Having a will is one of the most important things you can do for yourself and your loved ones. If you die without a will, your assets will be distributed according to your state’s intestacy laws. Your assets may not go to the people you intended, and it can cause unnecessary stress and conflict for your loved ones.
A will allows you to control how your assets will be distributed after you die. You can specify exactly who you want to inherit your property and appoint a guardian for your minor children. But along with the will creation comes your choosing an executor.
Selecting your will executor is also crucial, as they are responsible for carrying out your final wishes. That includes distributing assets, paying debts, and managing the estate. Therefore, it is important to choose someone you trust implicitly to handle this vital task.
How to Determine the Best Executor
There are a few things you should take into account when choosing an executor, such as:
- Their Ability to Follow Instructions: You need to be confident that your executor will be able to follow your wishes. If you have specific instructions for your estate, ensure your executor is comfortable carrying out those instructions.
- Their Ability to Handle Money: Your executor will be responsible for managing your finances after you pass away. Make sure you choose someone who is good with money and can handle your finances responsibly.
- Their Ability to Deal with Paperwork: A lot of paperwork is involved in settling an estate. Make sure your executor is comfortable dealing with paperwork and is organized enough to keep track of everything.
- Their Willingness to Take On the Task: Not everyone is willing to take on the responsibility of being an executor. Make sure your executor is willing and able to take on the task before you name them in your will.
Finding and selecting the right executor is an important decision. Take your time and choose someone you trust to carry out your final wishes.
Steps to Do When Choosing Your Will Executor
Step 1: Find the Right Person
When choosing your will executor, you want to ensure that you find someone with the qualities mentioned above. You want to ensure your will is executed as you want it to be.
Step 2: Speak with Them about Your Plan
After you have found the right person, you need to sit down with them and discuss your plan. You will want to go over your will in detail and ensure they understand everything. Make sure that your executor understands your wishes for your funeral or memorial service.
Step 3: Make Their Jobs Less Stressful
You would want to make their responsibilities as light as possible. You can help your executor by taking these steps:
- You should register your will with the province’s wills registry and tell your executor where the original will is kept. That will make it easier for them to access the will when needed. You may also want to give them a notarised copy of the will.
- It’s essential to keep a detailed and up-to-date record of all your assets and debts. That includes your bank accounts, retirement plans, insurance policies, real estate, and pension benefits. Make sure to note any joint tenants or specific beneficiaries. It will make it easier for the executor to manage your assets.
- It’s vital to communicate your plans for your estate with your loved ones. That will help avoid any potential conflict or misunderstanding down the road.
It’s crucial to review your will periodically and update it as needed. It would be best if you also kept your executor informed of any changes.
There are many things to consider when choosing an executor for your will. You want to select someone responsible, organized, and trustworthy. You also want to make sure that they are aware of your wishes and can follow through with them. Ultimately, the best executor for your will is someone you can trust to handle your affairs according to your wishes.
If you need help creating a will and testament in Ottawa, our lawyers can help. We can provide you with advice and guidance to ensure that your will and estate are structured in a way that benefits you. Contact us today for more information.