{"id":10549,"date":"2021-03-31T19:00:06","date_gmt":"2021-03-31T23:00:06","guid":{"rendered":"http:\/\/www.irasmithinc.com\/blog\/?p=10549"},"modified":"2021-03-31T12:28:59","modified_gmt":"2021-03-31T16:28:59","slug":"executor-of-the-will","status":"publish","type":"post","link":"https:\/\/irasmithinc.com\/blog\/executor-of-the-will\/","title":{"rendered":"WHY CHOOSING THE EXECUTOR OF THE WILL CAN BE SO INTENSE:  NECESSARY INGREDIENTS FOR CHOOSING THE RIGHT EXECUTOR"},"content":{"rendered":"<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">We hope that you and your family are safe, healthy and secure during this coronavirus pandemic.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Smith Estate Trustee Ontario and Ira Smith Trustee &amp; Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/jjfJpDMQKw0\" width=\"860\" height=\"484\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2 id='choice-of-an-executor-of-the-will-choosing-the-right-executor-for-your-estate'  id=\"boomdevs_1\"><b><i>Choice of an executor of the Will:\u00a0 Choosing the right executor for your estate<\/i><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">When a person dies, that is not the time to begin preparing for who will carry out the wishes of the dead person in connection with their assets. Without a properly drafted Will, your family could be in for a long and uncomfortable legal battle. This is why it is so essential to obtain the right advice early on and naming the appropriate person or persons as the <\/span><strong><i>executor of the Will<\/i><\/strong><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whether you&#8217;re single, married, or have a blended family, there&#8217;s a good chance that you will certainly need to select an <\/span><i><span style=\"font-weight: 400;\">executor of the Will<\/span><\/i><span style=\"font-weight: 400;\"> of your estate. This is the person who will supervise accomplishing your desires after you die. The executor will make certain your wishes are accomplished in such a way that is fair to your heirs under Ontario laws. However, without proper paperwork, this may not go as efficiently as you may really hope. To avoid this, you need to carefully think about and then pick who or whom should be your executor(s).<\/span><\/p>\n<h2 id='who-can-be-an-executor-of-the-will-in-ontario'  id=\"boomdevs_2\"><b><i>Who can be an executor of the Will in Ontario?<\/i><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Have you ever heard of the term &#8220;executor&#8221;? You will come across it when you or a loved one create a Will.\u00a0 In Ontario, the <\/span><i><span style=\"font-weight: 400;\">executor<\/span><\/i><span style=\"font-weight: 400;\"> is now called an <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/trustee-of-deceased-estate\/\"><i><span style=\"font-weight: 400;\">Estate Trustee<\/span><\/i><\/a><span style=\"font-weight: 400;\">.\u00a0 However, in this Brandon Blog, I will continue to use the old name. It is normal that one of your closest friends or family members will be named in your Will as an executor, meaning they&#8217;re responsible for carrying out the instructions in your Will.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are really no requirements in Ontario for someone to be an <\/span><a href=\"https:\/\/www.rbcwealthmanagement.com\/ca\/en\/research-insights\/youve-been-made-an-executor-what-you-need-to-know\/detail\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">executor of the Will<\/span><\/i><\/a><span style=\"font-weight: 400;\">.\u00a0 <\/span><span style=\"font-weight: 400;\">To be an executor of someone\u2019s Will, you must be at least 18 years old and have the ability to comprehend what is expected of you in that role.\u00a0 Hopefully, the person or people selected also have no record of fraud!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The executor is essentially the person holding the purse strings when it comes to your estate.\u00a0 They&#8217;re to see the will through from beginning to end: paying off bills, selling off any excess belongings, and distributing the rest to your beneficiaries.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><i><span style=\"font-weight: 400;\">role of executor<\/span><\/i><span style=\"font-weight: 400;\"> is an extremely important fiduciary role.\u00a0 Performing the duties of an <\/span><i><span style=\"font-weight: 400;\">executor of the Will<\/span><\/i><span style=\"font-weight: 400;\"> incorrectly can have a profoundly serious effect on the beneficiaries and families involved for generations to come.\u00a0 So by now, it should be obvious to you that not everyone who can be an executor should be chosen to be THE executor.\u00a0 Having the right executor best suited for your estate should be the cornerstone of <\/span><i><span style=\"font-weight: 400;\">estate planning<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2 id='choosing-the-ideal-executor-of-the-will-for-your-estate'  id=\"boomdevs_3\"><b><i>Choosing the ideal executor of the Will for your estate<\/i><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The best estate trustee for your estate will depend upon the complexity of your estate, your specific wishes and needs. You and your lawyer ought to think about several elements when choosing an executor, consisting of:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Given your assets and beneficiaries, what skills should the executor possess and how active will their involvement be in the estate?