Once an estate plan has been written, many people simply file it away and put it out of mind. However, that’s the last thing you should do, since some of these documents need to changed and checked periodically. You’ll need to periodically check that the status of your executor hasn’t changed, as this could drastically impact the administration of your estate plan.
Are things the same with the executor?
Life happens and situations change. It could be that an individual named as an executor can no longer take on the responsibility or may have, in fact, died.
Communicating with whomever has been named to administer the estate is crucial. It could be the individual moved out of the province or even out of the country and would have difficulty doing the job. For instance, executors who live outside of Canada may have to pay a bond.
Choosing an alternate executor
You could always opt to choose an alternate executor in case the first individual can no longer do the job. Another possibility is actually naming more than one executor.
However, in this case, it’s important to ensure that both people get along and are on the same page about how the estate should be handled. The will should stipulate things such as whether both executors have to agree to decisions, or who will make the final decision if they don’t agree. If it is not written in the will, the law indicates that both executors must agree on all decisions.
There is a lot to understand when it comes to estate planning in Ontario. One of the most important is remembering to update estate documents regarding things like executors. No one wants to think they’ll be leaving a mess for their loved ones if things are not properly executed in their estate plan.