May 1, 2021
Every adult needs an up-to-date will. Without a will, provincial laws outline how an estate is to be settled, which may not reflect your wishes.
Outdated wills may not allow for changes in:
• family circumstances such as a new child;
• a death of, or a divorce from a spouse;
• a new marriage; a new family business succession plan or buy-sell agreement;
• a designated charitable interest; or new tax laws.
While drafting a will, carefully consider your executor selection––the person to represent you after you are gone. Your executor will administer your estate––your final net worth––following the provisions of your will. Here are some of the essential qualifications of an executor that may affect your estate and your beneficiaries. Your executor should be:
- Ready to serve. Executorship will take more than just time — a proven aptitude to manage assertively will be necessary to focus well, comprehend and complete detailed tasks.
- In good health. According to due process, the consequences of ageing, illness, or incapacity may affect the prompt execution of your affairs, possibly incurring losses to your estate.
- Possess financial knowledge. A highly knowledgeable executor can settle taxes and succession duties, valuing assets, or networking with and delegating to professionals such as your accountant. Your executor must have some understanding of these areas. You want your legacy to endure as your executor side-steps the potential quagmire of tax sinkholes.
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