It's no secret that estate administration takes a great deal of work and attention. Often, the individual chosen to execute a will is one with certain professional skills, such as financial management, organization and communication.
What are fiduciaries in estate administration?
When a person passes away, many individuals may be responsible for supporting the estate administration process. This can include professionals, like lawyers and financial advisors, as well as executors and trustees named in the will.
When naming executors, it is wise to stay close to home
Many people who live in Canada may have trusted friends or family in another country. When developing estate plans, it can be tempting to name their most trusted and reliable loved ones as executors, regardless of their location and residency.
The importance of estate planning for cryptocurrency owners
While cryptocurrency has decreased in value since its 2017 peak, it still represents a significant chunk of wealth for many Canadian adults. In spite of this, estate planning for cryptocurrency is often neglected. This frequently results in the funds being lost in difficult estate litigation with limited precedent. For this reason, estate planning is highly critical for Ontario cryptocurrency owners.
