Being named the executor may be an honour, but it’s also a serious commitment. As executor you are the person who is legally obligated to ensure:

• the estate assets are located, protected and properly disbursed
• the debts, liabilities and taxes are identified and paid
• the beneficiaries are kept informed and treated fairly throughout the administration of the estate

You are a valued member of the Education Credit Union and we’re here to help. We suggest you start with Executor EASE.

Losing a loved one hurts…Settling their estate doesn’t have to.
Acting as an Executor can be a very tough job; many people who accept this role don’t fully understand all the duties, responsibilities and personal liabilities that come with it.  As a member of Education Credit Union, we can help. To make this process easy for you, credit unions like Education Credit Union have relied on Concentra Trust for nearly 60 years to deliver professional estate administration services throughout Canada.

What is Executor EASE?
Executor EASE is a flexible menu-based program designed to assist you in administering an estate. Through the program, Concentra Trust can provide you with cost-effective support, based on your unique needs, levels of experience and comfort.  Executors are free to choose the service(s) they need assistance with and maintain full control throughout the process. 

How will Executor EASE benefit you?
If you don’t have the time, experience or desire to perform any one or several of the tasks associated with settling an estate, Executor EASE will benefit you. Services in our Executor EASE program are charged on an hourly basis versus a percentage of the probatable assets.  The competitively-priced hourly rate has been set so executors can compare our costs to other service providers. Concentra can help as little or as much as is needed. 

How can I access Executor EASE?
Drop into one of our branches to discuss Executor EASE with our staff and receive a brochure or contact Concentra Trust directly:

1. Call 1-800-788-6311 ext 1888
2. Email executorease@concentrafinancial.ca

Why an Estate Plan?

The term "estate" is most often associated with the property of a deceased person. This is probably why many people think of estate planning as planning for taxes upon death and preparing a will.

A common misconception is that estate planning is only important for large estates. Although estate planning is beneficial for any size estate, it is more beneficial to larger ones.

And who knows, your estate may be larger than you think. If you have not yet prepared your own statement of net worth, then you should sit with your financial advisor and prepare one. When you make a list of all your assets, cash, RRSP, home, collectables, cottage and life insurance you may be surprised at the value of your estate.

Without proper planning, the Canada Revenue Agency (CRA) may be one of the major beneficiaries of your estate.

Tax planning is an essential part of estate planning but not the only part. Other things include separation of control and beneficial ownership of assets, treating multiple beneficiaries equally but not the same, charitable giving and providing for a disabled dependent.

Each person's estate plan must be designed for one's own personal situation. People have different amounts of wealth, different types of assets, different family situations and different opinions about the way their estate should eventually be distributed.

A person with business assets will generally have more complex estate planning issues, especially if the business is to be passed on to the next generation.

One of the first things to do is to ensure you have a competent team of professional consultants. Ensure each has the training and experience necessary to address the complex issues that will arise. Once you have a team in place you will have to address the core issues.

For example, once you have prepared your Statement of Net Worth, you will want to organize your affairs to minimize tax during your lifetime and also decide when to transfer or sell your assets.

You will need to determine which of your assets has unrealized capital gains and how much cash will be required to pay the taxes so that assets can be passed on within the family unit.

Insurance can be used to provide cash for income taxes and also income for dependent beneficiaries upon your death. Life insurance for estate planning purposes should be purchased when you are relatively young and still healthy. It becomes expensive as you age and may be difficult to get as your health deteriorates.

If there are significant business assets, it may be beneficial to effect an estate freeze and corporate reorganization using holding companies or trusts. There are two types of trusts which can be used, an inter vivos trust, set up while you are living and a testamentary trust, set up upon your death. These are extremely useful in saving taxes, protecting assets, holding assets for minors and disabled dependents and organizing the family's affairs.

If you haven't already started your estate plan, you may think it an overwhelming task. It isn't. Remember, "A trip of a thousand miles begins with a single step". (Unknown) Take the first step today.

Contact Us
Solicitors Russell Lawson 519-576-8650 Click to email rlawson@klhlegalservices.ca Stephen Haller 519-576-8650 Click to email haller@klhlegalservices.ca