When writing a will one of the most important questions to consider is “who your executor is going to be”. An executor is the person the testator (person signing the will) appoints to ensure that the wills is followed.
Generally speaking, an executors duties include but are not limited to:
- Payment of all debt;
- Payment of final taxes and requesting a final clearance certificate from CRA;
- Distribution of assets to the beneficiaries;
- Finalizing any disputes of the deceased; and
- Transferring all land out of the deceased name and if necessary, sale of land.
Acting as an executor is a big responsibility and can be a lot of work. For that reason, many testators provide instructions in their wills to provide a payment for the executor to act. A common amount to provide is a percentage of the estate, the percentage often changes based on how much work the testator thinks their estate will be to manage.
Who you pick as an executor is an extremely personal choice and will be different for each person.
However, some characteristics you want think about are:
- Age: You want to appoint someone who will stand the test of time as your executor and are in a position in their life where they can handle the responsibility. It is important to note an executor must be at least 18 years of age to be appointed.
- Trust: You are asking your executor to finalize your affairs once you are gone, and so you want to appoint someone you trust with all of your assets and debt.
- Location: An executor must live in the Canada to act. However, depending on the size of your estate you may want to appoint someone who lives near to you. By appointing someone that lives close to your assets it ensures there is less of a burden in maintaining them until they are sold or transferred.
Who you choose to act as executor will depending on what stage of life you are in. To discuss who meets your needs it is recommend you come up with multiple options that can be discussed with your lawyer to determine who the best fit is.
