An executor is someone that has been assigned the responsibility of ensuring that someone’s will is properly executed according to the wishes that they have set out.
Also known as estate trustees, these people prepare an inventory of the assets, pay off the liabilities and taxes and then distribute the remainder of the estate to the named beneficiaries.
Often times, executors are family members grieving from the loss of their loved ones. Often, also, they have busy lives and do not have the time to educate themselves in learning all of the complexities of administering an estate. Most times, people don’t know what they don’t know.
With over 650 tasks to cover as an executor, even the smaller estates can seem quite overwhelming.
We provide hands-on help to the executor to guide them through the process, and do as much of the leg-work for them – all the while allowing them to maintain control and make the final decisions.
Yes, and no.
While we provide similar services that trust companies do, most of these firms focus on the larger estates and are not in a position to help estates with assets under $1 million dollars.
As our business model is to charge by the hour, we allow executors to pick and choose what services they wish to have assistance with and an estimated time commitment will be established at that time to give the executor an idea of the overall cost to the estate.
Michele Follows, Managing Director, is an experienced Chartered Accountant (CPA, CA) and a Certified Executor Advisor (CEA).
Her team consists of many professionals, including experienced Trust and Estate Tax Practitioners (TEP) and Trust and Estate lawyers, if so needed.
Yes, we do this through our company Trustees on Demand.
If we have been written in the will by the testator or if the family needs us to take over for the executor that has been appointed, we are able to take over the responsibilities of the estate executor.
We differ from the Trust companies in three ways:
- First, we charge by the hour and not as a percentage of the estate, so the estate only pays for the actual work that has been performed.
- Second, we provide hands-on personalized service.
- Third, we will work with the trusted professionals that you are currently working with – so your lawyer, your accountant and/or your investor. Often times, Trust companies will replace your team with their team.
Yes – we can either assist the POA or act as the POA for someone.
We also assist people in looking after all of their financial needs, including paying their bills and doing their personal budgets and cash flows.
Yes, we assist people in keeping proper records of their transactions, including preparing books in audit or passing form.
We charge by the hour for these services.