A seminar was held at Delmanor Northtown that examined the role & responsibilities of an Executor in Ontario and ways to help prepare an Executor for the future. Whether you are considering taking on this role, or in the process of selecting the right person to handle your estate, there is much to consider.
An Executor, or in Ontario an Estate Trustee, could be an individual or institution that will administer the estate according to final wishes expressed in a Will, in keeping with provincial law. Elaine Blade, Senior Manager, Estate & Trusts Services and Hoorakhsh Yousefzadeh, Investment Adviser with RBC shared their expertise with the audience at Delmanor Northtown.
The presenters reviewed strategies that are available for incorporating estate planning into your total wealth plan in the most efficient way. Most of us have a will and have assigned a Financial and Medical Power of Attorney. With a comprehensive plan it may include probate, trusts, contractual obligations, family law, dependents, property registration, life insurance, RSP/RIF designation, and income tax planning.
The Executor should know up front if they are signed up for fifty or one hundred and fifty tasks. They could be signing up for twelve months to ten decades of management depending on specifics and complexity of the Estate. Communication and updates to the beneficiaries are key. Penalties for not meeting specific deadlines could become the sole responsibility of the Executor rather than the Estate.
With all of this new information, invited guests, residents and their family members went away feeling further prepared and open to discussion with family about future plans for all of their loved ones.
For more information about Delmanor Northtown and our variety of insightful financial seminars please contact Laurie or Keri at (416) 225-9146