Top Five Characteristics of a Good Executor of your Will in Alberta

When you write a will in Alberta, you also choose your executor. Although the executor’s primary responsibility is to ensure the proper distribution of assets in your estate, there are many other duties associated with this role. So before you write the name of the executor of your will in Alberta, consider the following qualities of a good executor:

He or she should (in most cases) live within your province or city. For practicality reasons, it will be better if your executor lives within the vicinity. It will be time-consuming and very expensive to travel from one place to another just to settle another person’s estate. Additionally, your executor will have better access to the financial and banking institutions involved in your estate.

The executor should have basic knowledge of financial management: If you have insurance plans, bank accounts, corporate shares and other investments, it is helpful to appoint an executor who knows something about these things. It will be very hard for someone who has no knowledge about banking and finance to settle your unpaid debts or go over the accounting of your assets. Furthermore, your executor should be well-versed with financial matters to be able to settle your unpaid obligations and taxes.

He or she must be able to deal with persons involved in your estate like attorneys, accountants and representatives of financial institutions. The distribution of your estate may involve accounting matters and legal settlements. Although your executor does not have to be a lawyer or an accountant, he or she must have the confidence to work with these people for the time it takes to fully settle your estate.

Your executor must have the gift of time to handle your estate distribution for at least 18 months. Depending on the size, claimants, and other issues involved in the distribution of your estate, your executor may use up at least a year and a half to fully allocate your assets. In some cases, the time required to deal with estate matters may even exceed 18 months; some estates require several years of administration.

The executor should show a willingness to participate. Managing someone else’s estate is not easy. The executor has to spend a lot of time to learn about the financial situation of the deceased and he or she may also need to work with people from the government and private sector institutions. The role of an executor is fiduciary in nature. It is an executor’s obligation to handle the testator’s assets dutifully, responsibly, and in a trustworthy fashion.

If you want to appoint an executor, talk to your wills and estate planning lawyer to learn more about the important qualities you should consider.

I hope you find the above tips helpful. I look forward for your feedback. See you in the next post.
Cheers,
Russ Weninger