Most people name a trusted child or spouse as executor of their will, but not everyone has this option. Many Ontario residents need to name executors even without close immediate family. When deciding who to choose as an executor, there are several factors to consider.
Family conflict can end in estate litigation
There are many things that can affect the execution of a will. The issue that lawyers, family trust officers and accountants say is the biggest threat to estate planning is family conflict. Without considering this issue and effectively communicating plans, many Ontario estates can get caught up in estate litigation.
How To Choose The Right Executor For Your Will
The executor, or estate trustee, of your will is the person who will administer your estate as per your instructions. This individual will be responsible for settling any debts, closing your accounts and dividing the remainder of your estate between your surviving beneficiaries.
The Three Types Of Power Of Attorney
When loved ones fall ill or lose their mental capacity, family and friends often rally to their sides to look out for their interests. However, it can be hard for everyone to agree on what decisions are in the best interests of the incapacitated person.
Growing Number Of Elders Push OBA Elder Law Section Into Action
The elder law section of the Ontario Bar Association (OBA) was launched as a response to the growing number of boomers heading into their golden years. Now the group explains the type of issues they will be addressing, and how they hope to protect elder rights related to financial decisions and end-of-life planning.
