When drafting up a Last Will &\nTestament, there\u2019s one part of the process that needs special consideration:\nWho to choose to ensure your estate is properly distributed and managed after\nyour passing? It\u2019s up to you to appoint an executor and\/or estate trustee; if\nnot, the courts will appoint someone you may not want in that role. The key is\nto choose someone who can do it right! It\u2019s a big job within a complicated,\nlegal process\u2026and not one to be taken lightly. <\/p>\n\n\n\n
First, let\u2019s review the specific roles. An\nexecutor of a will is someone who executes or oversees the administration of\nthe estate and who may also look after other \u2018final wishes\u2019 such as the funeral\nor cremation details. An executor is sometimes confused with an \u2018estate\ntrustee\u2019, who is responsible for managing only certain assets or trusts (such\nas trust funds). An executor and trustee can be the same person, but it isn\u2019t\nnecessarily recommended in more complicated financial scenarios involving\ntrusts. If different people are <\/em>appointed\nto each role, they must work together to ensure the estate and finances are\nmanaged correctly and legally. <\/p>\n\n\n\n The majority of married or common-law\nCanadians choose their spouse or adult child(ren) to be their executors, but in\nmany cases, it may need to be someone who is outside of the immediate family.\nIt can be a friend, neighbour or distant relation, or it can be an outside\nparty such as a lawyer, consultant, or accountant. <\/p>\n\n\n\n Key\nconsiderations for an executor: <\/strong><\/p>\n\n\n\n Select someone you trust, who\u2019s organized, and\nwho can be relied on to take this job seriously and manage it with integrity. <\/p>\n\n\n\n Being an executor means there may be tough decisions\nto make, angry or emotional family members (or others) to deal with, and\nlengthy or complicated legal processes to learn and manage. The more they are\nable to comfortably handle the responsibility and potential issues that arise,\nthe better. <\/p>\n\n\n\n Being an executor is a hands-on job, and\ncan\u2019t easily be done remotely. For this reason, it\u2019s important to select\nsomeone who has the time and availability to make the calls, attend the\nappointments, review the will and finances, and work with any other groups such\nas lawyers, bankers, investors, realtors, bookkeepers and so on. Sometimes an\nexecutor has to look after the deceased\u2019s property until it sells or is\ndisbursed, which could involve maintenance, paying bills, checking the mail,\netc. It can be a demanding responsibility, at least for a short time, so be\nsure your appointee understands the job fully before committing. <\/p>\n\n\n\n