You don’t have to be Jeff Bezos to want your savings, personal belongings and other assets to go to the people you love most when you pass on instead of who is next in line according to provincial regulations. That is about as cold as it sounds. This means you have a very important decision to make regarding what you’ve accumulated in your lifetime: Who will handle your affairs when you are gone?
How to Choose the Right Executor for You
The person who will carry out your wishes once you have died is called an executor (a liquidator in Quebec) and they are the trustees of your estate. This should be someone you trust, someone who can administer your estate fairly and in a reasonable amount of time–someone comfortable with dealing with banks, taxes, guardianship, and other aspects of your life, that may need to be settled when you’ve passed on.
Of course, lawyers have experience in all these areas, including estates. You can always count on the legal professionals at LegalShield Canada to carry out your wishes in a fair, prompt manner. Our professionals are available to help every step of the way. Many executors turn to experts to help them administer and distribute estates because the number of tasks can be overwhelming, as well as the difficulty in following the strict obligations of being a fiduciary.
Make certain whomever you choose is organized, honest and has the time and the temperament to administer your estate. Even simple estates can take many months to settle; more complicated ones, especially if contested, can take years. You can appoint one person, or you can appoint more than one, including a professional, like a lawyer.
How Complicated is Your Estate?
Choosing the right executor depends on how complicated your life is. For example, if you have one or more of the following, you may want to consider appointing someone with experience who will likely be better suited to sort out the details:
- Children
- Joint bank account(s)
- Stock portfolios
- Property in Canada
- Property outside of Canada
- Tenants
- Insurance
And even if you have none or few of the above, unhappy family members can add a whole new layer of difficulty, heartache and unanticipated delay if they choose to contest your wishes. Please do come to us for advice on this matter. We can help you avoid as many unexpected hurdles as possible.
What Will Your Executor Do for You?
Being an executor is not an easy job. Among the many tasks they are responsible for include:
- Filing tax returns
- Paying taxes
- Collecting debts
- Making funeral arrangements
- Selling property
- Selling businesses
- Distributing assets
- Filing court papers
- Communicating with your heirs
It is a long process that is not without risk. An executor who acts improperly and benefits from these actions can be sued or even jailed. Although the laws vary across Canada, an executor is entitled to be compensated for their work. It’s important to stipulate how much and by what method they will be paid.
We can help you draft your Will to make sure this is very clear. If your Will does not stipulate the amount, the courts can decide, and the rules are different from province to province. In some places, heirs cannot be paid for the work.
The Takeaway
Having a legal professional by your side when drafting your Will can lessen the burden on you. And when you pass, knowing that an experienced lawyer will be involved in sorting out and distributing all that you have accumulated over a lifetime, can be comforting. Find an affordable plan that suits you.
Articles on the LegalShield.ca website are for informational purposes only and do not constitute legal advice or opinion in any manner. Laws mentioned in the articles vary from province to province. Any links to third-party sites in our articles are for general information purposes only and LegalShield is not affiliated with, nor does it endorse, the content of linked sites. It is always advisable to seek legal counsel—and LegalShield can help.
