No one wants to stir up negativity among family members when it comes to writing an estate plan. But there’s one thing Ontario residents need to realize when choosing the proper executors to administer their estates. If they’re thinking of naming all their children, that could be a huge mistake.
It could backfire
Parents are notorious for wanting to treat all their children the same, but that may be a recipe for disaster when it comes to naming executors. Even naming one child over the others could cause problems. It is much wiser to choose someone who is unbiased and who has some financial acumen to take on the duties – someone impartial, who has the time and the fortitude to do everything required of an executor. Choosing adult children could cause or elevate tension between them.
Making logical decisions
Experts say estate planning is a time to think with the head rather than with the heart. It may be natural for a parent to think about naming a child or children as executors, but it could create challenges, especially if one or more children live outside the country. Someone unrelated whom a testator trusts might be a better choice. A corporate executor may even be an option.
If you’re struggling with whom you should name as the executor of your estate plan, an estate planning lawyer may be able to offer some insight. Factors such as objectivity, age, geographic location and time availability should all play a role in choosing the right person.