Choosing an Executor - Revision history

Elena Renderos at 04:23, 21 March 2019

2019-03-21T04:23:06Z

Elena Renderos at 04:20, 21 March 2019

2019-03-21T04:20:49Z

Drew Jackson at 01:13, 9 March 2019

2019-03-09T01:13:24Z

← Older revision		Revision as of 01:13, 9 March 2019
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	{{REVIEWEDPLS \| reviewer = [[Stephen Hsia\|Stephen Hsia]]\|date= January 2019}}{{Preparing Your Will TOC}}		{{REVIEWEDPLS \| reviewer = [[Stephen Hsia\|Stephen Hsia]]\|date= January 2019}}{{Preparing Your Will TOC}}
	The '''executor''' is the person you name to carry out the instructions in your will. ~~They locate~~ all of your property, ~~pay~~ any debts and funeral costs, ~~prepare~~ the final tax return, and ~~distribute~~ the rest of the estate as the will specifies.		The '''executor''' is the person you name to carry out the instructions in your will.
			==The role of the executor==
			Your executor locates all of your property, pays any debts and funeral costs, prepares the final tax return, and distributes the rest of the estate as the will specifies.

	Your executor may need to '''probate''' the will. This is a legal process that confirms the will is legally valid. To apply for probate, the executor needs to submit the will and certain forms to court. If everything’s in order, the court issues a grant to the executor. Now the executor can legally deal with the estate assets.		Your executor may need to '''probate''' the will. This is a legal process that confirms the will is legally valid. To apply for probate, the executor needs to submit the will and certain forms to court. If everything’s in order, the court issues a grant to the executor. Now the executor can legally deal with the estate assets.

Drew Jackson at 01:08, 9 March 2019

2019-03-09T01:08:09Z

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 * '''Explain your plans''' to family members, the beneficiaries, or anyone who may be legally entitled to a share of the estate. Talking with them now may prevent problems later.
 * '''Review your will''' and your choice of executor every few years, and consider updating it when your circumstances change.
 {{Preparing Your Will Navbox}}

Drew Jackson: /* You can name more than one person to act as executor */

2019-03-09T01:04:34Z

You can name more than one person to act as executor

← Older revision		Revision as of 01:04, 9 March 2019
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	Two or more people can be appointed to act jointly as your executors. Generally, they’ll		Two or more people can be appointed to act jointly as your executors. Generally, they’ll
	have to make decisions and act together. They’ll have to agree on many things, such as the selling price of your home or who gets the family photo albums. If one of them dies, the other may be able to act alone, if your will allows it.		have to make decisions and act together. They’ll have to agree on many things, such as the selling price of your home or who gets the family photo albums. If one of them dies, the other may be able to act alone, if your will allows it.

	If you choose three executors, your will should be clear on what happens if they disagree. You can include in the will a “majority rule clause.” In that case, if there’s a disagreement, the executors can vote and the majority decides. Or you may insist all decisions be made unanimously.		If you choose three executors, your will should be clear on what happens if they disagree. You can include in the will a “majority rule clause.” In that case, if there’s a disagreement, the executors can vote and the majority decides. Or you may insist all decisions be made unanimously.

Drew Jackson at 03:04, 7 March 2019

2019-03-07T03:04:45Z

← Older revision		Revision as of 03:04, 7 March 2019
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	{{REVIEWEDPLS \| reviewer = [[Stephen Hsia\|Stephen Hsia]]\|date= January 2019}}{{~~Writing~~ Your Will TOC}}		{{REVIEWEDPLS \| reviewer = [[Stephen Hsia\|Stephen Hsia]]\|date= January 2019}}{{Preparing Your Will TOC}}
	The '''executor''' is the person you name to carry out the instructions in your will. They locate all of your property, pay any debts and funeral costs, prepare the final tax return, and distribute the rest of the estate as the will specifies.		The '''executor''' is the person you name to carry out the instructions in your will. They locate all of your property, pay any debts and funeral costs, prepare the final tax return, and distribute the rest of the estate as the will specifies.

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	It is always a good idea to make a new will if you move between provinces. If someone dies in British Columbia but had a valid will in another province, the executor may be able act on the will. But the process may be more complicated.		It is always a good idea to make a new will if you move between provinces. If someone dies in British Columbia but had a valid will in another province, the executor may be able act on the will. But the process may be more complicated.

