As the Grey Tsunami grows the Government of Ontario is increasing the reporting responsibilities of an Executor to ensure that assets reported when a will is probated are not understated. The draft details of the new reporting obligations are posted to the Government of Ontario website at http://bit.ly/1yxP8ee.
We can only guess how many more fiduciary responsibilities will be assigned to Executors, however the Government of Ontario’s need to balance their budget each year will likely bring new responsibilities that an Executor must manage.
So some time ago, your mother, father, aunt, grandmother, or friend probably took you for a drink, looked you in the eye and asked you an important question: “Will you be the Executor of my estate?” You were flattered, and not knowing what to say or what it involves, said yes. You are a good son / daughter / or friend, but did you understand what you were getting yourself into?