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Wills and estates: Transparent communication with an executor

One of the most important things when writing an estate plan, is the naming of an executor. British Columbia residents who are planning their wills and estates will need to do some serious thinking about who that individual should be for them since the job is often not for the faint or heart. It can be time-consuming and stressful and takes a person who is honest and trustworthy.

Estates can take on a complexity that some people may have a hard time dealing with. An executor of an estate should have some know-how in dealing with finances and also have some knowledge of estate law. So, when choosing an executor, it is important to discuss these things with the person the testator has earmarked for the job. It doesn't have to be an adult child or a spouse, and in some cases, it's better to get someone who might not stand to benefit from the estate directly, like a lawyer.

It is crucial that the executor knows the wishes of the testator. Having those wishes documented as well as verbally discussed is very important. There is a year rule when it comes to the length of time an executor has to start distributing assets from an estate. It can be a time-consuming endeavour to take inventory of all the assets and to locate beneficiaries.

The bottom line is the more planning a testator does, the easier it will be on an executor. The rules that accompany wills and estates in British Columbia can be confusing in their complexities. Getting the experienced opinion and advice of an estate planning lawyer may save a lot of problems when the time comes for the estate plan to be executed.

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