When you accepted the job of carrying out the last wishes of your loved one, you may not have fully understood what you were getting yourself into. Now that the time has come for you to take on your duties as an estate trustee, it would probably help for you to gain an understanding of the tasks for which you will be responsible.
If you are asked to execute a loved one's will, it can seem like a tremendous honour. However, it is also a significant responsibility and can come with many challenges.
When picking an executor, it is common practice to select a trusted family member and someone who lives nearby. However, for Canadian residents from immigrant families, this can be tricky advice to abide by.
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.
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.
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.
When a person passes away, the individual responsible for overseeing the estate administration process is usually an executor. However, Ontario residents who choose to put some or all of their wealth in a trust will also name trustees. This person or persons are responsible for managing this portion of the estate administration, so it is important to clearly understand their duties and responsibilities in order to select and prepare the right person for the job.
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.