One of the most important decisions you’ll make when writing your will is determining who should be named executor of your estate. Even if you’re just leaving behind household goods and a small savings account, someone – whether appointed by you or the government – must settle your affairs.
Some people consider it an honour – or duty – to take responsibility for ensuring that their loved one’s final wishes are carried out. But serving as an executor can be onerous and time-consuming, even for those with a strong financial or legal background. In a worst-case scenario, executors who act imprudently or in violation of their duties can be sued by beneficiaries and creditors.
Plus, you’ll likely have to deal with the process of locating and determining the value of the deceased’s assets, paying final bills and taxes, and distributing what’s left to the heirs.
Before you agree to serve as an estate’s executor, make sure you understand what will be required of you. Major responsibilities often include:
In short, both parties should thoroughly understand what’s required of an estate’s executor to make sure it’s a good fit. There’s no shame in saying no if it’s beyond your abilities, and plenty of professional help is available – and advisable – if you do need assistance.
Article used with permission from Practical Money Skills Canada
This article is intended to provide general information and should not be considered legal, tax or financial advice. It’s always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.
Ong Financial Planning Services Ltd.
John Ong, CFP, CHS, CPCA, CCS
Financial Planner
Tel: (604) 676-1088
Email:
1275 West 6th Avenue 3rd floor
Vancouver, BC
V6H1A6