Naming an executor is one of the most important aspects of your will. Choosing the wrong person for the job can make things messy, complicated and difficult for your beneficiaries. To help you make the best possible decision, we have compiled expert tips from our wills and estates lawyers in New Westminster.
Most lawyers agree that it’s often wise to choose a family member when possible. This is because he or she will have a vested interest in seeing the job through to the end and will be less likely to mismanage your affairs. Whether you appoint a family member or not, there are a few characteristics you should be mindful of.
Any wills and estates lawyer can tell you that trustworthiness is far more important than expertise when it comes to administering an estate. Choose someone you know to be honest and fair because he or she can always seek legal advice whenever necessary.
Before you appoint someone, be sure to ask permission to do so. Administering an estate can be a long, arduous process that often takes well over a year to complete, and not everyone will be up to the task.
It’s best to name someone who is younger than you if possible. Appointing an executor much older than you can lead to complications if his or her health declines before or immediately after your passing.
Aside from the traits listed above, there are other things that you should take into consideration when choosing an executor.
First, the person you choose should reside in Canada for tax purposes. It’s also best for the executor to live in close proximity so that the process of carrying out your wishes can be started quickly and carried out efficiently.
Always have a backup executor named. There is a chance that your first choice will not be able to accept the job when the time comes, so it’s best to name an alternate executor who will be able to step in and act if need be.
Carefully review your choices every time you update your will. The best person for the job may change over time.
It never hurts to get an expert opinion when it comes to drawing up important legal documents such as a will. If you need advice, don’t hesitate to contact our lawyers at LMN Law Group for a professional opinion.
The information contained here should not be construed as legal advice. We strongly recommend that readers contact a lawyer to obtain legal guidance specific to their unique situations.