RBC Wealth Management has entered a three-year partnership with David Chilton, the bestselling author of Canadian personal finance classic The Wealthy Barber, to raise awareness of the benefits of working with a corporate executor, the wealth management arm of Toronto-based Royal Bank of Canada announced Thursday.
In collaboration with RBC’s estate and trust services division, Chilton will write articles, appear in videos and host events designed to expand awareness and encourage the public to retain the services of corporate executors and trustees.
“I am a big believer in the benefits of corporate executorship. In fact, I refuse to take on the executor role for even my closest friends’ wills. If you’re wondering why, you’ve probably never been an executor,” Chilton says in a statement. “I believe more Canadians should take advantage of corporate executors and I’m pleased to partner with RBC to help people through what can otherwise be an emotional and complicated process.”
“Thirty years ago, Dave brought financial planning to every Canadian household with his best-seller, The Wealthy Barber. Since then, he has continued to be one of our country’s best known and most trusted experts in personal finances, using his humour to simplify complicated financial topics,” Leanne Kaufman, president and CEO, Royal Trust, says in a statement. “That makes him the perfect partner to help us educate Canadians on the benefits of retaining a trust company as executor and trustee.”
Many people designate close friends and family members as executors without considering the emotional, financial and time-consuming burden the role can bring, Kaufman says.
“Many executors tell us if they had known how difficult it would be, or the liability they would be assuming, they would not have accepted the role in the first place,” she says. “And it’s surprising how many Canadians aren’t even aware that they can choose a trust company to settle their estate.”