One of the most common questions during our initial client meetings.
Choosing an executor (also known as a “personal representative” or “estate trustee”) is an important decision when creating your estate plan in Ontario.
Here are some factors to consider when choosing your executor:
- Trustworthiness: Your executor will have significant responsibilities, including managing your assets, paying your debts, and distributing your property according to your wishes. Therefore, you’ll want to choose someone trustworthy and responsible.
- Availability: Your executor should be willing and able to fulfill their duties when the time comes. Consider whether the person you’re considering has the time and availability to take on this role.
- Legal and financial knowledge: An executor should understand legal and financial matters to manage your estate properly. They don’t need to be an expert, but some knowledge in these areas can be helpful.
- Conflict resolution skills: Choosing someone who can handle potential conflicts that may arise during the estate administration process is essential. They should be able to communicate effectively with family members and other beneficiaries.
- Age and health: You’ll want to choose someone who is likely to outlive you and is in good health. If you select an older or unwell executor, they may only be able to fulfill their duties or may pass away after your estate is settled.
- Age and stage of life: Consider the age and stage of life of the person you’re considering. For example, suppose you’re choosing a family member. In that case, consider whether they have young children or a demanding job that may make it difficult for them to take on an executor’s responsibilities.
- Relationship: Consider your relationship with the person you’re considering. Choosing a family member is unnecessary, but choosing someone you trust and who understands your wishes is essential.
- Personality: Consider whether the person you’re considering has a well-suited personality to manage an estate. They should be organized, detail-oriented, and able to work well under pressure.
- Communication Skills: Choosing an executor who can communicate effectively with beneficiaries and other parties involved in the estate administration process is essential. They should be able to explain complex legal and financial matters clearly and concisely.
- Location: Consider whether your executor lives near your assets. If they live far away, it may be easier for them to manage your estate.
- Experience: If your estate is complex, choosing an executor with experience managing estates may be beneficial. This could be a lawyer, accountant, or another professional.
Once you have considered these factors, you can choose your executor and include their name and contact information in your will. It’s also a good idea to discuss your choice with them ahead of time to ensure they are willing to take on this responsibility.
For any estate planning questions, reach out to us at 343-888-8934 or advice@ottawa.law
