The Executor: Roles and Responsibilities

21 Jun The Executor: Roles and Responsibilities

Imagine this: Your Great Uncle George passes away. He never married, doesn’t have any children and lived on his own until the very end. You agreed years ago to be the executor of his estate, but when the time comes, you aren’t prepared. Several weeks after his death, you visit his home and find the front door wide open. Stepping inside, you are shocked to realize that his home has been robbed.

How could such a thing happen? Well, you never cancelled his newspapers or magazine subscriptions, which were piling up on the front porch, for all to see. You are horrified. What else has been left undone?

Being the executor of an estate is serious business. With hundreds of details to stay on top of and a certain amount of time pressure, it’s not a task that just anyone should take on. One study showed that nearly half of Canadians don’t really understand the roles and responsibilities of the executor.[1] The same group of Canadians would feel honoured if someone asked them to serve as executor, but more than two-thirds (68%) had concerns about accepting the role.

If you are considering appointing an executor for your estate or becoming the executor of someone else’s estate, it’s important to understand the roles and responsibilities of the executor. The executor (known as the liquidator in Quebec) is the personal representative of the deceased. This means it is the executor’s job to distribute the estate (including possessions, property and other assets) according to the wishes expressed in the will.

This sounds simple, but there are often challenges along the way. And as the world becomes more and more digitized, the challenges have grown. With less physical paper and more online access, it can be harder to find all the accounts and related documents. Increased property values mean more people are interested in their fair share of the pie. And faster communication allows family members to voice their opinions from near and far.

That’s probably why the job of executor has been called “probably the most stressful experience you’ll ever have.”[2]

If you’re trying to choose your executor – or if you’re deciding whether to be someone’s executor – it’s important to choose wisely. A successful executor will be:

• Trustworthy, conscientious and intelligent;
• Able to spend the time necessary to perform the work
• Willing to hire professionals and experts to assist him or her;
• Respectful of the instructions in the will;
• Trusted and respected by all the beneficiaries
• Young enough to carry out all duties associated with the will;
• Detail-oriented, but also able to keep the big picture in mind; and
• Resident in the same province, or at the very least, a resident of Canada.

It can be challenging to find someone who meets all the criteria, but it’s a consideration worth making. The wrong executor can make the process more costly and more divisive than it needs to be, while the right one can simply put your carefully thought out wishes into effect.

To learn more about the role of the executor, contact us.

[1]https://www.ipsos.com/en-ca/many-canadians-dont-know-what-expected-them-executors-estate-rbc-poll-finds [1]https://www.theglobeandmail.com/globe-investor/retirement/retire-family/being-executor-of-a-will-likely-most-stressful-experience-youll-ever-have/article28129702/

Joel Rose

With over 35 years of experience, Joel Rose helps families – and their businesses – to prepare for the future. He offers guidance and support to help his clients create estate plans and succession plans that meet the needs of the whole family. Through his extensive professional and personal experience, Joel is known for his compassion and his ability to find a creative solution to meet each family’s needs.