Summary:

In this episode, Jenna & Gordon discuss ways to reduce risk as an executor or administrator of an estate. They emphasize the importance of seeking specific advice from qualified professionals and provide three easy and often overlooked ways to minimize risk. 

They cover the following topics: posting a notice to creditors and claimants in the paper, obtaining releases from beneficiaries, and obtaining clearance certificates from the Canada Revenue Agency (CRA).

Key points:

• Releases should be obtained when making distributions and providing financial reports, ensuring agreement and preventing future lawsuits.
• Clearance certificates provide protection against CRA coming back to claim unpaid taxes and prevent personal liability for the executor.
• Qualified professionals provide expertise in areas such as tax obligations, legal matters, and investment management.
• The Canada Revenue Agency (CRA) is a creditor in all estates, and obtaining clearance certificates mitigates the risk of personal liability for the executor.
• There are two clearance certificates available: one for the final tax return (T1) and another for income earned after the individual's death (T3).

Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
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Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
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