Being an Executer of a Will
June 27th, 2008 | by Editor |Being named executor of a will brings with it legal and tax issues that can seem overwhelming. We asked some Canadian Certified Financial Planners for advice on seeing through this difficult process.
What can someone do or learn before becoming an executor?
Financial advisor: The best thing to do is ask questions of people who are involved in this process all the time.
What was the most important thing to do beforehand?
Have a copy of the will so you know what was willed to whom and where that item was.
To the person who has asked you to be executor, ask them to use a notebook or a computer and sit down and write down everything to do with their estate. It’s so important to get that information.
How can a Certified Financial Planner help with the process?
They can help to pull all of the financial stuff together during a difficult and complicated time. A good financial advisor will have been involved with the estate for so many years and will understand the issues well.
Having the roles as Power of Attorney settled well in advance is critical.
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