Just like Carmen Sandiego, where in the world your Executor is makes a big difference! So, where in the world is your Executor?
“I’m thinking of having my adult children be my Executors. They all live out of province, in fact, one is in Alaska, one is in Japan, and the other one is in Alberta. Is this a workable plan?”
While this may be a workable plan it may also create some big issues. Executors from out of province often have to post a bond for the probate value of the Estate, up to 1.5 times the value, in fact. That in itself may be a difficult proposition.
Often it is in the best interests of the Estate to complete the work in a timely manner. With the distances involved there may be other challenges including time, residency, signatures, discussions, agreements, travel expenses, etc., etc.
There is always the possibility of employing specialists to do the local footwork. However, this may prove to be costly as well.
Being an Executor is a very demanding task that can take considerable resources. Erosion of a small Estate can often seem more painful than the erosion of a large one.
Have you been asked to be an Executor?
It may have seemed like a huge honour, a sign of trust and faith in your ability to do a good job. It is no longer that easy to accept this responsibility. It is one job that needs to be done right.
There are various Executor designations including sole and joint Executor as well as alternate Executor. You will find it is very helpful if you consult with your legal council to determine what best suits your lifestyle.
A simple suggestion would be that every good team has a back up plan. In the world of Executors, never underestimate the value of having at least one back up, preferably more.
Sometimes there’s more to being an Executor than you could ever imagine. It may seem to be a reasonable request when asked but may become much more complex in reality.
Note: As a helpful resource, check out the Nova Scotia Barristers Society information here.