Making a Hard Choice: Selecting Your Representatives

17 Aug Making a Hard Choice: Selecting Your Representatives

When it comes to planning your estate, some decisions are easier than others. Some of the hardest decisions involve choosing the right people to take your place when you’re gone, including your executor and the guardian of your children.

The two roles are very different, but each is critically important to the success of your estate planning. Choosing the right person can make the entire process of managing your estate transition smoothly – or not.

Choosing an Executor

The executor is in charge of managing the estate and distributing assets. It is an administrative and financial role, not an emotional one. At the same time, this person will learn all the details of your life, both financial and family related, so you certainly want to choose someone you are close with and who you trust to do the right thing.

A successful executor is:

• Trustworthy, conscientious and intelligent;
• Able to spend the time to take care of your estate;
• Willing to hire professionals and experts to assist him or her;
• Respectful of your instructions;
• Trusted and respected by 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.

Choosing a Guardian

For many parents, the thought of anyone else raising their children is terrifying. For that reason, a guardian may be even more difficult to select than an executor. A guardian will need to make an emotional investment in their charge – your children – as well as a financial one.

In many cases, the obvious guardian will be a family member, such as a sibling or even a grandparent. Other times there are family expectations and pressure around who the guardian should be. It’s important that you carefully consider the right person for this appointment, as a trusted friend may actually be the best option.

The right guardian for your children is:

• A trustworthy, caring and loving parental figure to your child;
• Healthy, both emotionally and physically;
• Living a life similar to yours in terms of values, morals and religion;
• Comfortable with your child and with the way you want your child to be raised;
• Financially stable;
• In the right age and stage to raise a child (not too young or too old); and
• Resident locally, to make the adjustment for the child easier.

It’s possible that you don’t have anyone in your life who meets all the criteria. As always, making difficult choices is primarily about prioritizing what’s really important. Do the best you can to select the right person and ensure your loved ones are aware of those plans. Your child will still need the grandparents, aunts and uncles if something happens to you – even if they aren’t the right people to raise your child.

To learn more about preparing your estate, contact us.

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.