One of the most important things you can do when making a will is to appoint a will executor. Your executor (also known as an Estate Trustee) will have the task of undertaking the probate and administration of your estate in according with the law.
Your will executor will have the responsibility of obtaining probate, calling in all your assets, paying off all debts, distributing the net assets among the beneficiaries named in your will – and satisfying the beneficiaries and the court that the estate has been properly administered.
Who should I choose?
It is up to you who you choose to act as your Executor but you should make your choice wisely: chose someone you know to be trustworthy, reliable and responsible; someone who you are sure will be up to the job of dealing with the administration of your estate when you die. They will, for instance, have to open a dedicated bank account for the estate and drawn up accounts at the close of the administration. They are also entitled to be paid out of the estate for acting as your administrator.
We strongly advise you to discuss the matter with them before you make a will to see if they are happy to take on the role. If your estate is particularly complex or high value, there may be matters you wish to specifically discuss with your potential executors before they are willing to be formally appointed as Executor in the will. It is also advisable to consider appointing two executors, although if yours is a simple estate this may not be necessary. We can advise you fully as to whether or not you should appoint more than one will executor.
Choose someone local if possible – this will make dealing with the day to day administration of your estate run more smoothly. We also advise you not to appoint someone older than you or someone who is ill: if they die before you, their executor may become your executor – a situation that can complicate matters.
Finally, you may appoint someone as your will executor even if they are a beneficiary under your will.
How can we help?
If you considering making a will, do communicate and discuss matters with any individual you are considering appointing as your Executors/Estate Trustees. Contact our Wills Lawyer Toronto for specialist legal advice – the experienced Estate Administration lawyers at Rogerson Law Group can expertly guide you through the will-making process.
Rogerson Law Group provides cross border Estate Administration (Probate) services in the entire GTA including Toronto, Scarborough, Mississauga, Vaughan, Brampton, Richmond Hill, Etobicoke, and Barrie and surrounding areas with offices located in downtown Toronto, Barrie, and an associated office Ottawa. Contact us now at firstname.lastname@example.org