Executor Services: Top 5 Questions Every Ontario Executor Should Ask Before Saying Yes to the Job PART 2

Read Part 1 of this post.

4. Can you handle the executor’s job?
   If you are an Ontario executor, know this: most executors do not have experience. You can have a team to assist you. This team can manage rental properties, keep financial records, and prepare tax returns. You work with professionals that you hire and supervise.

Keep in mind that the most time you spend is at the start of your job. However, handing estates, even when there are no business or foreign assets, can be risky and time-consuming for 2 to 3 years.

What if you have a conflict of interest? For example, if you want to purchase assets from the estate, you may prefer not to be executor. Executors cannot purchase estate assets, unless the will specifically permits this. This puts you in a conflict of interest (who sets sale prices for purchases). Otherwise, you need all beneficiaries to consent to your purchase and possibly a court order.

It may be better to renounce by signing a simple form with your lawyer.

Note: the term estate executor also means estate trustee with a will in Ontario, a gender-neutral term.

5. Are there unusual assets in the estate?
   You may have been named as an executor because you were interested in Uncle Dilbert’s artwork. Your uncle’s art collection may need to be appraised, catalogued and sold by professionals in Europe, for example.

You may have some background in this field and can speak the local language. If there are foreign rental properties in the estate, you can hire property managers to collect rent, carry out repairs and deal with tenants.

Are these assets in another jurisdiction or country where you speak or read the language? This may be why you were chosen as an executor.

Renunciation is Easy

Normally you do not need to give any reasons to renounce as an estate executor, even if there is no named backup executor. Beneficiaries can come forward and be appointed or they can allow the court to replace you with a neutral trustee.

If you need advice about accepting the job as an estate executor or want more information about your executor duties and tasks, contact me and arrange a meeting.

Need Executor Services?

I can help you make decisions and understand your executor duties. Want to know what’s involved in acting as an estate trustee in Ontario? Read my free guide, Suddenly You’re an Ontario Executor.

Want to learn more about your fiduciary obligations, I can explain them to you in plain English. Contact me for a meeting to discuss your questions.

I am a Certified Specialist. Estate law is all I do.