	{{~~Writing~~ Your Will Navbox}}		{{Preparing Your Will Navbox}}

	{{Creative Commons for PLS		{{Creative Commons for PLS
	\|title = ~~Writing~~ Your Will		\|title = Preparing Your Will
	\|author =		\|author =
	}}		}}
	__NOGLOSSARY__		__NOGLOSSARY__

Elena Renderos at 07:04, 4 March 2019

2019-03-04T07:04:10Z

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	* '''Time and ability''': Being an executor takes time, energy, and attention to detail. The job will be more demanding if your affairs are complicated — for example, if you have a lot of investments or debts, or if the will includes a '''trust'''. It helps if the person you choose is organized and a good communicator.		* '''Time and ability''': Being an executor takes time, energy, and attention to detail. The job will be more demanding if your affairs are complicated — for example, if you have a lot of investments or debts, or if the will includes a '''trust'''. It helps if the person you choose is organized and a good communicator.

	== ~~Who should you choose~~ to ~~be your~~ executor? ==		== Other factors to consider in choosing an executor ==
	~~An executor should be someone you trust and who has the ability to carry out the instructions in your will~~. ~~It’s best if he or she is familiar with your situation and your wishes~~. ~~An executor can be one of your beneficiaries. Most people ask a family member or close friend to be their executor~~.		[[File:Preparing_Your_Will_-_Image_1.jpg\|thumb\|275px\|right\| link=\| <span style="font-size:50%;">Image via www.istockphoto.com</span>]]

	~~You can also~~ appoint ~~a lawyer~~, ~~a notary public~~, ~~or a private trust company as executor~~. ~~The Public Guardian and Trustee may agree~~ to be ~~appointed~~ executor in ~~some circumstances~~.		Also keep in mind that:
			* Your executor should be someone who’s likely to outlive you. It’s not recommended to appoint someone under age 19. If they aren’t yet 19 when you die, probate may be delayed.
			* Your executor ''can'' be someone who lives outside the province, but this isn’t ideal either. All procedures to settle the estate will be done in British Columbia. So it’s more convenient if the executor lives close by.
			* It’s simplest to appoint someone who lives in Canada. There are significant tax consequences, for example, if the executor is living outside the country.

	~~In choosing an~~ executor~~, keep~~ in ~~mind that:~~		{{PLSTipsbox
	* Your executor should be someone who will ~~likely outlive you~~.		\| text = It’s very important to name at least one alternate (that is, a backup) executor in your will. If the first choice isn’t able or willing to act, the alternate can step up.
	* Your executor can be someone who does not live in the ~~province~~, ~~but all procedures to settle~~ the ~~estate will be done in British Columbia~~. ~~It is~~ more ~~convenient~~ to ~~get documents signed and tasks done by an~~ executor ~~who lives close by.~~		}}
	* Although not recommended, you can ~~appoint someone under age 19~~ as ~~executor~~. ~~However~~, ~~if he or she has not reached age 19~~ on your ~~death~~, ~~probate~~ may be ~~delayed~~.
	* It helps if the ~~person you appoint is organized and~~ a ~~good communicator~~.		== You can name more than one person to act as executor ==
	* Most importantly, the ~~person must~~ be ~~willing to take on the duties of executor~~.		Two or more people can be appointed to act jointly as your executors. Generally, they’ll
			have to make decisions and act together. They’ll have to agree on many things, such as the selling price of your home or who gets the family photo albums. If one of them dies, the other may be able to act alone, if your will allows it.
			If you choose three executors, your will should be clear on what happens if they disagree. You can include in the will a “majority rule clause.” In that case, if there’s a disagreement, the executors can vote and the majority decides. Or you may insist all decisions be made unanimously.

	{{PLSTipsbox		{{PLSTipsbox
	\| text = ~~It is very important to name at least~~ one ~~alternate or backup~~ executor in your ~~will~~. If the executor is ~~unable~~ or ~~unwilling~~ to ~~act~~, the ~~alternate can take over~~.		\| text = If you’re thinking of appointing more than one executor, consider if they’d be a good team. You should discuss your wishes with all of them, preferably together.
	}}		}}

			== How you can make the job easier for your executor ==
			You can help your executor by taking these steps:
			* '''Register your will''', and tell your executor where the original will is kept. It should be easy for them to access.
			* '''Keep an up-to-date, detailed record''' of everything you own and owe. For example, record your bank accounts, retirement benefit plans, insurance policies, real estate, and pension benefits. Note any items owned in '''joint tenancy''' or that name a specific '''beneficiary'''. The executor won’t have to manage these assets.
			* '''Explain your plans''' to family members, the beneficiaries, or anyone who may be legally entitled to a share of the estate. Talking with them now may prevent problems later.
			* '''Review your will''' and your choice of executor every few years, and consider updating it when your circumstances change.

