Spending time with an informed Ontario banker today was mind boggling. One thing he mentioned was that he had a client who had been POA and then became executor for the same person. The client knew about the relatively new probate tax but was surprised to have government officials want to see all financial records including Visa statements for the two years previous to the death of their loved one. They were looking for any transfer of wealth that could be included in “the estate” for tax purposes.
Whether you are Power of Attorney, Executor or both KEEP EXCELLENT RECORDS. Document what is done and possibly even why it was done. Get guidance from a lawyer.
An excellent book “How Executors Avoid Personal Liability” by lawyer Lynne Butler has a wealth of information to guide executors.
