GUELPH – Looking to learn more about estate planning? ETP Canada – a boutique firm – may have some helpful tips for you.
What does my executor need to know?
When it comes to your estate planning, you will want to ensure that the person you are naming as your executor is responsible, organized, and has the time available for the job.
It’s a common question, “What does my executor need to know ahead of time?”
Let’s break down some of the most important things to share with your executor.
Where to find your important documents
Sharing with your executor where your life’s documentation can be found will save your executor from a very frustrating scavenger hunt after you have passed away.
Important documents to gather include items such as the will, Power of Attorney documents, real estate deeds, insurance information, vehicle information, bank statements, utility bills, marriage/divorce certificates, etc.
Your executor will need these documents to apply for probate, close accounts and distribute assets.
Care plans for children/pets
If you have children or pets that will need immediate care, it is important to share wishes for how you would like them cared for so that the executor can act immediately when the time comes.
End-of-Life wishes
This is usually the hardest, and most awkward conversation to break into, yet arguably the most important of them all.
Inform your executor of your general wishes such as end-of-life care, preference of burial or cremation, and what you would like for your celebration of life.
Have you pre-written an obituary? Do you have a favourite song or flower that you would like included?
This conversation will allow for your executor to follow through on your wishes without any guesswork.
As you can see, there is a lot to consider when naming someone as your executor.
These topics are just the tip of the iceberg.
Keep communication open between you and your named executor and update them as things change in your life.
Submitted by Carley St. Onge, ETP Canada
