Choosing an executor

An executor is an individual or a corporation named in your will to settle your estate when you die. The executor takes legal ownership and possession of your assets and is responsible for distributing assets according to your instructions, and for paying your debts and taxes.

Your executor has a special duty to act in good faith for the benefit of your beneficiaries and can be held personally liable for any mistakes that cause a loss to your estate. That's why it's very important to choose an executor who can handle the responsibility and manage your estate wisely.

In some cases, you may choose to appoint more than one executor, making each party a co-executor. For example, you may wish to lighten the administrative burden by dividing responsibilities between two parties, or you may want your estate to benefit from the wisdom or expertise of more than one person or corporation.

Choosing your executor or co-executor requires careful consideration. An executor must have good judgment, strong business experience, and the ability to relate well with members of your family. They will be required to make crucial decisions, so it's a big responsibility.

Professional estate administration

At Vancity, we can help you create an estate plan that ensures your loved ones are cared for according to your wishes, and that your tax obligations are minimized. In partnership with Concentra Trust, we can also offer professional executor and trustee services that serve the best interests of your estate and beneficiaries after your death.

Concentra Trust can administer your estate to completion, something that an individual executor may not be able to do. They offer the professional expertise and impartiality needed to administer your estate efficiently, and are trained to handle personal issues with sensitivity, which reduces the emotional stress your survivors may experience during this difficult time.

Together, Vancity and Concentra Trust offer a complete estate planning and management service that protects the assets you've taken a lifetime to build and the loved ones you leave behind.

For more information about Concentra Trust services, click https://wyth.ca/wyth-trust.

Call 778.231.2118 for more information about our professional estate planning and management services.