When you’re no longer around, you’ll want somebody you can trust to ensure that your final wishes, as outlined in your will, are respected and adhered to. But choosing such a person to be an executor isn’t always straightforward.
Your named will executor in Alberta must be prepared to take on a significant responsibility, especially if your estate is particularly large or complicated, and the work they must be willing to be involved in can be intense and longwinded.
To help you find and appoint a suitable executor for your will, here are some important things to keep in mind:
Only ever choose someone you trust.
Family members are a common and popular choice, simply because of the trust factor. They already know the dynamics of the family, making it easier for them to navigate tricky situations. While a spouse can be your executor, you may feel as if the burden of such a responsibility would be too much for them to bear at such a sad and painful time. Close friends can also be appointed as executors.
Seek their permission.
You should never appoint an executor without first checking that they’re willing and able to carry out the task when the need arises.
Appoint co-executors
Because the role is quite burdensome, you can appoint other trusted people as co-executors, but it’s important that they get along with one another.
Ask yourself whether your executor is capable enough.
Although no special skills are required for the role, complex estates might require an executor with a business head—someone who you can be confident will make the right decisions for the benefit of your heirs.
Get advice from a professional.
While it may not be necessary to seek professional guidance when writing a will and appointing executors for a straightforward estate, for those that are more complex, having the help of a CPA or similar professional would definitely be advantageous. In fact, in some instances, professional trustees such as a lawyer or an accountant can even be appointed as executors.
Note that should your chosen executor wish to seek professional help with fulfilling their role, unless they choose to pay for such guidance themselves, the fees will come out of your estate.
Try to appoint someone local.
Ideally, your chosen executor should reside in the same town, city, or village as you, as trying to settle an estate from a remote location can cause delays.
Be mindful of their age.
You may want to appoint a senior trusted member of your family as executor of your will, but if your estate is anything other than straightforward, the effort involved to manage it could prove too much for someone frail or in poor health. The sad reality is also that you may be faced with their death before your own, which naturally comes with its own complications.
Assess your choice periodically.
It’s always wise to review your will and your appointed executors every few years (experts recommend doing so every three years), and any time your circumstances change in a way that might impact your estate.
Consider provincial regulations and legislation.
Laws and regulations relating to estate management can vary hugely from one province to another, but a local estate executor can help make sure you tread the right path and that everything you decide upon meets all necessary requirements.
Oftentimes, the person you appoint as executor of your will is an obvious choice, but that doesn’t mean you should rush into the decision without ample consideration of the facts. And if in doubt with regards to any aspect of estate management, simply consult with a local professional, who can take some of the burden of responsibility from your shoulders.
