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Difference between revisions of "Choosing an Executor"
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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. | ||
== | == Other factors to consider in choosing an executor == | ||
[[File:Preparing_Your_Will_-_Image_1.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]] | |||
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. | |||
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| 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. | |||
}} | |||
== You can name more than one person to act as 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 = | | 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? == | ||