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Each year, the Oscars awards the best actors and actresses, and the Grammys recognizes the best song artists. When it comes to appointing an Executor for our Wills, is there a best individual who is suited for the role?
An Executor (or Executrix for a female) is someone who is appointed in a Will to execute tasks for a deceased person. An Executor’s primary duty is to implement the deceased’s wishes. The Will may grant certain powers to and impose limitations on an Executor. An Executor may receive remuneration for carrying out the duties.
What makes a good Executor? A good Executor should possess the following qualities:
- Someone who understands the deceased’s wishes and fulfills them in an impartial and efficient manner.
- Someone who has time.
- Ideally, someone who is financially literate.
What are the other considerations when choosing the right Executor?
- It is important to appoint a primary Executor and a contingent Executor in case the former is unable to fulfill the role.
- How many Executors are optimal? Some individuals may feel that having multiple Executors is more efficient and offers more equality. For example, a parent of four children might feel that it is fair to appoint all of them as Executors, so it won’t cause hard feelings among the siblings.
- In our experience with our clients, we believe that less is more when it comes to appointing the number of Executors. Even if everyone gets along, we have different values and ways of doing things. For instance, it isn’t uncommon to encounter a back and forth among different family members when picking a restaurant or destination for a family getaway. Can’t please all. It is the same with Executors. When too many people are involved, things may be delayed and not get done. In our opinion, appointing one Executor is best.
If you feel strongly about appointing multiple Executors, we suggest an odd number so that a majority can be formed if a vote is required.
- Another consideration is the Executor’s proximity to the deceased person. It is best to appoint someone who lives close to the individual. Someone who resides in a different province or country may find it challenging to execute the tasks efficiently. This can lead to extra work, stress and delays.
- It is best to select someone who is a Canadian resident. A non-resident Executor may cause the deceased’s estate to be taxed unfavourably.
- If you don’t have an ideal Executor, consider appointing a professional trust company to handle your estate. When you appoint a company as opposed to specific individuals, you don’t have to worry about one’s retirement, unavailability, or incapacity. There is a continuity of the staff, and your estate will be looked after.
At RBC Wealth Management, we offer professional executor services through RBC Royal Trust. Royal Trust has a strong history and has been proudly serving clients in Canada since 1899. It has offices across the country. It has offered a peace of mind and a burden-free experience to many families over many decades.
Should you be thinking about an ideal Executor for your Will, please contact us to discuss more.