	== Can more than one person act as executor? ==		== Can more than one person act as executor? ==

Elena Renderos at 06:57, 4 March 2019

2019-03-04T06:57:18Z

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	Estates that involve a small amount of money (under $25,000) may not need to go through probate. It’s up to the outside parties who hold your assets (such as a bank) whether they’ll give the executor those assets without a grant.		Estates that involve a small amount of money (under $25,000) may not need to go through probate. It’s up to the outside parties who hold your assets (such as a bank) whether they’ll give the executor those assets without a grant.

	== What ~~are the~~ executor~~'s responsibilities?~~ ==		== What to consider when choosing your executor ==

	~~The [[Being an Executor\|role of~~ executor~~]] usually involves paying any outstanding debts~~, ~~applying for the Canada Pension Plan death benefit~~, ~~selling some assets~~, ~~preparing~~ the ~~final tax return,~~ and ~~distributing the estate. How much time this takes depends on how complicated your affairs are~~.		Most people ask a family member or close friend to be their executor. You can also ask a lawyer, a '''notary public''', a private trust company, or the Public Guardian and Trustee.

	~~Your~~ executor ~~may need~~ to ~~[[Probating~~ the ~~Will\|~~'''~~probate~~''' ~~the will]]~~. ~~Probate is a legal procedure that confirms the will is legally valid~~. ~~In the probate process~~, ~~the executor submits special forms~~ and ~~the will~~ to ~~court~~. ~~If everything is in order~~, ~~the court issues~~ a ~~grant~~ of ~~probate.~~		Important qualities to look for when choosing an executor include:
			* '''Willingness''': The person you’re thinking of appointing should confirm that they’re willing to take on the job.
	~~Some estates that involve only~~ a ~~small amount of money (under $25,000) may not need to go through probate~~. It is ~~up to the third parties who hold your assets whether they will give the executor those assets without probate~~.		* '''Trust and familiarity''': An executor should be someone you trust to carry out your wishes. It’s best if they’re familiar with your situation.
			* '''Time and ability''': Being an executor takes time, energy, and attention to detail. The job will be more demanding if your affairs are complicated — for example, if you have a lot of investments or debts, or if the will includes a '''trust'''. It helps if the person you choose is organized and a good communicator.

	== Who should you choose to be your executor? ==		== Who should you choose to be your executor? ==

Elena Renderos at 06:55, 4 March 2019

2019-03-04T06:55:35Z

← Older revision		Revision as of 06:55, 4 March 2019
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	{{REVIEWEDPLS \| reviewer = [[Stephen Hsia\|Stephen Hsia]]\|date= January 2019}}{{Writing Your Will TOC}}		{{REVIEWEDPLS \| reviewer = [[Stephen Hsia\|Stephen Hsia]]\|date= January 2019}}{{Writing Your Will TOC}}
	~~Your~~ '''executor''' is the person you name to carry out the instructions in your will. They ~~are responsible~~ for ~~settling~~ your ~~affairs~~.		The '''executor''' is the person you name to carry out the instructions in your will. They locate all of your property, pay any debts and funeral costs, prepare the final tax return, and distribute the rest of the estate as the will specifies.

			Your executor may need to '''probate''' the will. This is a legal process that confirms the will is legally valid. To apply for probate, the executor needs to submit the will and certain forms to court. If everything’s in order, the court issues a grant to the executor. Now the executor can legally deal with the estate assets.

			Estates that involve a small amount of money (under $25,000) may not need to go through probate. It’s up to the outside parties who hold your assets (such as a bank) whether they’ll give the executor those assets without a grant.

	== What are the executor's responsibilities? ==		== What are the executor's responsibilities? ==

Elena Renderos at 06:54, 4 March 2019

2019-03-04T06:54:53Z

← Older revision		Revision as of 06:54, 4 March 2019
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	{{REVIEWEDPLS \| reviewer = [[Stephen Hsia\|Stephen Hsia]]\|date= January 2019}}{{~~Preparing~~ Your Will TOC}}		{{REVIEWEDPLS \| reviewer = [[Stephen Hsia\|Stephen Hsia]]\|date= January 2019}}{{Writing Your Will TOC}}
	Your '''executor''' is the person you name to carry out the instructions in your will. They are responsible for settling your affairs.		Your '''executor''' is the person you name to carry out the instructions in your will. They are responsible for settling your affairs.