How Can I Choose An Executor For My Will?
When preparing your Will, one important decision you’ll need to make is selecting an Executor to manage your estate. The Executor is the person responsible for ensuring that your final wishes are carried out, your assets are distributed according to your Will, and any outstanding debts or taxes are paid.
Choosing a person for this role can be challenging, as the individual Will need to handle various responsibilities with care, diligence, and integrity. While anyone can be an Executor, especially if they have good legal counsel, there are certain qualities that would make one more suitable than others for this role.
Understand the Role of an Executor
Before choosing someone for the role, it’s essential to understand what the responsibilities of an Executor entail. The Executor will be tasked with:
- Making funeral and burial arrangements
- Paying any outstanding debts, taxes, or expenses from the estate
- Managing and liquidating assets
- Distributing the residual assets to your beneficiaries according to the terms of your Will
- Determining if the Will needs to be probated
- Filing final income tax returns
- Managing any potential conflicts that may arise among your beneficiaries
Although the duties of an Executor can be complex, the use of an estate lawyer can make the role much less daunting.
Qualities to Look for in an Executor
When considering someone for this role, there are certain qualities and characteristics that will help them succeed in this role. These include:
- Trustworthiness: Since the Executor will be managing your estate and ensuring your wishes are followed, you want someone you can trust to act in the best interests of your beneficiaries.
- Organizational Skills: The role of an Executor involves a great deal of paperwork and legal obligations. A person with strong organizational and time-management skills will be better equipped to manage the various tasks involved.
- Financial Savvy: While your Executor doesn’t need to be a financial expert, someone with a good understanding of money management and basic financial principles will be an asset when handling your estate.
- Communication Skills: Executors often need to communicate with multiple parties, such as beneficiaries, lawyers, accountants, and the probate court. Clear, effective communication is essential to ensuring everything runs smoothly.
- Calm Under Pressure: Distributing an estate can sometimes lead to conflicts among family members or other beneficiaries. An Executor who can remain calm, fair, and impartial in these situations will be better equipped to navigate any potential disputes.
Who Can Serve as an Executor?
In Saskatchewan, an Executor can be a family member, close friend, or a professional such as a trust company. An individual cannot act as an Executor if they are: i) under the age of 18; ii) an undischarged bankrupt; or iii) convicted of an offence involving dishonesty.
Choosing someone close to you, like a family member or friend, can be a good option if they are familiar with your wishes and have the ability to carry out the role effectively. However, it’s important to consider their ability to manage the legal and financial complexities, as well as their willingness to take on this responsibility.
If you don’t have a suitable person in your personal network, or if you anticipate that your estate might be complex or contentious, hiring a professional such as a trust company may be an option to consider. Before hiring a trust company, it is advisable to meet with the trust company and also to get legal advice, as a trust company will need to agree in advance and their fees may be significant.
Discuss Your Choice with the Executor
Once you’ve decided who to appoint as your Executor, it’s crucial to have a conversation with them about the role. Make sure they understand the responsibilities involved and are willing to take on the task when the time comes. You are not required to provide your Executor with a copy of your will, but you should let them know where your important documents are located.
Consider Naming Alternate Executors
Life can be unpredictable, and it’s possible that your chosen Executor may not be able to perform their duties when the time comes due to illness, death, or other personal reasons. For this reason, you should consider adding an alternative person to ensure that there is a backup person in place who can step in if needed.
Review Your Choice Periodically
Your relationships and circumstances may change over time, so it’s important to periodically review your choice of Executor.
Although acting as an Executor can be a time-consuming and overwhelming role, having an estate lawyer can significantly simplify the role and make it much more manageable. At Gates Law, we can guide you through the process of crafting a Will and selecting an Executor that aligns with your estate planning needs. We can also step in and assist your Executor with as much or as little of the estate administration process as your Executor needs. If you or your Executor need assistance in making these crucial decisions or navigating other aspects of estate planning, our team is here to support you every step of the way.
Disclaimer: This Blog is intended to provide readers with general information. Each client’s circumstances and legal solutions might vary.
