So, you’re “adulting”: you’ve retained a lawyer and are drafting your will. You know who will look after your minor children, your dog, and what you’ll leave to family, friends and perhaps charities. But now, you must choose an executor: who will be the best fit?
When choosing an executor, here are some key traits for a suitable executor:
Shared Values and Shared History
As you draft your will, you may already be thinking about what is most important to you after you pass. While you may have specific instructions for your physical remains, your bitcoin, and your trophy collection, there are often many issues not expressly dealt with leaving a gordian knot for your executor, who must then guess as to what would be best. An executor who already knows what you value will have an easier time making these decisions.
Financial Responsibility
It’s a common refrain that you cannot take your money with you, but we often forget that you cannot take your banking app and passwords with you, either. Selecting an executor who can confidently and effectively deal with financial institutions and manage your finances will ensure that your beneficiaries have peace of mind while your estate is being administered.
Proximity
Executors who reside in the same province as a testator have an easier time managing the testator’s property and legal affairs upon their passing. While this may seem obvious, it is important to keep track of who in your life has moved away, and if any recent moves would affect your choice of executor. Almost everyone is only a video call away, but those who live nearby are in the best place to remember where you hid your passwords, your keys— and where you stored your will.
A Youthful Glow
Age is just a number, except when it is the age of your executor. As executors are often also made Powers of Attorney, it is important to ensure that your choice of executor will be physically, mentally, and emotionally capable to attend to you and your estate for decades to come.
Choosing your executor should be as easy as deciding who is coming to dinner: prioritize people who understand you, can easily visit you, and are willing to stick around to help you wash the dishes. If they will clean up with you now, there is a greater chance they will be willing to clean up for you when you’re no longer around.
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