You are the executor named in the Will and have obtained a grant of probate – the right to deal with the deceased person’s assets – and you now want to administer the estate. Estate administration involves gathering the assets, paying the deceased’s debts, and distributing what remains. The executor usually has a year (called the “executor’s year”) to compete the process, but it can take much longer.
You want to first make sure all legitimate debts are paid and debts owed are collected. Before the Executor can proceed to distribute, the law provides for a 180-day waiting period, starting from the granting of probate, unless consents and releases are obtained. The Executor is responsible if the assets go to the wrong people and could be sued. So, you should submit full accounting of the estate’s financial activities and obtain a release from each beneficiary. Lastly, you may hold off on distributing the entirety of the estate to beneficiaries until a CRA clearance certificate is obtained.
For more information, contact Nelson Selamaj at Pearce Schneiderat 250-492-0907.