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Difference between revisions of "Choosing an Executor"
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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. | ||
== What are the executor's responsibilities? == | |||
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. | 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. | ||
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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. | 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. | ||
== Who should you choose to be your 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. | 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. | ||
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== Can more than one person act as executor? == | |||
Yes, you can appoint two or more people to act as your executors. It is important to be aware that if more than one executor is named, the co-executors must act jointly. Neither of them is the "lead" executor or "main" executor. They’ll have to agree on many things, from the selling price of the house to who is going to get the family photo albums. | Yes, you can appoint two or more people to act as your executors. It is important to be aware that if more than one executor is named, the co-executors must act jointly. Neither of them is the "lead" executor or "main" executor. They’ll have to agree on many things, from the selling price of the house to who is going to get the family photo albums. | ||
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== How can you make the job easier for your executor? == | |||
First, ask the person you have in mind if he or she is willing to be your executor. Once they have agreed, you can make the job easier for them if you: | First, ask the person you have in mind if he or she is willing to be your executor. Once they have agreed, you can make the job easier for them if you: | ||