Selecting the Right Executor: Key Factors to Consider

Choosing your executor is one of the most important decisions you will make when preparing your estate plan.

Your executor is the person responsible for all aspects relating to the administration of your estate after you pass away. This includes the management of your assets (including real estate and financial holdings), paying off your debts, filing your tax returns, distributing your assets to beneficiaries, and handling all legal aspects of the estate.

When making your decision, here are some key things to consider:

• Trustworthiness. Being an executor is a significant responsibility. Your executor should be someone you can rely on to fulfill their duties with integrity and according to your wishes.

• Organizational and Administrative Skills. Managing an estate can be complex, involving legal and financial matters, and frequently a significant amount of paperwork. Your executor should possess strong organizational skills and attention to detail so that they can handle these responsibilities effectively.

• Willingness to Serve. Acting as an executor can be burdensome and time-consuming. You should ensure that whoever you choose is willing and able to fulfill this commitment. A named executor is not required to accept the role upon your death, so it is always a good idea to discuss your wishes with any potential executor before you appoint them in your will.

• Age and Health. You should choose an executor who is likely to be able to take on this responsibility when you die. The age and health situation of your chosen executor is particularly relevant where there are minor or disabled beneficiaries, since your executor is likely to be responsible for the management of your assets in trust for a long period of time.

• Location. Your executor can live outside of Ontario, but this can cause logistical challenges. It is usually more convenient to choose someone who lives nearby. Additionally, depending on their jurisdiction, a non-resident executor can raise tax issues for your estate.

• Number of Executors. It is possible to select more than one executor to work jointly with each other in the administration of the estate. If you would like to choose multiple executors, consider the relationship dynamics and whether the shared duty is likely to make the process more complicated.

• Corporate Executors. For some, it is a good idea to consider naming a corporate executor for your estate. Trust companies provide professional expertise and impartiality, and may be a good choice for those with complex assets, a complicated family dynamic, or without family members nearby.

• Name an Alternate. You should name an alternate executor in your will in case your first named executor is unwilling or unable to act.

These factors are a starting point, but there are many other factors you may need to consider, depending on your particular circumstances. Consulting with an estate planning lawyer can help you make an informed decision and ensure that your executor is well-suited for the role.

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