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Whether they will need to make financial decisions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Do they have the necessary skill set and <\/span><i><span style=\"font-weight: 400;\">financial acumen<\/span><\/i><span style=\"font-weight: 400;\"> to properly administer your estate?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Whether they have a good and trusted relationship with your heir and with various other relatives.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Do they have good conflict-resolution skills?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You also must be mindful as to how normal life events may have changed your needs when considering an <\/span><i><span style=\"font-weight: 400;\">executor of the Will<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 The person or people you chose under your first Will when your family was young and your biggest asset might have been the proceeds under your life insurance policy may no longer be the right choice years later when your children have their own families and your <\/span><i><span style=\"font-weight: 400;\">estate assets<\/span><\/i><span style=\"font-weight: 400;\"> look much different.\u00a0 <\/span><i><span style=\"font-weight: 400;\">Complex estates<\/span><\/i><span style=\"font-weight: 400;\"> also require executors to have different skill sets than what is needed to administer simpler estates<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<figure id=\"attachment_10551\" aria-describedby=\"caption-attachment-10551\" style=\"width: 300px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/torontobankruptcy?share\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-10551\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-300x169.jpg\" alt=\"executor of the will\" width=\"300\" height=\"169\" data-wp-pid=\"10551\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-1200x675-cropped.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will.jpg 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-10551\" class=\"wp-caption-text\"><em>the executor of the Will<\/em><\/figcaption><\/figure>\n<h2 id='the-executor-of-the-will-consider-people-in-good-financial-standing'  id=\"boomdevs_4\"><b><i>The executor of the Will:\u00a0 Consider people in good financial standing<\/i><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Becoming a good <\/span><a href=\"https:\/\/www.getsmarteraboutmoney.ca\/plan-manage\/planning-basics\/wills-estate-planning\/role-of-the-executor\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">executor of the will<\/span><\/i><\/a><span style=\"font-weight: 400;\"> requires time and effort. To act as executor means you will have <\/span><i><span style=\"font-weight: 400;\">legal responsibilities<\/span><\/i><span style=\"font-weight: 400;\"> and you&#8217;ll be making crucial choices regarding the deceased&#8217;s properties, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Paying off debts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Taking the estate through <a href=\"https:\/\/probateinontario.com\/\" target=\"_blank\" rel=\"noopener\"><em>probate<\/em><\/a> and calculating and paying the Ontario probate fees called the <em>Estate Administration Tax<\/em>.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Completing one or more income tax returns that the deceased may have not filed and paying the taxes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Managing and perhaps selling assets such as <\/span><i><span style=\"font-weight: 400;\">real estate<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Distributing assets to beneficiaries.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Filing the <\/span><i><span style=\"font-weight: 400;\">estate tax returns<\/span><\/i><span style=\"font-weight: 400;\"> and paying the necessary tax.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You will want to make sure that whoever you pick as <\/span><i><span style=\"font-weight: 400;\">executor under the Will<\/span><\/i><span style=\"font-weight: 400;\">, will be able to properly administer your estate through the entire <\/span><i><span style=\"font-weight: 400;\">estate administration process<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So as a starting point, you will want to make sure that the <\/span><i><span style=\"font-weight: 400;\">estate trustee<\/span><\/i><span style=\"font-weight: 400;\"> that you pick as your <\/span><i><span style=\"font-weight: 400;\">personal representative<\/span><\/i><span style=\"font-weight: 400;\"> who will be dealing with your <\/span><i><span style=\"font-weight: 400;\">personal finances<\/span><\/i><span style=\"font-weight: 400;\">, should be someone trustworthy who has both the necessary skills to handle the financial matters and has a good financial standing.\u00a0 In Ontario, an <em>undischarged bankrupt<\/em> cannot be an estate trustee.<\/span><\/p>\n<h2 id='how-much-power-does-an-executor-of-the-will-have-over-the-estate'  id=\"boomdevs_5\"><b><i>How much power does an executor of the Will have over the estate?