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Choosing the right executors ensure last wishes are fulfilled

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.

Trust plays a large part in choosing the right person to look after someone's estate after they die. The testator -- the person who has made the will -- is placing his or her faith in the person to follow the instructions in the will. Someone with some financial savvy would also be a good choice as would an individual who gets along with others and perhaps know the testator's family members. Some people choose one or two of their children to be the executor(s) but that may not be the wisest choice -- depending upon family circumstances.

It is a wise move, too, to include a backup executor should the initial person named not be able to take on the task, for whatever reasons. These people should be told where an up-to-date copy of the will could be found. It is also important to let a lawyer know that information.

The are many facets to writing a will. Naming appropriate executors is only one of them. Estate planning questions are best answered by an Ontario lawyer with experience in wills and estates law. He or she can offer advice on how to best choose an executor best-suited to his or her client's personal situation.

 

Source: getsmarteraboutmoney.ca, "Choosing an executor", Dec. 22, 2017

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