Many decisions in estate planning can be difficult and consequential. One of the many challenging choices Ontario adults will inevitably face during this process is selecting someone to execute their will. While there is a clear candidate in some families, others have to weigh many issues when choosing the best option from a number of potential executors.
Trust is a key factor when picking someone to execute an estate. The selected person will need to essentially be able to fill the shoes of the person who passed away, so experts recommend picking a trustworthy person who understands what the person who passed would want. People can learn about the work of executing an estate and hire out the more challenging parts of the job, so it’s best to place trustworthiness over expertise when weighing options.
Most people select family members to execute a will, and this is typically the recommended practice unless there is a good reason to go a different route. It is also best to use people who live close by, as they can act more quickly. Finally, those with complex estates can consider using a trust company in order to ensure everything during the administration process goes smoothly.
It is important to remember that one’s choice of executors today may not still be ideal a year from now; relationships can change, people can move, or the nature of the estate can alter to the point that another person makes more sense. Regularly reviewing an estate plan with a lawyer is a smart move. A lawyer should also be on hand to assist the person selected as an executor with the finer points of Ontario estate planning.