<\/i><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">An <\/span><i><span style=\"font-weight: 400;\">executor of the Will<\/span><\/i><span style=\"font-weight: 400;\"> is a person who has been named to administer an estate when someone dies, but what does that involve? The executor&#8217;s responsibilities include:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> making sure that funeral arrangements have been properly made and <em>funeral costs<\/em> are paid;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> gathering up important documents;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">getting official copies of the <a href=\"http:\/\/www.irasmithinc.com\/blog\/death-of-a-debtor-the-indignity-to-bankrupt-a-deceased-person-part-2\/\"><em>death certificate<\/em><\/a>;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">paying off any debts;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">wrapping up any loose ends like liaising with <\/span><i><span style=\"font-weight: 400;\">government agencies<\/span><\/i><span style=\"font-weight: 400;\">;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> gathering up the funds and then closing out the deceased&#8217;s bank accounts; and <\/span><\/li>\n<li><span style=\"font-weight: 400;\">figuring out how to handle any property. <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In other words, an executor has a lot of responsibility and a lot of power. So much power that an executor may be required to post a bond with the province of Ontario to cover any potential losses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s a common misconception that the <\/span><i><span style=\"font-weight: 400;\">executor of an estate<\/span><\/i><span style=\"font-weight: 400;\"> has complete control over the assets and can freely distribute them to whomever they choose. In reality, that&#8217;s not the case. When someone passes away, their estate becomes a separate legal entity, and once the executor has finished settling the estate&#8217;s affairs, the estate&#8217;s assets must pass to the designated beneficiaries. However, the executor has many powers that can help them better manage the estate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The powers of an <\/span><i><span style=\"font-weight: 400;\">executor of the Will<\/span><\/i><span style=\"font-weight: 400;\">, come from the wording of the Will.\u00a0 If the executor finds that they do not have sufficient powers to properly carry out their duties, then the executor would have to retain a lawyer, get legal advice and then make an application to the court to get those additional powers.\u00a0 Since an executor has personal liability, they should not overstep their authority by taking actions they do not have the power to under the Will.<\/span><\/p>\n<h2 id='how-do-i-make-sure-an-executor-of-the-will-is-honest'  id=\"boomdevs_6\"><b><i>How do I make sure an executor of the Will is honest?<\/i><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Succession preparation includes the <\/span><a href=\"https:\/\/www.getsmarteraboutmoney.ca\/plan-manage\/planning-basics\/wills-estate-planning\/role-of-the-executor\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">estate planning documents<\/span><\/i><\/a><span style=\"font-weight: 400;\">.\u00a0 As part of that process, there needs to be a properly thought out procedure of picking a proficient, responsible, and trustworthy individual to handle an estate, trust, or business, upon the death of the creator of that wealth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is extremely essential to have a detailed succession plan in your estate and to make certain that your executor recognizes his\/her duty, has the necessary skills and is willing to carry out what they will be called upon to do.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A well-known saying is &#8220;you get what you pay for&#8221; which is more often true when it involves choosing your executor. The executor is the person responsible to execute the terms of a Will or Trust. If they are not up to the task, your estate can get involved in a great deal of trouble.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the end of the day, you have hopefully chosen someone to be the <\/span><i><span style=\"font-weight: 400;\">executor of the Will<\/span><\/i><span style=\"font-weight: 400;\"> that not only has the ability to perform all necessary tasks but also someone who out of respect for their relationship with you and your wishes will carry them out honestly and efficiently.<\/span><\/p>\n<figure id=\"attachment_10551\" aria-describedby=\"caption-attachment-10551\" style=\"width: 300px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/smith-estate-trustee-ontario?share\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-10551\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-300x169.jpg\" alt=\"executor of the will\" width=\"300\" height=\"169\" data-wp-pid=\"10551\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-1200x675-cropped.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will.jpg 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-10551\" class=\"wp-caption-text\"><em>the executor of the Will<\/em><\/figcaption><\/figure>\n<h2 id='can-there-be-2-executors-of-a-will'  id=\"boomdevs_7\"><b><i>Can there be 2 executors of a Will?