Have you reviewed your choice of executor?
Oct 24, 2024
Events in your life or changes involving the person you designated may call for a review of your executor—also known as a liquidator, estate trustee or personal representative, depending on the province.
When the issue involves your executor
If your executor has moved to a different province or a considerable distance away, you may wish to choose someone who lives closer to you. Also, if the person has experienced conditions that affect their physical health or cognitive abilities, you may want to choose another executor who is more able to assume this significant responsibility. Age could be an issue if you named the person decades ago and want an individual who is less likely to predecease you.
Even when these specific situations don’t apply, you may want to confirm with your executor that they’re still comfortable fulfilling these duties. They may have had second thoughts but not told you yet.
When it’s about you
Upon separation or divorce, you’ll want a new executor if you had designated your ex-spouse. Conversely, if you’ve married since making your will, you may wish to appoint your new spouse as executor. Some couples name each other as executor but change the designation to an adult child when the couple reaches their senior years.
Alternatively, your estate might become more complex and you may want a professional or trust company as the executor. Another option in this situation is to appoint a co-executor so duties can be shared.
It’s a good idea to review your choice of executor every few years or when a life event occurs that may prompt a change.
