Choosing Ontario Executors: Essential Tips for Your Wills

Read my previous post, Rules to Pick the Right Estate Trustee for Your Will.

Executors have personal liability for their misconduct. Executors can decline the job. They cannot be compelled to act as executors. That’s why you always need to name a backup executor in your will.

Some people think the rule is that they make one will and then they are done forever. They have checked off their estate planning box and they never have to make another will.

This is not the case. If you make a will, do not think you never have to review or update it again.

Estate Planning is a Process

Estate planning is a process that is different when you change relationships, when you retire, move to a new jurisdiction or start a business. These are some of the reasons to review your will.

You may have thought your parents or in-laws were good choices to manage your estate and any trust funds for grandchildren. However, as parents age, they may no longer be your best choice. Choosing new executors and having new backup executors is a wise investment. Whenever you review your will, ensure you update your executor choices.

Laws, relationships and circumstances change. These changes may need to be reflected in your will. Critical illness and death can strike your executors at any time. It does not cost extra to name a backup executor when you prepare your will.

Your executor does not need to be involved in your will signing. But you want them to confirm they are not opposed to acting as your estate trustee. They should agree to serve in that capacity.

Tell your executors where your estate inventory and original wills are kept, with passwords for your digital assets.

Your estate trustees are free to hire their own lawyer to help with the estate administration. Use a clause in your will to encourage your estate trustee to hire lawyers. Legal advice should help protect them from personal liability.

You should know that the courts can remove or pass over your choice of executor. However, removal of your choice of estate trustee is a costly court procedure.

Compensation for Your Estate Trustee

Usually, the amount of executor compensation requires the approval of all capable, residual, adult beneficiaries. Your will can specify a formula to settle compensation disputes if there are no minors.

Do you need help choosing executors? I can provide personal advice. Book a meeting today to discuss your options. Contact me if you need a second opinion.

As a Certified Specialist, estate law is all I do.