<\/i><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There are numerous concerns that emerge when a loved one passes away. One that is usually asked is can there can be more than one <\/span><i><span style=\"font-weight: 400;\">executor of the Will<\/span><\/i><span style=\"font-weight: 400;\">? In short, yes, there can be more than one executor, but there are some instances when that may not be the very best course of action.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So what are the realistic options?\u00a0 There can be a <\/span><i><span style=\"font-weight: 400;\">sole executor<\/span><\/i><span style=\"font-weight: 400;\">, an <\/span><i><span style=\"font-weight: 400;\">alternate executor<\/span><\/i><span style=\"font-weight: 400;\"> or <\/span><i><span style=\"font-weight: 400;\">co-executors<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 Each one has its pluses and minuses.\u00a0 As the name suggests, a <\/span><i><span style=\"font-weight: 400;\">sole executor<\/span><\/i><span style=\"font-weight: 400;\"> is 1 person only who has full responsibility to take all the necessary actions involved in settling the estate and then turn the money or specifically designated property over to the beneficiaries.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What is and why have an <\/span><i><span style=\"font-weight: 400;\">alternate executor<\/span><\/i><span style=\"font-weight: 400;\">?\u00a0 Just because someone is named as an <\/span><i><span style=\"font-weight: 400;\">executor of the Will<\/span><\/i><span style=\"font-weight: 400;\">, it may be the case that when the time comes, the person named is either unwilling or unable to act.\u00a0 Perhaps the Will was drawn up one or two decades ago and now the circumstances of the named executor have changed.\u00a0 So just in case, an <\/span><i><span style=\"font-weight: 400;\">alternate executor<\/span><\/i><span style=\"font-weight: 400;\"> can be named in case the <\/span><i><span style=\"font-weight: 400;\">primary executor<\/span><\/i><span style=\"font-weight: 400;\"> cannot act.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The<\/span><a href=\"https:\/\/www.ontario.ca\/laws\/statute\/90t23#BK4\" target=\"_blank\" rel=\"noopener\"> <i><span style=\"font-weight: 400;\">Ontario Trustee Act<\/span><\/i><\/a><span style=\"font-weight: 400;\"> contemplated such a situation. Examples of reasons why the <\/span><i><span style=\"font-weight: 400;\">primary executor<\/span><\/i><span style=\"font-weight: 400;\"> may be unwilling or unable to act are because they are now:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Having a change of heart and is now unwilling to act.\u00a0 An executor can recuse themselves before they start to take any action as executor.\u00a0 Once they start acting though, the only way they can be removed is through a court order.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Is now is unfit to act.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Predeceased the one who just died.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Have been convicted of an indictable offence.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">An undischarged bankrupt or insolvent and trying to settle their debts under the Proposal provisions of the <\/span><a href=\"https:\/\/laws-lois.justice.gc.ca\/eng\/acts\/b-3\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Bankruptcy and Insolvency Act<\/span><\/i><\/a><span style=\"font-weight: 400;\"> (Canada).<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Our sister business, <\/span><a href=\"https:\/\/probateinontario.com\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Smith Estate Trustee Ontario<\/span><\/i><\/a><span style=\"font-weight: 400;\">, acts as a <\/span><i><span style=\"font-weight: 400;\">substitute executor<\/span><\/i><span style=\"font-weight: 400;\"> when an <\/span><i><span style=\"font-weight: 400;\">executor of the Will<\/span><\/i><span style=\"font-weight: 400;\"> needs to be replaced by the court.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In any of these situations, the <\/span><i><span style=\"font-weight: 400;\">alternate executor<\/span><\/i><span style=\"font-weight: 400;\"> hopefully can and is still willing to act.\u00a0 The alternate executor would have the estate&#8217;s lawyer make an application to the court, provide proof for the reason why the named executor cannot act and the court can appoint the <\/span><i><span style=\"font-weight: 400;\">alternate executor<\/span><\/i><span style=\"font-weight: 400;\"> (or any other party the beneficiaries may wish to nominate if proven that the alternate is unfit to act).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As the name implies, <\/span><i><span style=\"font-weight: 400;\">co-executors<\/span><\/i><span style=\"font-weight: 400;\"> means that two or more people have been appointed to act together as an <\/span><i><span style=\"font-weight: 400;\">executor of the Will<\/span><\/i><span style=\"font-weight: 400;\">. This can help ensure that your estate is divided up as you intended and the co-executors can both split the work between them and also be a check on each other&#8217;s work.