Your executor - Key to estate settlement
 You should think carefully about who you want to be your executor.
They will be responsible for dealing with all your legal and
financial matters and finally, for seeing that the provisions
of your Will are carried out. They may even be responsible
for arranging the funeral. It can be an enormous amount of
work.
It should naturally be someone you trust, such as spouse,
adult child or close friend. And they should be able to get
along with all your family. For example, if you have children
who are not on good terms, appointing one of them could be
a serious mistake.
Whoever you choose should be of an age that they will be
around when needed. And it’s generally wise to appoint
someone who lives in the same province, preferably nearby,
since most of the many duties must be carried out in person.
Since much of what they do requires both financial and administrative
skills, you have to be sure they have the expertise, the time
and the interest to take on the job. Before you name someone
in your Will to be your executor, you should always get his
or her permission.
Because of all these considerations, many people, especially
those with complex estates, appoint a professional executor,
such as a lawyer, trust officer or accountant, rather than
choosing a friend or relative. This is often a wise decision.
And if you want to have a relative involved along with a professional,
you can name more than one person to be executor.
Important information about our financial planning services can be found at the bottom of our
homepage.
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