When many of today’s adults were children, choosing the right people to be by their sides was just as important as it is now. Whether making friends, or picking players for a team, kids learn early that it pays dividends to choose the best people for the job. The same holds true when an adult is working on his or her estate planning in Ontario. Whom one chooses to be the executor of the estate can have a major effect on the administration process.
Advisors at RBC Insurance, recognizing the vital role an executor plays, put together a list of qualifications the ideal candidate should possess. First and foremost, they recommend choosing someone who can be trusted completely. Someone who is going to act in the best interests of the estate should fill the role. For that reason, many people choose their spouse, an adult child or a very close friend.
While friends and spouses are popular choices, it is also important to consider whether the candidate will live long enough or be healthy enough to do the job. He or she should also have some skill with finances and the time available to take on what could be a large project. It is also important that this person live in the same province, preferably close by.
Many people may find this to be a surprisingly long list of ideal qualifications. Considering the importance of the task, however, it only makes sense to choose carefully and wisely. During this and any stage of estate planning, a person may wish to speak to a lawyer for advice and assistance. A lawyer with experience in Ontario estate law will be happy to guide any man or woman through this important process.
Source: rbcinsurance.com, “Choosing an Estate Executor, Trustee or Liquidator“, Accessed on April 14, 2017