The work of Executor or as Administrator can be daunting. We have a Saskatchewan solution made for you.
You are Executor. Now what?
An executor role for many people can be intimidating. They will face tasks such as interpreting the Will, contacting multiple institutions, changing accounts, minimizing and completing personal and estate taxes, applying for letters probate, transferring land titles, assessing assets, managing investments and so on.
Mennonite Trust can help: As a non-profit, church directed corporation, we have served families since 1917. Many executors appoint us as agent to streamline their tasks. Our expertise often provides estates with savings and time efficiencies which serve to lighten the load.
Someone needs to administrate this estate? How?
When someone dies without a Will there can be no executor for the Estate. Someone must apply to court for Letters of Administration, which includes naming an administrator for the estate. Once court appointed, the administrator has the same authority as an executor, and must accomplish the same array of duties as the executor.
Mennonite Trust can help: We regularly work with families trying to deal with the death of a loved one, who failed to make a Will. We can help determine who should apply for letters of administration and then guide them through that process. Then, we can help the Administrator complete the estate requirements with the same effect as an Executor has.
THREE WAYS TO USE OUR SERVICES
OPTION A – You do the work, we advise
You may just need a task list to be sure all the bases are covered, and perhaps a little advice here or there. Our initial meeting will provide you with the forms to begin and a comprehensive task review to make sure you cover all the bases. The estate pays only for the time for our preparations and time in our face to face meeting.
OPTION B – We share the work
You may be entirely prepared to carry out much of the work, but some of it may be too complicated or too time involving. We can meet to split the work and decide who does what. The estate may pay at our hourly rate or by percentage, depending on the work load assigned to us and the value of the estate.
OPTION C – We do the work
As executor, you have the option to appoint us to carry out all the tasks required. Our initial meeting will allow us to gather the information needed and to secure your authorization. Beyond looking after some of the personal items of the deceased and signing some prepared documents, you can rest assured, knowing that we are looking after the details. Charges may be hourly or by percentage.
TWO WAYS FEES ARE CALCULATED
We provide you with an estimate of the cost to the estate. We decide on the fee structure based on the work and estate responsibilities as follows:
Our hourly office rate is currently $220.00. Work done for the estate is tracked by the minute. Our experience and automation allows us to accomplish work more quickly than an inexperienced executor. As an example, when a spouse passes, our fees are usually in the range of $1200 to $2500, although more complex estates may exceed this amount.
Estate size is based on individually owned assets, such as bank accounts and titles in the name of the deceased only.
This calculation does not include jointly owned bank funds, jointly owned titles, insurance funds and registered products where the estate is not a beneficiary.
We charge 3% of the first million dollars and 1% of amounts over 1 million, and even less after 3 million.
|up to $1,000,000||3%|
As an example, if a single person passes and the estate is worth $400,000, the fee would be $12,000.
We’re Here to Serve
We consider it a privilege and an honour to help families through estate tasks. Grief often makes the work heavy and there can be so much to learn and pay attention to. Allow us to walk alongside you and you will be in good company. Call the office nearest you for an appointment.