Open main menu

Clicklaw Wikibooks β

Changes

Choosing an Executor

1,350 bytes added, 07:04, 4 March 2019
no edit summary
* '''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 Other factors to be your 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[[File:Preparing_Your_Will_-_Image_1. It’s best if he or she is familiar with your situation and your wishesjpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www. An executor can be one of your beneficiaries. Most people ask a family member or close friend to be their executoristockphoto. com</span>]]
You can also Also keep in mind that:* Your executor should be someone who’s likely to outlive you. It’s not recommended to appoint a lawyersomeone under age 19. If they aren’t yet 19 when you die, a notary publicprobate may be delayed.* Your executor ''can'' be someone who lives outside the province, or a private trust company as executorbut this isn’t ideal either. The Public Guardian and Trustee may agree All procedures to settle the estate will be appointed done in British Columbia. So it’s more convenient if the executor lives close by. * It’s simplest to appoint someone who lives in some circumstancesCanada. There are significant tax consequences, for example, if the executor is living outside the country.
In choosing an {{PLSTipsbox| text = It’s very important to name at least one alternate (that is, a backup) executor, keep in mind that:* Your executor should be someone who your will likely outlive you. * Your executor can be someone who does not live in If the provincefirst choice isn’t able or willing to act, but all procedures to settle the estate will be done in British Columbiaalternate can step up. It is }} == You can name more convenient than one person to get documents signed and tasks done by an act as executor who lives close by. ==* Although not recommended, you Two or more people can appoint someone under age 19 be appointed to act jointly as executoryour executors. HoweverGenerally, if he or she has not reached age 19 they’ll have to make decisions and act together. They’ll have to agree on many things, such as the selling price of your deathhome or who gets the family photo albums. If one of them dies, probate the other may be delayedable to act alone, if your will allows it.* It helps If you choose three executors, your will should be clear on what happens if they disagree. You can include in the person you appoint is organized and will a good communicator“majority rule clause. * Most importantly” In that case, if there’s a disagreement, the person must executors can vote and the majority decides. Or you may insist all decisions be willing to take on the duties of executormade unanimously.
{{PLSTipsbox
| text = It is very important to name at least If you’re thinking of appointing more than one alternate or backup executor in , consider if they’d be a good team. You should discuss your willwishes with all of them, preferably together. If }} == 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 unable 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 unwilling that name a specific '''beneficiary'''. The executor won’t have to manage these assets. * '''Explain your plans''' to actfamily members, the alternate can take overbeneficiaries, 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? ==
Elena Renderos
1,621
edits
Retrieved from "https://stagewiki.clicklaw.bc.ca/index.php?title=Special:MobileDiff/41552"