While selecting an estate executor, certain skills need to be kept in mind. Since, an estate executor is liable for the execution of the estate, which if not carried out in the right manner could result in significant tax consequences not only on the decedent’s estate but for the estate executor as well. Here is a list of skills to look for in an estate executor.
The Executor needs to know:
• What is to be done
• What the priorities are
• Who will perform the tasks
• What the critical success factors and risks are
To be an effective Executor, knowing and managing the above is much more important than possessing the actual skills to do the detailed tasks. After all, effective management is accomplishing meaningful work through the active support and cooperation of others.
To effectively perform the Executors’ role and to manage the multiple disciplines required to properly administer the Estate, the Executor must have a broad base of skills AND, where needed, enlist subject matter experts to bolster some of the critical areas of Estate Administration.
Skills of An Estate Executor
Conceptual Skills
• involve the formulation of ideas and / or the understanding that “connects the dots”.
• Executor’s must understand abstract relationships, develop ideas, and solve problems creatively across many disciplines through the execution of 60 or more individual tasks required by Estate Administration
Human Skills
• involve the ability to interact effectively with people
• Executor’s communicate, interact and cooperate with beneficiaries, agents and agencies, institutions, government agencies, accountants, lawyers
Technical Skills
• involve things, process or technique knowledge and proficiency
• Executor’s require knowledge of the processes, techniques and tools related to Estate Administration covering a broad scope of disciplines
• Executor – A heavier focus on Conceptual Skills and Human Skills
• Estate Tax Specialists/Consultants/Partners and Lawyers – An even balance of all three skill types
• Accountants or Technical Agent – Heaviest focus on technical skills required to do the work (search for deeds, wills, prepare returns etc.)
AG Tax LLP Can Help
If you have any tax-related queries or need assistance with tax planning or filing please contact AG Tax. Our tax professionals are highly-experienced with US and Canadian tax laws and can provide you the right guidance to handle your tax situation.
Aylett Grant Tax LLP is a full service accounting firm with a dedicated team of experts, who are highly-qualified and experienced in handling situations related to US, Canadian, and other international tax laws. We can assist with:
- Canadian Personal and Corporate tax returns
- Cross Border Taxation and Business Planning
- US Personal and Corporate Taxation
- Disclosure of Foreign Assets and other information filings
- Retirement planning
- Estate Planning, Inheritance tax advice
To obtain a quote or to arrange for a consultation to discuss your tax related queries, please contact us at:
- 416-238-5920 (Greater Toronto Area, ON)
- 604-538-8735 (Greater Vancouver Area, BC)
- 780-702-2732 (Greater Edmonton Area, AB)
Disclaimer: The information in this publication is accurate as of the time of its publication. AG Tax assumes no responsibility for changes to tax legislation subsequent to the publication of this document. The information provided is for general information purposes only and should not be acted upon without seeking professional advice. If you would like to engage our services, please contact our staff and obtain authorization to send our firm confidential information. A client relationship is not created by the transmission of information. A client relationship is only formed with our firm when a scope and engagement letter signed by the firm and the potential client detailing the terms of engagement is present.
