Being an executor is a challenging job – so is picking one. Here are a few questions you should ask when choosing an executor:
Does your executor live nearby?
General practice is to appoint an executor who lives in the same province, city or town as you. This makes it much easier to deal with your beneficiaries and your assets.
It is your estate and if you have your heart set on having two executors (such as both of your children), you can do so.
Is your executor good at getting things done?
Making immediate arrangements, distributing the estate, filing tax returns, working with lawyers and accountants as required, and gathering, protecting, evaluating and selling assets are some of the extensive and varied responsibilities of an executor. This is not a place for a procrastinator.
Do you need more than one executor?
If being an executor is so challenging, should you name two? Typically, having one is thought to be easier – less time, less paperwork. However, it is your estate and if you have your heart set on having two executors (such as both of your children), you can do so.
Will your executor likely live longer than you?
It’s grim to think about, but it’s important to consider. Choosing an executor who is younger than you, and in good health, helps ensure your executor will be around to act on behalf of your estate.