The Importance of Naming an Executor
In Ontario, anyone who is at least 18 years old and mentally capable can be named as an Executor in a Will. An Executor can be a family member, friend, professional advisor, or even a trust company. Here are some things to keep in mind when choosing an Executor for your Will:
- Trustworthiness: The Executor is responsible for managing and distributing your assets according to your wishes, so it’s important to choose someone who is trustworthy and responsible.
- Availability: Being an Executor can be a time-consuming and complex task, so it’s important to choose someone who is available and willing to take on the responsibility.
- Financial literacy: The Executor may need to make decisions about investments, taxes, and other financial matters, so it’s important to choose someone who is financially literate or who can seek professional advice when needed.
- Conflict of interest: It’s important to choose an Executor who does not have a conflict of interest with any Beneficiaries or other parties involved in the Estate.
- Legal requirements: The Executor must be at least 18 years old and mentally capable and must also be a Canadian resident or have a bond in place.
It’s important to consider these factors carefully when choosing an Executor for your Will. You may also want to seek the advice of a lawyer or financial advisor to ensure that your Executor is properly appointed and that your wishes are carried out according to your wishes.
Read about the Importance of an Estate Plan
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This material is for general information and educational purposes only. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions.