When you pass, one or more persons will need to step up to manage and administer your estate. They will carry through your funeral and post mortem arrangements, they will ascertain and protect your assets, pay all your debts, liabilities and taxes, and distribute the residue of your estate in accordance with your wishes (assuming you pass away with a valid will). That person (or people) is your executor, or estate trustee. One of the main purposes of a Will, is to set out who you would like to be your executor when the time finally comes.
There are a number of things to think about when you are selecting who will perform this very important role. The person should be organized, knowledgeable, available, willing, and trustworthy, among other things. Most commonly, people choose to select a close family member such as their spouse, children, parents or a sibling. However, there are circumstances when this is not always the best, or available choice. Whether it's because you don't have any family, they may not want to take on the role or are not available to put in the time and energy needed, you are estranged from your family, your family all live far away, or because you have a complicated estate or assets (such as many investments, pieces of real property, corporate shares etc.). Some people just don't want to place that burden on their family and friends, or there are complicated family dynamics that may frustrate the administration process. Whatever the reason is, you may choose to appoint a professional as your executor.
Professional executors are qualified individuals who administer estates as part of their job. Most commonly these consist of trust companies (associated with a bank or financial institution), some accounting firms, and law firms - including us, here at Sorbara Law. We often will make our services available as professional executors through our estates department, should a client request this.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
