Explaining Common Will Clauses – Part 2

In my post, Explaining Common Will Clauses – Part 1, I covered some common legal terms used in wills.

Janet now asks, “What is the difference between executor and estate trustee?”

Executor or Estate Trustee?

The gender-neutral term used today is estate trustee. For simplicity, the word trustee is often used throughout the will. There may also be separate trusts created by the will with separate trustees. This is common for minor children.

Older wills commonly used the terms executor and executrix. Ontario also uses a gender-neutral term, estate trustee with a will or estate trustee without a will. The estate trustee becomes responsible for the estate property upon death. The trustee may also manage any trusts established by the will. In many cases, the same individual serves both functions.

A properly drafted will should always address contingencies. One important contingency is the death or incapacity of the estate trustee before the estate administration is completed. For this reason, every will should appoint an alternate trustee.

For example, you may appoint your spouse as trustee and your children as alternate trustees. If the children are minors, however, they cannot act until they reach the age of majority.

It is generally not advisable to appoint a trustee or alternate trustee without first obtaining their consent.

In some jurisdictions, the terms personal representative may be used for estate trustee. Some forms still refer to executors. You may not be able to change the forms.

What if your existing will only refers to executors? In my opinion, it is not necessary to update it only for this term.

Watch for my next post explaining more will terminology.

Book Your Discovery Meeting

Do you have questions about making your will? I have helped clients since 1978 plan their estates to protect their loved ones. I wrote the book called, Estate to the Heart: How to Plan Wills and Estates for Your Loved Ones. Contact my office.

I can offer you a discovery meeting to discuss your needs by Zoom or in-person in my Toronto west-end office. Request your no-obligation discovery meeting today to avoid making estate planning mistakes.

I am a Certified Specialist in Estates and Trusts Law. I can give you expert tips to end your estate worries.