Calgary Estate Planning - Criteria for Selecting an Executor
The executor is the person who is in charge of administering your estate. This person makes sure that the instructions in your will are followed, and to that end, your executor ensures that your creditors are paid and that your beneficiaries receive what has been stipulated in your will. In some cases, your executor will have to maintain an ongoing trust. For example, if leave behind minor children when you die, your executor will likely be in charge of maintaining a trust for your children. Likewise, if you have disabled beneficiaries, or wish to set up a charitable trust, your executor may have continuing responsibilities as a trustee of your estate.
Obviously, the person you choose as an executor should be smart. This person should also be good with money, but, that being said, an executor doesn't necessarily have to be a sophisticated businessperson. If an executor is required to invest estate funds in an ongoing trust, he or she can consult with a financial planner or accountant to assist with the investment choices and record keeping tasks of the estate. So you don't need a CA or a Bay Street whiz to be in charge of your estate.
Other criteria can be very important, however. The executor should be trustworthy. If you have any doubts at all about this person's character, pick someone else as your executor. Your executor should also be willing to take on the task. You might have a third cousin who's a financial planner, but typically being an executor is a lot of hassle with little reward, so spouses, siblings, and children usually make better choices. Also, your executor should ideally be healthy and not too old. If you're doing your will in your twenties, you might put a parent as an executor. But if you're doing your will in your fifties, you should probably be looking to those who are your age or (even better) younger. Finally, proximity is extremely beneficial. If your executor lives in China and all your assets are in Alberta, perhaps you should consider someone closer to home.
Other factors that I have not discussed may be important as well, depending on your circumstances.
Obviously, the person you choose as an executor should be smart. This person should also be good with money, but, that being said, an executor doesn't necessarily have to be a sophisticated businessperson. If an executor is required to invest estate funds in an ongoing trust, he or she can consult with a financial planner or accountant to assist with the investment choices and record keeping tasks of the estate. So you don't need a CA or a Bay Street whiz to be in charge of your estate.
Other criteria can be very important, however. The executor should be trustworthy. If you have any doubts at all about this person's character, pick someone else as your executor. Your executor should also be willing to take on the task. You might have a third cousin who's a financial planner, but typically being an executor is a lot of hassle with little reward, so spouses, siblings, and children usually make better choices. Also, your executor should ideally be healthy and not too old. If you're doing your will in your twenties, you might put a parent as an executor. But if you're doing your will in your fifties, you should probably be looking to those who are your age or (even better) younger. Finally, proximity is extremely beneficial. If your executor lives in China and all your assets are in Alberta, perhaps you should consider someone closer to home.
Other factors that I have not discussed may be important as well, depending on your circumstances.
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