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Three Factors to Consider When Naming an Executor

estate planning executor Dec 26, 2018

1.     Pick someone who lives in the Province of Alberta:

When you are looking at picking an Executor for your estate, you want to make sure you pick somebody who lives in the province of Alberta. If you pick someone from outside of the province, we may have to post bond which can be time consuming and costly. Additionally, if you have an Executor who is a United States citizen, there can be tax implications as they are considered our foreign trustee. 

2.     Pick one individual:

When you’re looking at an Executor, pick one individual; don’t pick all three of your children. One individual can go into the house and make decisions and wrap up the estate quickly. When you appoint more than one, it becomes time consuming and a lot of times their schedules conflict and they don’t get anything done.

3.     Pick somebody who has the time:

Finally, when you’re looking to pick an Executor, pick somebody who has the time, the expertise and is good with money. If you have a child who is working shift work and you know they’re always travelling, they may not the person you should appoint. Look for somebody who’s close to you, who’s good with money, is trustworthy and can deal with conflict if it should arrive.

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