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.
An Executor’s specific priorities will be dependent on the deceased’s circumstances. Immediately after the death the Executor is responsible for arranging for the funeral if it has not already been planned and prepaid. However, the Executor may also be juggling supporting a surviving spouse and dependent children, locating and safeguarding assets and other important time-sensitive issues during the grieving period.