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Trustees Archives

Understanding what is and is not the job of executors

When taking on the role of executor, many people have questions. What exactly are executors responsible for? I care for the person who named me, but am I cut out for this position? It is important for Ontario executors to understand the role they are to play before accepting it.

What executors should know about life insurance

When a person passes away, people are typically aware that some of the next steps involve distributing the deceased's assets to next of kin according to his or her will. In Ontario, those who are designated to complete this task are known as executors. But do executors also have a role to play in the distribution of life insurance payouts that come following a person's death?

Tips for picking executors without immediate family

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.

The all-encompassing job of executors in Canada

When writing a will, the testator (the writer) needs to name an executor. But what, exactly, does an executor do in Canada? Executors carry out the provisions of a decedent's will. But it's not always easy and it can be emotionally exhausting, so it's important to choose the right person for the job and to discuss it beforehand with the person to ensure he or she would be up to the task.

Choosing the right executors ensure last wishes are fulfilled

Choosing the right person to look after the handling of assets is a large part of successful estate planning. Executors are those (there can be more than one) who will ensure the last wishes of the deceased individual in Ontario are carried out. It's a duty that requires both time and decision-making skills. It's important to ask an individual whether he or she would be willing to act as executor instead of simply naming the person in a will.

Do fiduciaries in Ontario have a say in end of life matters?

Making the decision to take a loved off life support is perhaps one of the most emotionally fraught decisions family members will ever have to make. Ontario residents on life support, without powers of attorney, living wills or fiduciaries could end up having the government make end-of-life decisions for them. Those decisions could come from the Consent and Capacity Board, which is an independent medical review panel mandated under Ontario's Health Care Consent Act. 

Feeling overwhelmed by your duties as an executor? Help is available.

If you have been appointed as an estate trustee in Ontario, then your many responsibilities include locating and evaluating estate assets, locating and contacting beneficiaries, ensuring that all taxes are paid... the list of tasks is very long. Understandably, many trustees and executors find their duties to be daunting.

Business succession and other benefits of setting up a Canadian trust

There are many different kinds of Canadian trusts, and they can be beneficial in a variety of ways. Because a trustee has a fiduciary duty to manage the trust properly, it is important for any trustee to understand specifically what kind of trust it is and what it can do. Also, trustees must ask themselves, "What are the goals and needs of the trust creator and the beneficiary?"