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">They have someone they can confer with when unsure about something, rather than putting the estate to expense by consulting first with one of the professional advisors. The main disadvantage of having <\/span><i><span style=\"font-weight: 400;\">co-executors<\/span><\/i><span style=\"font-weight: 400;\"> is that if you have an even number of executors and there is a major disagreement right down the middle, it will probably take the intervention of the court to have the decision made.\u00a0 This creates otherwise unnecessary cost and delay.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is probably one of the most serious decisions in estate planning.\u00a0 Yu do not want to pick the <\/span><i><span style=\"font-weight: 400;\">wrong executor<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2 id='choice-of-the-executor-of-the-will-using-a-trust-company'  id=\"boomdevs_8\"><b><i>Choice of the executor of the Will:\u00a0 Using a trust company<\/i><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Should you <\/span><i><span style=\"font-weight: 400;\">consider naming an estates professional as your executor<\/span><\/i><span style=\"font-weight: 400;\">?\u00a0 A <\/span><i><span style=\"font-weight: 400;\">trust company<\/span><\/i><span style=\"font-weight: 400;\"> is such a <\/span><i><span style=\"font-weight: 400;\">professional executor<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 If you named an <\/span><i><span style=\"font-weight: 400;\">estate professional<\/span><\/i><span style=\"font-weight: 400;\"> to oversee the distribution of your estate as executor, this approach typically results in less conflict and fewer disagreements between family members than naming a family member to be executor.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, you should know that in naming an <\/span><i><span style=\"font-weight: 400;\">estate professional trust company<\/span><\/i><span style=\"font-weight: 400;\">, you are naming a <\/span><i><span style=\"font-weight: 400;\">corporate executor<\/span><\/i><span style=\"font-weight: 400;\"> with well-established and unwavering policies and procedures to handle the <\/span><i><span style=\"font-weight: 400;\">estate administration process<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 The person at the <\/span><i><span style=\"font-weight: 400;\">trust company<\/span><\/i><span style=\"font-weight: 400;\"> handling your relative&#8217;s estate is not going to care about the relationship issues between the beneficiaries and other family members.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">They also are not going to worry about hurting someone&#8217;s feelings.\u00a0 The cost of using a <\/span><i><span style=\"font-weight: 400;\">trust company<\/span><\/i><span style=\"font-weight: 400;\"> is cut and dry where a close friend or family member may waive any fee they may be entitled to as executor.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In some situations <\/span><span style=\"font-weight: 400;\">choosing a trust company as your <\/span><i><span style=\"font-weight: 400;\">corporate executor<\/span><\/i><span style=\"font-weight: 400;\"> of the Will can be a smart option.\u00a0 <\/span><span style=\"font-weight: 400;\">A trust company is a company authorized to act as a trustee for a trust. The trust company is not the creator of the trust, nor is it the owner of the trust property. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The trust company is an independent third party, which is chosen by the now-deceased person to act as the <\/span><i><span style=\"font-weight: 400;\">executor of the Will<\/span><\/i><span style=\"font-weight: 400;\">. A trust company is an excellent choice as executor when the estate is very large and complex.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whether one or more people or a trust company is a better choice to be the executor really depends on the size and complexity of the estate and the relationships of all the family members involved.<\/span><\/p>\n<h2 id='the-executor-of-the-will-summary'  id=\"boomdevs_9\"><b><i>The executor of the Will<\/i><\/b><b> summary<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">I hope you enjoyed the <\/span><i><span style=\"font-weight: 400;\">executor of the Will<\/span><\/i><span style=\"font-weight: 400;\"> Brandon Blog post. If you are concerned because it is now time to act under the Will, but the named executor is unwilling or incapable of acting, that is where <\/span><a href=\"https:\/\/probateinontario.com\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Smith Estate Trustee Ontario<\/span><\/i><\/a><span style=\"font-weight: 400;\"> can be of assistance.\u00a0 We act as substitute trustees appointed by the court in such situations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Have you been administering an estate and now you have determined that it is an <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/insolvent-estates-canada\/\"><i><span style=\"font-weight: 400;\">insolvent estate<\/span><\/i><\/a><span style=\"font-weight: 400;\">?\u00a0 Are you worried because you or your business are dealing with substantial debt challenges and you assume bankruptcy is your only option? Call me. It is not your fault that you remain in this way. You have actually been only shown the old ways to try to deal with financial issues. These old ways do not work anymore.