The Top 5 Things to Consider When Naming Your Executor
Choosing who to name as your Executor can be an overwhelming task when creating your will. You want to ensure that you are choosing someone that will carry out the role and successfully administer your estate, but how do you know who to choose?
The role is commonly appointed to children, family members and friends and is treated as a great honor to be the chosen one! The reality is that the role of Executor comes with a lot of work, deadlines, paperwork to file, and meetings with financial institutions and other professionals. With so much information to consider on who to name as your Executor, it’s easy to see why this is an overwhelming decision. To help you through this decision-making process, here are our five top tips to consider when it comes to choosing who to name as your Executor:
1) Age – Are they young and in good enough health to act? Keep in mind that administering an estate doesn’t happen overnight and is a prolonged process with many steps involved. Are they going to be able to handle that at their age?
2) Location – Does this person live in the same country as you and understand the process of administering an estate? Are they within distance to deal with the assets involved?
3) Time – Does this person have the time available to act as Executor? As mentioned earlier the role comes with a lot of work and is a big-time commitment!
4) Organization – Will this person be able to keep meticulous records and meet deadlines? The Executor must be responsible and ensure nothing is missed as they are personally liable for everything that happens while administering your estate.
5) Objectivity – Will they treat the beneficiaries and family members equally and with respect?
Communication is important when it comes to naming your Executor. You will want to make certain that they know they are being appointed and understand the scope of the work involved. Nobody likes the “Hey – surprise you’re an Executor…” phone call!
Another great tool when it comes to naming your Executor is our new online course called Executor Ready! Executor Ready does just that – gets your Executor ready for the role through ten easy-to-digest video modules led by our CEO and Founder Debbie Stanley. We answer
burning questions like “Do I really need probate?” to “What is a Clearance Certificate?” Click the link to learn more and to get your Executor Ready today!
Founded by Debbie Stanley, ETP Canada is a boutique firm located in Guelph, Ontario that specializes in Estate Administration. ETP Canada helps Executors navigate their role while providing hands-on support through services such as Executor Support, Estate Accounting, and Professional Executor services. While it’s not simple, the goal at ETP Canada is to help people breathe a sigh of relief so that they understand what is happening and what to do next when
dealing with a loved one’s estate. ETP Canada has recently launched Executor Ready, which is an online-based course designed to help make Estate Administration easier to navigate for Executors across Canada. Today, ETP Canada continues to be at the forefront for educating families about the complexities of Estate Administration, while aiming to ease life after death for