Wise Choice of Executor(s) for your Estate - Part 1
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Wise Choice of Executor(s) for your Estate - Part 1

Hello, Current and Future Estate Planners,

The choice you make to have one or two executor(s)/trustee(s) oversee your Estate is a very serious decision, here are a few general considerations which are not all inclusive:

  1. If it is right for you, choose at least two executors a) to be joint executors or b) one that lives in your City and the other as an alternative, preferably living in your same City or Province, if possible.  Alberta, typically allows up to three executors to act at one time, but that may not be the best decision as things could become more complicated, you heard of the old saying "too many cooks in the kitchen"  Well, the same could be said of "too many executors assigned to the same duties" 
  2. Remember if you choose only one Executor and he or she lives outside of Alberta, the Justice of the Court could demand that a security bond be paid by the Executor, before he or she can administer to the Estate duties.  Although, there are steps in place through the Surrogate Rules to request the Bond be waived, Justice of the Court makes the final decision in the end.
  3. Ensure that whom ever you choose as an Executor, is in good physical and mental health; have some familiarity with basic fiduciary duties and the knowledge to at least obtain professionals to assist them in their work.  An Executor, should not be a minor (under 18).  Nor should he or she be to advanced in age, especially if the Will sets out some long term trusts compliance's for grandchildren and great grandchildren. 
  4. Your Executor cannot be one of the witness for your Will.  Period!!
  5. Time is another consideration that needs to be looked at when choosing an Executor(s).  Avoid choosing someone who is to busy with his or her own obligations (be it family or work), or happens to travel much of time and seldom around.
  6. Language and comprehension skills should be a strength in dealing with and understanding the Alberta Surrogate Rules, even from a basic level at the very least.
Did you know:  that the Executor(s) who is named in a Will could end up wearing more than one hat during the process of overseeing their loved one's estate matters, which is a great reason to let us demystify your duties and be By-Your-Side every step of the way:  i.e. Executor will have more than one role:
1) Executor/personal representative 
2) Trustee
3) Deponent (fancy word for giving out-of-court testimony, such as in an Affidavit)
4) Beneficiary (not always the case)

By-Your-Side Probate Services, has their upcoming Executor's Need-To-Know Workshops in Nov. 2016.  Register early and save. 

Contact us also by phone:  403-293-5488; Text:  403-478-2089 or Email:probatecoach@gmail.com

PS:  Find out what our targeted goals are for all Executors.  We believe our modest fees continue to be the best in Alberta, to assist in preserving the Estate for your loved one's, where possible.

The information contained on this website is for general information purposes only, as a service to viewers.  The information contained in this website is not intended to constitute legal opinion or legal advice.

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