As with most things in life, estate administration is far easier when advance planning and communication are involved. Largely, the burden to do this planning and have these conversations lies with the person whose estate is in question.
Settling on who will be responsible for executing your estate should not be taken lightly. While you may consider it a straightforward decision to name your primary beneficiary as your executor, there are some things worth considering first. This is especially true if you only have one beneficiary named to your estate.
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.
Conflict of interest is often a question that arises when creating estate plans. Specifically, some people may wonder if naming a beneficiary as an executor could lead to a will being challenged. Certainly, Ontario wills that name beneficiaries as executors do have an added layer of complexity, but this is very common practice and can be a fine solution if navigated properly.
When taking on a big and complicated task, it can be good to have help. This is often the thinking behind naming two or more executors to an estate. There are clear advantages to having two types of expertise and perspectives when taking on a big task like executing an Ontario estate. But, the risk of conflict can also make this a challenging situation in practice, depending on the arrangement. Here are some things to think about in these cases.
When it comes time to pick an individual to oversee the distribution of a will or trust, many people consider a third-party professional instead of a family member or friend. While it may seem natural to name those with a financial background to this role, it is important to take a closer look at one's title and designation before selecting executors or trustees. An Ontario mutual fund dealer recently landed himself in hot water when he improperly took on two clients' estates as co-executor and trustee.
When creating an estate plan, Ontario residents are entrusting certain individuals with acting for them upon either death or incapacitation. These fiduciaries must perform their tasks honestly, in good faith and to the best of their abilities. What does that mean for the people appointed to fulfill the major roles in those plans?
Being chosen to administer the estate of a loved one is a privilege that comes with numerous duties. As Ontario residents undertake these duties, they may want to keep a few things in mind in order to make sure they get through the process successfully. This begins with knowing what is expected of them as 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.
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?