More time needed to consider proposed amendments regarding personal financial dealings with clients
You can provide valuable advice in explaining the options and help your clients choose a trustworthy candidate. Then, you can follow up by meeting with both the executor and the client to review the process and answer any questions
Once an estate plan is finalized, it’s critical to ensure the right person – or team of people – is appointed to execute it, especially when family tension exists
If your client is named executor of a will, one of his or her responsibilities will be to obtain a clearance certificate from the CRA. Otherwise, your client could be on the hook for the deceased's unpaid income taxes
Advisors should talk to their clients about the risks in their digital lives
Gathering important information can be a nightmare for executors and holders of POAs if documents are not organized. You can help by steering clients toward tools that catalogue everything from wills and insurance policies to banking passwords
Almost half of Canadian Boomers appointed as executor have experienced administrative complications
Being an executor can soak up vast amounts of time and energy. Professionals, such as trust agents at financial services institutions, can help executors navigate the bureaucratic maze
Although some consider the role of an executor to be an honour, it can be an onerous responsibility fraught with legal liabilities