Picking an Executor is the most important decision you have to make in your Will (yes, even more than Guardians because your Executor can make a decision about it if they had to).
What is an Executor and what do they do?
The Executor is like the boss of your Will, stepping in your shoes and has the overriding decision-making power to make funeral arrangements, organize what you own and own, manage your business, instructs lawyers + real estate agents + accountants + investment advisors.
You can pick 1 person or more than 1 person jointly on a team, and we suggest you pick back-up’s in case they don’t want to do it at the time or can’t. But overall, they have to be 19 years of age or older.
Based on our experience in helping people make this decision, here’s the top 2 things to ask yourself when you’re making this important decision:
- Do you trust them? They will make decision as if they are you about big and small things in your estate administration. Can you count on them to make them as if they were you?
- Where do they live? If you have trusts in your will, then the residency of those trusts will follow the residency of the people you have chosen. If they live in the US, then you will have a US trust, so ideally, you will want to pick someone who lives in Canada if you have Canadian resident beneficiaries.