APPENDIX B

Responsibilities of Executor/Executrix

1. Arrange for the funeral if it has not already been done.
2. Arrange for the funeral expenses to be paid from the estate.
3. Attend to personal matters, such as discontinuing utilities and re-routing mail.
4. Return or destroy charge cards.
5. Cancel subscriptions or charge accounts.
6. Gather information regarding the beneficiaries, including full names and birth dates.
7. Gather information regarding other family members, including full names and birth dates
8. Review contents of all safety deposit boxes and other personal papers.
9. Gather information regarding the estate inventory.
10. Locate all bank accounts and notify the respective account managers of the death.
11. Obtain all unpaid wages and other benefits from former employers.
12. Locate and analyze any life insurance policies and file claims.
13. Analyze inventory to determine which assets form part of the estate.
14. Arrange for the storage of any assets if required.
15. Value the estate assets.
16. Review the possibility of special valuation on farm and business real estate.
17. Protect assets before probate.
18. Advertise for creditors.
19. Probate will.
20. File claims for pension and profit sharing, and social security and military benefits, if applicable.
21. Open bank accounts for the estate.
22. Pay all debts of the estate.
23. Obtain prior years' income tax returns to compare with assets, i.e., interest income declared, etc.
24. Obtain comparative financial statements for any closely held businesses.
25. Decide whether any assets should be sold.
26. Schedule cash needs of the estate.
27. Obtain appraisals on real and personal property.
28. Obtain a list of the deceased's debts.
29. Allow for safeguarding of any assets distributed to minors.
30. Prepare an accounting statement regarding distribution of assets.
31. File a personal tax return for the deceased for the year of his/her death by the later of six (6) months following the date of death or April 30th of the following year.
32. Consult an accountant regarding the filing of other returns for the deceased where the deceased had "rights or things", partnership or business income, or income from a testamentary trust.
33. Consider post-mortem tax planning.
34. If the deceased died without filing income tax returns for any previous taxation years, these should also be filed.
35. Select a "taxation year" for the estate and file all income tax returns as and when required.
36. Keep proper accounts of estate assets.
37. Obtain a Clearance Certificate from Revenue Canada. Every executor or executrix, before liquidating or transferring any property of a deceased taxpayer must obtain a certificate from Revenue Canada Taxation certifying that all income taxes, interest and penalties have been paid. Any transfer of property without the certificate renders the executor or executrix liable for the unpaid income taxes, interest and penalties.