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Have you been named the executor of someone’s will? Are you looking to name someone as yours? Find out what executors do.
An executor is a person named in your will who will be responsible, after you die, for making sure that your assets are distributed according to your wishes and that your estate is settled properly. This includes a wide range of activities, from filing a final tax return and cancelling your credit cards to giving away your jewellery or collectibles, and selling your home and investments. It’s a lot of work, with potential liability if the executor makes a mistake. You can choose a person you know, a professional executor or a financial institution to be your executor.
When choosing executors, some people name family members as well as professionals (like a lawyer or an accountant) to provide both personal and professional perspectives. Naming more than one executor can help reduce the burden on each individual. The downside of having multiple executors is that disagreements or logistical complications may delay the settlement of an estate.
Executors receive compensation for their time and labour. For example, in Ontario, executors receive about 5% of an estate’s value.
Example: “Margaret was surprised to find she’d been named as executor in her ex-boyfriend’s will. She was relieved to discover she could renounce the role.”
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