98% of Canadians appoint a family member as their executor but filing up to six estate tax returns is not a do-it-yourself job for most. Professional services like accounting are valuable estate expenditures. It's safer for executors to outsource work better done by a professional, such as dealing with CRA, that could subject them to personal risk.​ The work of a CEA accountant doesn't begin with death. There are a range of services available to ensure estates are well prepared. Estate Liquidity Analysis, for example, can identify pending estate tax issues well in advance, so steps can be taken to reduce the burden and stress for executors.

Before obtaining fair market value, executors must identify assets and values. Appraisers are the professionals that predict what FMV really is. Too many Canadians mistake free opinions of value for real appraisals. The guidance for Estate Information Returns in Ontario specifies that only appraisals from professional appraisers will be accepted.

Auction is a respected way to sell assets for fair market value and it can be the very best way of protecting executors from heirs, and creditors. Real estate auctions can be a highly effective and timely solution in many situations.

Banks offer many services that are less visible than the services most people need when they enter a local branch. The range of wealth services is extensive and includes estate planning services. Their trust divisions are invisible in the branch, but they have huge staff working behind the scenes, sometimes managing trust accounts for decades. One of the biggest misconceptions about the estate services offered by banks is that they are expensive. In reality, competition among the banks drives their fees down considerably, though they only accept larger accounts. In percentage terms, executors can charge up to five percent.

Executors should seek professional help the moment they determine there are insufficient funds to pay all creditors as they can be held personally responsible. There are established processes that must be followed for situations where there are insufficient funds to meet the directives in the will and for when there are insufficient funds to pay all creditors. If an executor pays the taxes before other creditors, for example, they may be exposed to litigation because CRA is a creditor.

Few professions were more impacted by the pandemic than the bereavement industry. Canadians became more respectful of 'first responders' and more appreciative of these 'last responders'. The saddest stories were those of people forced to say final good-byes to their loved ones on cell phones. We saw the advent of the 'death positive' movement; it finally became okay to talk about death, and we collectively acknowledged the importance of celebrations of life. Family meetings in hospital hallways are a common sight in palliative care wards. They desperately ask one another if they ever had a conversation about what mom or dad wanted. Burial or cremation? Religious or secular? So many questions and too late to ask. Planning a funeral doesn't have to mean paying in advance, and it can be the most generous final gift a person can leave.”

Corporate Executors is a broad term, which can include a host of different businesses, including trust companies (aka banks), lawyers who specialize in estate planning and offer executor services, and, more recently, online executor services. They have extensive professional experience and frequently work with a team of professionals with different areas of specialization, and they manage and coordinate the entire process. The challenge of appointing family members as executors is the emotional aspect of grieving and familial disagreement. This doesn’t exist with corporate executors. They are completely detached, impartial and unemotional. In cases where lack of involvement may be an issue, certified corporate executors (CEA) can work with familial executors jointly. The family takes care of the items with emotional attachment and the corporate executor manages more complex aspects with risk associated. One of the particularly positive elements of CEA corporate executorship is that they work seamlessly. They can act as power of attorney and then transition at death into an executor role, with no perceived conflict. Also, the team aspect of their work means the firm can continue to manage the estate even as staff members come and go. Corporate executorship plays a valuable role in Canada. ​

Like banks, credit unions offer a wide range of financial products and services to help Canadians, including accounts, investments, credit cards, mortgages and even trust services, which is something many Canadians may not be aware of. Concentra Trust is a national trust company providing valuable services to credit unions across Canada. They can act as the executor of an estate or offer services to assist appointed executors. They have a unique program known as ‘Executor EASE’ people might want to learn more about. One of the biggest differences between traditional banking and credit unions is the relationship. At credit unions, you’re not a customer, you’re a member. That subtle distinction can actually make it far easier to engage in sensitive topics, such as estate planning and settlement. The Canadian Credit Union Association is a CEA partner for a reason! ​

Settling the investments of a decedent can be complex and time-consuming due to the considerable paperwork and documentation required, which makes sense, because these are literally people’s life savings. A CEA financial advisor can help the executor navigate these challenges, while also offering services to heirs, to help ensure prudent management of their inheritance. The biggest estate planning mistake most Canadians make however, and where CEA Financial advisors can help, is holding investment accounts in too many firms. Having five balanced portfolios with five different companies isn’t market diversification. It’s institutional diversification, and it will mean five times the workload for their executor when the time comes. Many Canadian investors also undervalue privacy and liquidity. Once probated, wills are public documents, and all assets passing via the will can be reviewed by anyone. Investments can, however, bypass the estate altogether, meaning they don’t form part of the will, and they transfer to heirs in a couple of weeks rather than the months or years that probate can require. ​

