For seniors, it’s critical to ensure your will is up to date and that your executor is up to the task of carrying out your final wishes
Most Canadians eventually get around to estate planning and putting their financial affairs in order – even if that often occurs later in life than it should.
Given that your executor acts as your voice after you die, Canadians need to put a lot more thought into who they select for the role, says Darren Coleman, senior portfolio manager, private client group, with Coleman Wealth at Raymond James Ltd. In Toronto. “They have to be able to handle the emotional effort of doing the executor’s role,” Mr. Coleman says. “They wind up having the beneficiaries – who could be family – be very unhappy with them in their decision making because the executor has to act for the diseased, not necessarily give every family member what they want.”
Ms. Mendel, who often works on behalf of trustees and executors, advises people to make it as simple as possible for their executors. That includes creating a list of key contacts, how to access finances and insurance policies, safety deposit boxes, passwords for electronic devices, etc. For those updating an existing will, that means perhaps dropping a prior executor because he or she have moved to another province or country, is in poor health or no longer wishes to take on the role.
The couple could instead consider appointing one of the four children as executor, he says. For example, a child who gets along with all the siblings and who is trusted by them, with one or more other children as backup executors.For people with complicated estates or limited choices for executors, appointing a professional trustee may be a good option, Mr. Coleman says.
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