Difference between revisions of "Choosing an Executor"

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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.  
==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.
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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.
In choosing an executor, keep in mind that:
* 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.  
* Your executor should be someone who will likely outlive you.  
* 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.
* 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.
* Most importantly, the person must be willing to take on the duties of executor.


{{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 = 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.
}}  
}}
 
== 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.


If one executor dies, the other one can act alone.  
== 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.


Sometimes people choose three executors so that if there are disagreements, the executors can vote and the majority will decide. However, you need to say in the will that this is what you want; otherwise all decisions must be unanimous. You also must say that the executor who doesn’t agree with the other two will still go along with the decision and sign any necessary documents. This is called a '''majority rule clause'''.
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 = If you appoint more than one executor, consider if they will be able to work together. You should discuss your wishes with both of them. It’s best if you can do this with them together.
| 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 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:
* '''Discuss your wishes''' with the executor, including burial and cremation.
* '''Register your will''', and tell your executor where the original will is kept. It is a good idea to keep it somewhere where your executor can access it.
* '''Keep an up-to-date, detailed record''' of all that you own and all that you owe. For example, record your bank accounts, RRSPs or RRIFs, insurance policies, real estate, and pension benefits. Note any items which are owned in joint tenancy or which name a specific beneficiary. These are dealt with outside the estate, so the executor does not have to manage them.
* '''Explain your plans''' to family members, the beneficiaries, or anyone who may be entitled to a share of the estate. Talking with them now will prevent problems later.
* '''Review your will''' and your choice of executor every few years or when your circumstances change.
* '''Update the will''' if there are any changes.


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.  
== 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.


{{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 =  
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__NOGLOSSARY__
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Latest revision as of 04:23, 21 March 2019

This information applies to British Columbia, Canada. Last reviewed for legal accuracy by Stephen Hsia in January 2019.
Preparing Your Will
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Preparing Your Will.
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Contents
Why You Should Consider a Will
Choosing an Executor
Preparing a Will
Preparing Your Will: Step-by-Step
Changing or Cancelling a Will
Common Questions
Where to Get Help
Glossary
About ‎
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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.

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 to consider when choosing your executor

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.

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.
  • 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.

Other factors to consider in choosing an executor

Image via www.istockphoto.com

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.
Tip v3.jpg
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.

Tip v3.jpg
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.
v • d • e
Why You Should Consider a Will
Choosing an Executor
Preparing a Will
Preparing Your Will: Step-by-Step
Changing or Cancelling a Will
Common Questions
Resources
About


Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International Licence Preparing Your Will © People's Law School is, except for the images, licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International Licence.
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