Make Sure Your Executor Isn’t Dracula
Why People Choose the Wrong Executor
You wouldn’t think of naming the Transylvanian Count as your executor. But is naming your family always better than naming the Count? People do make crazy mistakes picking executors. Let me give you my guide to choose the best executor.
Bad executors rob your estate, destroy your family and cause costly legal battles. I’ll tell you why that happens.
Many people automatically assume family members make the best executors. Is that because they do not give choosing executors much thought?
Choosing family to act as executor is a no-brainer. It is perhaps the easiest estate planning decision to make. After all, won’t they get all your stuff anyway? Why would they fight over anything? No need to think any further. Next question, please, Ed.
That is where the problem lies. You must consider the pros and cons of choosing family as executor. I do not want to over think this, but…did you ask yourself:
- Which family member can handle the job?
- Who is your best backup executor?
- What skills/experience do they have?
- Will family expect to be paid?
- When the time comes will they be available?
Why Choosing Executors Is Important
You name a person as your executor in your will. Executors control when your family receives their inheritance. What happens if you choose the wrong executor?
Executors who are dishonest, incompetent or lazy can ruin your family’s inheritance.
Court battles with bad executors can add years of delay.
You don’t need to be a millionaire to have your money wasted. Legal expenses can eat up your estate. Your hard-earned money gets squandered.
The right executor avoids conflicts, comforts your family and controls costs. Make sure you have the right executors.
I’ll show you how you can choose executors wisely in a minute.
Note: In Ontario, an executor is also called an estate trustee with a will.
Your Family Can’t Afford Costly Mistakes
Most people think their relatives don’t need to be paid to do the job. Who else would want to do this job and take care of the relatives in rehab?
Angry family members can cause real problems. They can cause headaches for executors who can refuse to take on the job. Then what happens? You can compound mistakes with the wrong back up executor.
Some people will never read this post. Too bad I’m going to give away my insider secrets for free. You can then decide if you have the best estate executor — one who will protect your money and not waste it.
You have a privilege when you make your will to choose executors. This is a key decision that often is not properly considered. I can show you how to protect your loved ones from bad executors.
Choose Executors Wisely
I will be posting a guide with easy-to-use steps to show you:
- 5 factors to find the right person to control your money
- a checklist to identify your needs
- 7 tasks all executors must complete in every estate
Bad executors are fatal to your family’s future inheritance. Take my challenge and prove to yourself that you have the right executors.
Here is what you need to know to Choose Executors Wisely:
- Why Choosing Executors is Important
- What is Executor Work
- Checklist for Executor Choices
- Scoring Your Executor Choices
- Tips for Choosing Executors
Read the next post in this series, The Right Executors Save You Money. When I finish posting these steps, I will give you a link to download the guide for free.
Still wondering who should be your executor? Contact me for help getting the right executor for you.
About Ed Olkovich
Executors facing estate challenges call upon Ed Olkovich who is a Toronto estate lawyer and Certified Specialist in Estates and Trusts Law. Ed is an author 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. © 2016Posted By: Ed Olkovich In: Executors On: May 27th, 2016