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Posts tagged "Trustees"

What you can expect when serving as an estate trustee

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.

Understanding the fiduciary duties of trustees to beneficiaries

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.

Completing tasks and communicating in advance can help executors

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.

Is it a good idea to name your sole beneficiary as your executor?

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.

Considerations for Canadians picking will executors

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.