An executor (in Ontario, often called an estate trustee) is the person responsible for administering a deceased person's estate according to the terms of their will. It sounds straightforward — but in practice, executing an estate can take 1–3 years, require dealing with the CRA, courts, creditors, financial institutions, and beneficiaries, and expose you to personal liability if you make errors. Carrie's CEA designation specifically prepares her to help executors — and their clients — navigate this process.
What does an executor actually do?
- Locate and review the will; confirm you're actually named as executor
- Arrange the funeral (if not already done by family)
- Apply for probate — formal court confirmation that the will is valid and you have authority to act
- Notify government agencies, financial institutions, and creditors of the death
- Identify, value, and protect all estate assets
- Pay all debts and liabilities of the estate before distributing to beneficiaries
- File final income tax returns and any outstanding tax filings
- Obtain a tax clearance certificate from the CRA
- Distribute assets to beneficiaries according to the will
- Maintain detailed records of all decisions and transactions throughout the process
The estate administration timeline
| Phase | Typical timeframe | Key activities |
|---|---|---|
| Immediate (0–1 month) | Days to weeks | Funeral arrangements, secure assets, locate will, notify family |
| Probate (1–6 months) | Varies by province | Apply for Certificate of Appointment; collect financial accounts |
| Administration (3–12 months) | Ongoing | Pay debts, file taxes, sell real estate, resolve disputes |
| Distribution (12–24+ months) | After CRA clearance | Distribute assets to beneficiaries, close estate accounts |
Key duties in detail
Dealing with taxes
The CRA must be satisfied before you can distribute the estate. Tax responsibilities include filing the final T1 return (for income up to the date of death), a T1 for the estate's income year if applicable, and T3 trust returns if the estate earns income during administration. You cannot distribute assets until you have a tax clearance certificate from the CRA — and distributing before clearance can make you personally liable for any taxes subsequently assessed.
Dealing with registered accounts
RRSP and RRIF balances not transferred to a surviving spouse are fully included in the deceased's terminal return as income — potentially creating a very large tax bill. The estate must have sufficient liquid assets to pay this tax. If the estate doesn't, assets may need to be sold.
Communicating with beneficiaries
Beneficiaries have legal rights to information about the estate administration. Executors must communicate regularly, keep records of all decisions, and act impartially — even when family relationships make this uncomfortable.
Mistakes that lead to executor liability
- Distributing assets before all debts and taxes are paid
- Failing to file the deceased's final tax return on time
- Missing creditors who subsequently come forward after distribution
- Making investment decisions during the estate administration that result in losses
- Treating beneficiaries unequally or failing to act impartially
- Paying executor fees that are deemed excessive by beneficiaries and challenged in court
Getting professional support
Most executors are not financial or legal professionals — and they don't need to be. Executors are entitled (and often wise) to hire professionals to assist them, with fees paid by the estate:
- An estate lawyer to assist with probate and legal requirements
- An accountant to prepare the final tax returns and obtain the CRA clearance certificate
- A Certified Executor Advisor (like Carrie) to help navigate the financial and administrative process
- A real estate agent if property needs to be sold
- An appraiser for valuing personal property, art, or collectibles
Carrie's CEA expertise: As a Certified Executor Advisor, Carrie is specifically trained to help executors understand their responsibilities, avoid common pitfalls, and access the right professional resources. If you've been named as an executor — or you're building your own estate plan and want to choose an executor who will be well supported — book a conversation with Carrie.
Carrie Wang
Carrie is the founder of Seven Lakes Financial Services Inc. and a Sun Life advisor serving clients across Ontario and Saskatchewan. She specializes in retirement, estate, and investment planning, with a warm, personalized approach. She is fluent in English, Mandarin, and Taiwanese.