It feels like an honour when someone names you as the executor of their estate. It means they trust you enough to handle their affairs after they pass away. However, it is also a significant responsibility. The Out of Chaos team understands the duties – and the complications – because we have helped many executors with estate liquidation. Whether you’re managing a small estate or one that is more complex, we would like to pass along our best tips on being an organized executor.

Note from Linda: This post discusses generalities typical of most estates. The obligations and responsibilities of executors vary depending on the country, province, and type of estate. Please seek legal counsel in the appropriate jurisdiction.

Understand the Role Before You Say Yes

Generally speaking, you don’t have to accept the job if you have not started acting as the executor. As I mentioned, it is an honour but also a significant responsibility. It can also be time-consuming. In some cases, it can take years to settle an estate. Here are a few reasons you might wish to say no thank you.

• Your personal or professional commitments are extensive, such as caring for children or other dependents, travelling for work or being unable to take extended leave.
• There is potential conflict among heirs, and you don’t want to be a part of the drama. Unfortunately, estate clearing can bring out the absolute worst in people. You don’t have to put yourself in a disadvantaged position.
• In some cases, you may have to travel across the country (multiple times) to complete your duties. It can add to the stress because you may not know the laws in the area where the deceased lived. Also, you will have to find services like realtors, donation centres, etc., in a city you are not familiar with.
• You don’t understand the tasks involved or do not feel capable.

In many cases, the executor could be personally liable for mistakes they make when executing a will. For these reasons, I recommend getting advice from a legal professional before accepting the responsibilities.

An Organized Executor Must Keep Accurate Records

Most executors do not accept payment. However, they are entitled to reasonable compensation for out-of-pocket expenses while administering the estate’s business. (Compensation rates vary by province.) For this reason, it is vital to be an organized executor.

Additionally, you must keep accurate records of all financial transactions related to the estate, including invoices, receipts, tax filings, etc. Ideally, the executor should note the time they spend on specific tasks. In some cases, they must show proof (to the courts and beneficiaries) that they met the requirements and completed their duties.

Organizing Tools for Estate Management

Note-Taking System

There are (too) many details to remember when you’re liquidating an estate. To be an organized executor, you need a place to capture information (take notes). Personally, I love to write notes in a paper notebook because it helps me retain the information. However, you can also take notes with a stylus and tablet or smartphone keyboard. Recording meetings (with permission, of course) and dictation are equally useful ways to capture information. Whatever method you choose, stick with it for the entire process so your notes are in the same place.

To-Do List

The task list for an executor can be quite long. Additionally, depending on the estate details, you might have to complete some tasks by a specific deadline. I suggest including estate-related tasks on your personal calendar so you don’t double-book appointments. If you use a paper calendar, choose a different pen colour to see those events clearly. If you use an electronic system (Google, Apple, Outlook, etc.), create a new calendar for the estate-related tasks in a different colour than your personal calendar.

Paperwork Organizer

Since you must gather the essential documents for a deceased person, you should store them securely. You will likely need to carry various documents when visiting financial institutions and law offices. Use a locking briefcase or tote with multiple pockets and compartments dedicated to the estate clearance to avoid mixing these documents with your own.

Inventory System

Before you can liquidate the estate, you must inventory all the assets. Also, as you distribute the assets, you must note who receives them and when. You can use a paper-based system or an app to help you manage the inventory. Ideally, take photos of the items – specifically high-value items and ones that may cause disagreement among heirs. For example, Kelly might be less upset if they see that Alex’s inherited Eames Lounge Chair is in terrible condition.

Hot Tip from Linda: If you’re shipping items abroad, check out my post on How to Make an Inventory for an International Move. I explain some limitations regarding which items you can ship to which countries.

Time Tracking

As I mentioned, you should track the time you spend on specific tasks. Since people almost always have smartphones with them, the best option is to use a free time-tracking app like Clockify or Toggl. Simply touch the app when you start an activity and again when you stop. Then, add notes to the time block that explain what you were doing. Alternatively, you can use a pocket-sized notebook.

Mileage Tracking

Track each trip you make on behalf of the estate. Again, most people use apps these days, and they rank MileIQ as a favourite. The free version will let you record 40 monthly trips and give you auto-generated reports.

Define Your Communication Channels

In this modern era, there are many communication channels. We can phone, text, email, and use various social media platforms. As a result, we can receive messages at all hours. Furthermore, not everyone will receive the same information when they use different channels. This chaotic communication creates confusion, conflict, and, most of all, stress.

To excel as an organized executor, define the channels you will use to communicate with everyone involved in the estate-clearing process. Generally, the best way to communicate with professionals (lawyers, accountants, etc.) is by email because it’s easy to keep accurate records. In fact, some people create a separate email address (or alias) specifically for managing the estate. If you communicate with these professionals by telephone or in person, always include the date and time, who you spoke with, and what you discussed.

Besides the professionals, you should regularly update the beneficiaries to build trust and prevent misunderstandings. Choose a communication method everyone can use – and you can easily save (i.e., email). Trust me, you never know if you’ll need to provide it as evidence in court. (Read how a Saskatchewan court ruled that a thumbs-up emoji on a text message constituted a contractual agreement.) As with the professionals, when you speak with beneficiaries by telephone or in person, always include the date and time and what you discussed.

Final Thoughts

Being an executor is an honoured but demanding role. It can be emotionally and mentally taxing. However, when you understand your duties and become an organized executor, you can honour your loved one’s wishes and confidently navigate the process.

Remember that Out of Chaos is here to help with the estate-clearing process. Contact us today.