2 Simple Secrets to Choose Ontario Executors and Prevent Costly Money Mistakes
Here’s what happened after Marty died.
Marty signed his will and had named his older brother, Vince, to be his estate executor. When Marty made his will, he had two young sons. Marty thought Vince would be a good money manager because he knew Marty’s family.
Marty’s children claimed Vince could not handle the estate. Marty’s children wanted Vince out of the house to sell it. They asked the court to remove Vince as executor.
Legal Proceedings to Remove Executors Are Expensive
After Marty died, his money was frozen. His children received no benefit from their father’s money. They had to borrow money to pay lawyers.
Everyone hired lawyers and took sides going to court. While they fought to remove Vince as executor, no one:
- paid Marty’s bills
- had access to Marty’s money
An accountant became Marty’s new court-appointed executor. This new executor charged $475 an hour. The accountant disposed of the contents in Marty’s house to sell it.
Marty could not have wanted his family to suffer. Choosing a proper executor would have saved more money for them and less for lawyers. Yes, spending less on legal fees is a good thing.
What Is the Big Deal with Executors?
What if you chose the wrong executor? Your family can challenge your choice in court. They can end up wasting your money on legal battles. This is what Marty’s children had to do. They had to ask a judge to disqualify or replace Vince as executor.
Courts then can replace family and appoint neutral professionals or trust companies. Strangers are paid to divide up your money and cherished possessions.
What is the Secret to Choosing the Right Executor?
You need to know that everyone’s needs for an executor are different. Consider if you have:
- minor children
- disabled adult beneficiaries
- several spouses
- active business interests
- foreign beneficiaries
Your needs are unlike anyone else’s. What’s good for you may not work for anyone else. Executor choices are personal.
Sure, you don’t expect to suddenly drop dead. But what if you could save your loved ones from disaster? That’s what can happen if you fail to make a will and choose the right executor.
You may need to start by reading my free report How to Avoid the Worst Financial Blunder You Can Make When Preparing Your Will.Download Free Report
Why Choosing the Right Executor Is Crucial
I’ve seen firsthand how bad executors create disasters. It happens even in the best families. I’ve written about this since my first Complete Idiot’s Guide® in 1997.
What happens to your money after you are gone? You don’t need to have millions to have your money wasted. Why do people make money mistakes choosing the wrong executors? They do not know how to choose the right executor.
Do you need a consultation about your executor choices? Contact me now.
Download my free report Suddenly You’re An Ontario Executor. It will help you understand your estate trustees’ duties.Download Free Report
About Edward Olkovich
Ontario executors facing estate challenges call Ed Olkovich. Ed is a Toronto estate lawyer and Certified Specialist in Estates and Trusts Law. Ed is also an author of several estate books and edits Carswell’s legal guide Compensation and Duties of Estate Trustees, Guardians and Attorneys. He has resolved estate disputes and probate problems since 1978.Posted In: Estates, Executors On: September 11th, 2020