Once upon a time it was an honour to be named the executor or executrix to an estate. The position was bestowed upon a family member or close friend who was considered smart, dependable, and trustworthy.

Things really have changed and are much more complicated than they used to be for executors – regardless of how smart, dependable and trustworthy they are. The truth is that nowadays executors face an overwhelming amount of complexity, obligation, and personal liability.

When I spoke with Demi McGoldrick, a lawyer with Brazeau Seller Law here in Ottawa for episode 42 of I'm a Millionaire! So Now What? she confirmed that being an executor can be a dirty job:

“It’s time consuming. It’s really a thankless duty at the end of the day. And what I find very concerning when I’m talking with my clients, if they don’t already know this, is that it’s really fraught with a lot of risk and personal liability for what they do or don’t do. You can see why there are companies making a business out of taking this burden off executors who are appointed as such. It’s no different than hiring a cleaning service to clean your toilet… although, with some of the stuff I’ve seen, I think I’d rather clean my toilet a few times than be an executor myself.”

While a simple estate can be settled in a year or so, many estates take much longer and prove to be an ongoing burden for the executor. Which means that for years on end an executor must manage:

• Time pressures
• Conflicts of interest
• Conflict among beneficiaries
• Navigating a plethora of decisions
• Travel requirements
• Personal liability for actions taken or not taken as requried, despite their lack of expertise

…Not to mention the pressure to do an impeccable job all while trying to grieve and heal.

Which is why choosing your executor is a serious responsibility for both you and your chosen representative. It is another one of those critical estate planning hires. (You may remember that last week I asked Who will walk in your shoes, if you can’t? suggesting that designating your Power of Attorney is possibly the most important person you ever hire.)

Think about it. When you name your executor, you’re assigning them duties that include (but aren’t limited to):

• Locating, safeguarding and itemizing assets (don't forget digital assets: special blog post coming up dedicated to this!)
• Managing all assets, including businesses and investments
• Submitting an application to act as probate to the court (to validate the Will
• Keeping records and providing a FULL accounting of all aspects for the estate
• Distributing legacies, such as inheritance and philanthropic gifts
• Preparing and filing income tax returns
• Dealing with CRA

Which is why, as I quoted Demi above, there are professionals, individuals or companies, you can hire to take on the burden and apply their expertise. We encourage clients to call us right away if they’ve been named as an executor. We’ll facilitate introductions to lawyers or Trust Companies, like Royal Trust for example. That’s another topic I’ll devote space to soon, because after reading this, you may be thinking about updating your Will to hire a Trust Company instead of appointing a friend or family member.

I’ve only touched the tip of the iceberg when it comes to Executor Roles & Responsibilities and smart estate planning. If you’d like to know more, here are some ways to keep learning:

1. Listen to my interview with Demi McGoldrick which aired April 16 on I'm a Millionaire! So Now What? (listen & subscribe here).

2. Join me for a series of Spring Estate Planning Seminars.

These are hands-on, practical, informational workshops to learn important estate planning considerations and strategies. There are still two to go! (Downtown Ottawa location details will be sent to you when you RSVP.)

RSVP here to join me for

Your executor – what you need to know before you hire yours
Wednesday, May 22, 2019 | 2:00 p.m. – 4:00 p.m.

Essential family conversations – protecting yourself and your wishes
Wednesday, June 12, 2019 | 2:00 p.m. – 4:00 p.m.

3. Apply here for a Personal Prosperity Discovery Session to learn how to build your Roadmap to Real Riches - a fresh take on wealth management that optimizes how you spend, save & share your wealth, including the important preparations involved in estate planning.

4. Email me here for your copy of our Executor/Liquidator Duties Checklist