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\">Ira Smith Team<\/span><\/a><span style=\"font-weight: 400;\"> utilizes new modern-day ways to get you out of your debt difficulties while <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/bankruptcy-alternative\/\"><i><span style=\"font-weight: 400;\">avoiding bankruptcy<\/span><\/i><\/a><span style=\"font-weight: 400;\">. We can get you the relief you need and so deserve.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The tension put upon you is big. We know your discomfort factors. We will check out your entire situation and design a new approach that is as unique as you and your problems; financial and emotional. We will take the weight off of your shoulders and blow away the dark cloud hanging over you. We will design a debt settlement strategy for you. We know that we can help you now.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We understand that people and businesses facing financial issues need a realistic lifeline. There is no \u201cone solution fits all\u201d method with the <\/span><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\">Ira Smith Team<\/span><\/a><span style=\"font-weight: 400;\">. Not everyone has to <\/span><i><span style=\"font-weight: 400;\">file bankruptcy in Canada<\/span><\/i><span style=\"font-weight: 400;\">. The majority of our clients never do. We help many people and companies stay clear of <\/span><i><span style=\"font-weight: 400;\">bankruptcy<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is why we can establish a new restructuring procedure for <\/span><i><span style=\"font-weight: 400;\">paying down debt<\/span><\/i><span style=\"font-weight: 400;\"> that will be built just for you. It will be as one-of-a-kind as the economic issues and discomfort you are encountering. If any one of these seems familiar to you and you are serious about getting the solution you need, <\/span><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\">contact the Ira Smith Trustee &amp; Receiver Inc. group today<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\">Call us now for a no-cost consultation<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We will get you or your business back up driving to healthy and balanced trouble-free operations and get rid of the discomfort factors in your life, <\/span><i><span style=\"font-weight: 400;\">Starting Over, Starting Now<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">We hope that you and your family are safe, healthy and secure during this coronavirus pandemic.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Smith Estate Trustee Ontario and Ira Smith Trustee &amp; Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.<\/span><\/p>\n<figure id=\"attachment_10551\" aria-describedby=\"caption-attachment-10551\" style=\"width: 580px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/torontobankruptcy?share\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-10551\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-1024x576.jpg\" alt=\"executor of the will\" width=\"580\" height=\"326\" data-wp-pid=\"10551\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-1200x675-cropped.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/03\/executor-of-the-will.jpg 1280w\" sizes=\"auto, (max-width: 580px) 100vw, 580px\" \/><\/a><figcaption id=\"caption-attachment-10551\" class=\"wp-caption-text\"><em>the executor of the Will<\/em><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>We hope that you and your family are safe, healthy and secure during this coronavirus pandemic. Smith Estate Trustee Ontario and Ira Smith Trustee &amp; Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting. Choice of an executor of the Will:\u00a0 Choosing [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[4883,4881,4872,4869,4884,4873,4874,4888,4876,4875,4880,2454,4887,102,4878,4868,4877,4879,3441,4871,3771,4882,4886,4885,4870,3442],"class_list":["post-10549","post","type-post","status-publish","format-standard","hentry","category-brandon-blog-post","tag-alternate-executor","tag-can-there-be-2-executors-of-a-will","tag-choosing-the-ideal-executor-of-the-will-for-your-estate","tag-choosing-the-right-executor-for-your-estate","tag-co-executors","tag-complex-estates","tag-consider-people-in-good-financial-standing","tag-corporate-executor","tag-death-certificate","tag-estate-administration-process","tag-estate-planning-documents","tag-estate-trustee","tag-estates-professional","tag-executor","tag-executor-of-an-estate","tag-executor-of-the-will","tag-funeral-costs","tag-how-do-i-make-sure-an-executor-of-the-will-is-honest","tag-probate","tag-role-of-executor","tag-smith-estate-trustee-ontario","tag-sole-executor","tag-trust-company","tag-using-a-trust-company","tag-who-can-be-an-executor-of-the-will-in-ontario","tag-will"],"_links":{"self":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/10549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/comments?post=10549"}],"version-history":[{"count":6,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/10549\/revisions"}],"predecessor-version":[{"id":10557,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/10549\/revisions\/10557"}],"wp:attachment":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/media?parent=10549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/categories?post=10549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/tags?post=10549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}