Listing your lawyer, accountant, financial advisor, doctor, pharmacist etc.
11. Business. Storing letters of intent, succession plans, assets, liabilities, property deeds, insurance policies, business agreements etc.
12. Farming. Storing succession plans, land titles, water rights, conservation agreements, etc.
13. Funeral. Listing of funeral insurance (if applicable), final wishes (ex: resting place) family wishes, service details, personal preferences, and obituary.

As you can see, this software is a comprehensive list of many of the items which may have to be dealt with. The purpose of this software is to create a consolidated platform to make the management of your Estate easier for your Estate Representative. 

If you are interested in this service and would like an introduction to it, please contact your Innova Wealth Advisor to get started. As always, we are here to serve your best interests. 

This publication is for informational purposes only and shall not be construed to constitute any form of advice. The views expressed are those of the author alone. Opinions expressed are as of the date of this publication and are subject to change without notice and information has been compiled from sources believed to be reliable. This publication has been prepared for general circulation and without regard to the individual financial circumstances and objectives of persons who receive it. You should not act or rely on the information without seeking the advice of the appropriate professional.