Choosing an executor for your estate is one of the most important decisions you will make when preparing your end-of-life affairs. What makes someone a good choice for this role?
While it may seem like a small part of estate planning, having a well-chosen executor can give you and your loved ones peace of mind, knowing that your affairs will be handled expeditiously and with care.
What is an executor and what is their role?
The first step is to learn a bit about the duties expected of an executor. Your executor will be tasked with carrying out your instructions as set out in your will and any other end-of-life documents you have prepared with your estate lawyer. This includes contacting beneficiaries, settling your debts and obligations, distributing property and your personal possessions, and making any other arrangements you have set out in your will.
Why do you need to name an executor?
Having an executor – and possible alternative – appointed in advance of your passing will facilitate the settlement of your affairs. An executor can immediately act to access necessary information and perform other tasks. If you do not have an executor, the administration of your estate can be delayed while an administrator is identified and appointed by an Ontario Court.
What qualities make someone a good executor?
A good executor is someone that you trust to carry out your wishes and look out for the best interests of your beneficiaries and dependents. They should have enough time to devote to the task, and should be someone comfortable with paperwork and able to keep projects well organized.
Finally, and most importantly, a potential executor must be willing to take on the role and understand the commitment required. Speak to them in advance of meeting with your estate lawyer, and give them some time to make a decision.
Well-Regarded Estate Planning Lawyers in Kitchener-Waterloo
Having a well organized and up to date estate plan makes it much easier for your executor to fulfill their duties in a timely and effective manner. One of the members of our Wills & Estates Team can help you create a clear, thoughtful estate plan that will protect your assets and provide for your beneficiaries.
To make an appointment with one of our lawyers, please contact us online, or call 519-886-3340.