Lawyers play an essential role in estate preparation and settlement. First of all, wills prepared by lawyers are more likely to stand up in court than any other kind. When death occurs, lawyers offer a wide range of services, from filing probate documents to settling the estate, depending on the wishes of the client, and CEA lawyers work with a full team of associates in the other CEA professions to help with insurance and financial matters, real estate, charitable gifts and more. When conflicts arise, as they often do in estate situations, lawyers are there to represent both sides to work toward an equitable result, and they are most likely to be referred by other CEA professions who were first alerted to the challenges. ​

Life insurance brokers are professionals trained to understand all policies from all companies and can review existing coverage to ensure it will meet the needs and wants of testators in a way that will be most helpful for executors to settle their estate. CEA life insurance brokers understand the challenges that can arise because of their training and experience and will often offer more analytical services with creative solutions. By integrating the spousal capital rollover with a joint life insurance policy, for example, they can considerably cut the cost of coverage yet still fully resolve the entire estate tax issue. When death occurs, when everyone shows up with cakes and cookies, CEA life insurance brokers bring cheques, and that is when their services are most appreciated. They’re also there to ensure the estate plan is executed as intended and ensure executors understand whatever needs to be done. ​

Death triggers grief, and mental health counselors can help with that, but death also triggers conflict, stress, personal risk, jealousy, sibling rivalry, financial challenges and time constraints. CEA mental health counselors understand all of this, and they can help with the bigger picture. The unique nature of being a CEA means these mental health counselors are engaged with the whole team, and when a client wants to have coffee with a financial advisor because their sister won’t take their calls, they’re far better positioned to step in and actually help resolve the problem. While CEA lawyers can help when conflict arises in estate situations, CEA mental health counselors can work with executors and heirs to try to head problems off before the lawyers need to get involved.

While CEA life insurance brokers provide liquidity prior to death, CEA mortgage lenders may be the only professionals able to provide often much-needed liquidity post-mortem. As part of the estate settlement team, CEA mortgage lenders may be brought into discussions by any number of other CEA professions working with executors and discovering tax and estate division problems. Having the same holistic training as other CEAs, CEA mortgage lenders understand how the various pieces fit together, the stress the executors may be under and the potential for conflict among heirs. They see all the moving parts.

Paralegals share many of the valuable benefits as CEAs who work solely providing executor advisory services. Interestingly, there is enough work to do helping Canadians that this has evolved into a full-time position, now seen in many provinces across Canada. CEAs and paralegals can help people navigate their objectives, learn about various options available, and discuss solutions without worrying about the clock, since these professionals charge far less than estate specialist lawyers. It’s a friendly, affordable option to work through the planning process at a comfortable pace. CEAs and paralegals can be particularly valuable for other CEAs, when clients indicate the need for further discussion before their services are needed. CEAs and paralegals can resolve the issue, identify what the other CEA professional should be looking for, and send them back for implementation.

Charities feature far more prominently in wills and estate transfer in general than many people realize, making CEA planned giving officers important members of the team with both estate planning and settlement. The donations Canadians make can be among the most satisfying initiatives in their lives so planning early on in the process can be vital. The gift planning process is more involved than many Canadians realize as well, so communication with CEA planned giving officers is essential to ensure gifting intentions come to fruition. They can be defeated by improper names, assumptions the charity will accept the gift, or any number of contentious issues with heirs or other third parties. While charitable gifts are primarily driven by philanthropic wishes, tax planning and gift structures can make substantial differences in the overall outcome of both the gift and the balance of the estate. This process can involve CEAs who may be accountants, financial advisors, insurance brokers, lawyers and others and, of course, CEA planned giving officers.

Some people may be surprised to see that property and casualty insurance brokers are part of the CEA professions, but sometimes they are actually one of the very first calls executors need to make. If the decedent lived alone, the home would no longer be occupied, which could void many insurance policies. This is critical because the executor is now responsible for the property. Another important policy provided by CEA P & C insurance brokers is executor insurance, which protects the executor in the event of litigation. There are eighteen areas with supporting case law where executors can be sued personally so insurance is highly recommended in any but the simplest of estates. CEA P & C insurance brokers are early stage interactions following a death in both of the above situations, so they are a key member of the estate settlement team and can help identify numerous areas of risk and responsibility which may prompt the executor to engage appraisers, realtors, lawyers and others.

Real estate makes up one third of the value of the average estate in Canada, potentially making it an area of considerable risk and challenge for executors. Real estate sales in estate situations are vastly different than regular real estate transactions, but executors- and the heirs, and even most realtors- are in a situation where they don’t know what they don’t know, which can lead to considerable mistakes, frustrated heirs and expensive lawsuits. Without the expertise of realtors who specialize in estate sales, average Canadians will continue to seek ‘highest listing price’ above ‘best overall net value’ without regard for ongoing sunk costs, potential hazards, contents management, repair and maintenance, and most critically, time to liquidate all assets at fair market value.