The Essential Matter of the Executor

One of the most important decisions our clients make when giving instructions for the drawing of a Will is deciding who their executor will be—the person responsible for executing (wordplay on purpose) their testamentary wishes when the time comes. 

From my professional point of view, making sure the Will-maker understands the extent of the executor’s future tasks greatly influences the pool of potential executor candidates. 

Note: The chosen person must agree to be named in the Will as executor. 

Most people have a reasonable idea of the person or persons they would like to be executor of their Will—from among "the usual suspects” . . . a friend, a couple, the spouse, a mature person, their adult offspring, and so on. In other words, a known and trusted person. Is just being known and trusted the only criteria that should be considered in the decision? Not necessarily. 

Many times, clients have already decided that a certain adult child is the best candidate for the role. Then we start to discuss the baseline traits of a suitable executor:

• Are they honest? Yes.
• Are they responsible? Yes.
• Are they trusted? Yes.
• Are they a good businessperson? Yes.
• Do they live in BC? No . . . Oh.
• Do they at least live in Canada? Definitely not. Uh oh! 

While the adult child in our example is a great overall choice, the fact that they don’t live in Canada will cause huge logistical problems and potential tax issues for the estate . . . they should not be appointed. Since the person the Will-maker identified as the preferred executor is not suitable, our theoretical conversation must turn to the next candidate.

Duties of the Executor

Acting as executor requires work, they must:

• secure the deceased’s real estate and personal property;
• file tax returns;
• deal with banks;
• deal with beneficiaries;
• deal with Notaries, Lawyers, and Accountants;
• deal with myriad other duties.

The executor does not require knowledge or licensing in any of those specific areas. 

One of the most important characteristics of an executor, however, is that they are a practical person who knows their limits. A good executor knows that if they cannot manage or complete a given task in a specific realm, they are permitted to seek—and should seek, the advice and services of someone who is capable; the cost will be borne by the estate. That expert assistance will help ensure that the wishes of the Will-maker are carried out as efficiently and as closely as possible. 

In summary, although no stated official criteria must be met before someone can be appointed executor, there is an obvious set of guidelines that all Will-makers need to consider when they are making the decision about their executor. 

My mantra when it comes to estate planning generally is that while the legal documents involved and their accurate construction are critical, so is the selection of the right person to act on your behalf as executor:

• A poor choice of executor can turn a simple estate into a complicated situation.
• A great choice can allow a complicated estate to be probated with far fewer complications than it might have had.

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CAM SHERK is a BC Notary Public with Sherk & Gandolfo Notaries Public Inc. with offices in Squamish and West Vancouver.
 

Posted in Personal Planning