Executor orientation session
A one-hour Discovery Meeting for executors (paid): what you have taken on, the deadlines, which professionals you need, and in what order.
For executors
Executor Quick Start: First 30 Days
A calm, practical starting point
How TaxOnTax can help
Derik can prepare the final (terminal) return and straightforward T3 estate returns, and guide you through the months ahead as a Certified Executor Advisor. In step 5 below, TaxOnTax can be the accountant. Your estate lawyer handles probate and the legal side.
If you’ve just been handed this role, breathe. You do not have to do everything at once, and you do not have to do it alone. Work down this list in order, and reach for help early.
- Find the will. Locate the most recent will and confirm you are the named executor. Don’t act formally until you’re sure.
- Get death certificates. Order several certified copies; you’ll need them for nearly every institution.
- Secure everything. Lock up the home, vehicles, and valuables, and make sure property and insurance stay protected.
- Gather the documents. Pull together identification, financial statements, deeds, policies, and any list of assets and passwords.
- Call the professionals. Contact a lawyer and an accountant early; their guidance protects you, and some of your responsibilities carry personal liability.
- Notify the essentials. Inform the bank, the deceased’s employer, government programs, pension providers, and insurers.
- Build a preliminary inventory. Begin a single list of assets, debts, and accounts, with values as of the date of death.
- Open an estate account. Keep estate money entirely separate from your own; never mix the two.
- Distribute nothing final yet. Make no final distribution until the taxes are settled and you have the clearance certificate. If the family needs an early payment, make it only on your adviser’s advice, and only while holding back enough for every tax, fee, and claim; paying too much too early can land on you personally.
- Flag the tax clock. Note that a final tax return and certain deadlines will apply, and raise them with your accountant now rather than later.
- Find the company records. If the person owned a private company, gather its minute book, financial statements, shareholders’ agreement, and any company-owned insurance, and raise planning for the shares with your accountant now, because some of the steps that keep them from being taxed twice must be taken within the estate’s first few years.
Keep a dated log of every call, payment, and decision. Calm, careful, and in order beats fast every time.
From “Executor Quick Start: First 30 Days” in TaxOnTax™: The 12Event Planning Model, second edition, by Derik Godbout.
One page to keep or hand to a family.
TaxOnTax™ Advisory Ltd. · Derik Godbout, PBA, CEA, DMA · (825) 977-7999 · derik@taxontax.com · taxontax.com/executor
General information, not personalized tax or legal advice. Derik Godbout is not a CPA or a lawyer.
Start with a free 15-minute call
Not sure whether the practice is the right fit? A free 15-minute call is the easiest first step. From there, a Discovery Meeting is a focused, one-hour working session, not a sales pitch. It is a paid session, and the fee is confirmed with you when you book.
Call (825) 977-7999 Request a call or meeting
Not sure which events apply to you? Take the 12Event Finder.
TaxOnTax™ Advisory Ltd. is a tax planning, accounting and executor advisory practice that also provides plain-language tax education. Derik Godbout is a PBA, CEA and DMA, Personal Tax Services Specialist™, not a CPA, lawyer, registered investment adviser, or licensed insurance professional. Nothing on this site constitutes personalized tax, legal, investment, or insurance advice. Always consult a qualified professional before acting on any information.