When writing a will, the testator (the writer) needs to name an executor. But what, exactly, does an executor do in Canada? Executors carry out the provisions of a decedent's will. But it's not always easy and it can be emotionally exhausting, so it's important to choose the right person for the job and to discuss it beforehand with the person to ensure he or she would be up to the task.
Choosing the right person to look after the handling of assets is a large part of successful estate planning. Executors are those (there can be more than one) who will ensure the last wishes of the deceased individual in Ontario are carried out. It's a duty that requires both time and decision-making skills. It's important to ask an individual whether he or she would be willing to act as executor instead of simply naming the person in a will.
Making the decision to take a loved off life support is perhaps one of the most emotionally fraught decisions family members will ever have to make. Ontario residents on life support, without powers of attorney, living wills or fiduciaries could end up having the government make end-of-life decisions for them. Those decisions could come from the Consent and Capacity Board, which is an independent medical review panel mandated under Ontario's Health Care Consent Act.
Most people know what an executor is. But when it comes to the term, "fiduciary," it's likely many Ontario residents don't have a clue what the term means. In estate planning, a trustee is the ultimate fiduciary.
Of all estate-related decisions, choosing an executor is one of the most important. If you choose the wrong person -- someone who turns out to be untrustworthy -- your life's savings could be squandered, and your loved ones could be badly hurt, emotionally and financially.
Administering a trust comes with many responsibilities, but the general duty of a trustee is to account for and manage property for beneficiaries.
In Canada, after a person dies, the due date for filing his or her tax return is typically one of two dates:
If you have an adult child with an incapacitating disability, then you undoubtedly want to plan your estate so that it provides for your child's needs when you are unable to do so yourself. There are numerous ways to do this, and it is important to choose the strategy that best meets your family's needs.
In January we presented a list of duties for estate executors in Ontario. Although the list is not exhaustive, it begins to illustrate just how overwhelming the job of an estate executor can be -- because, make no mistake, it is a job.
There used to be a perception that only extremely wealthy people set up trusts, but the reality is that a trust does not have to be large to be effective. Some trusts hold millions of dollars; others are much smaller.