Estate planning is more than just creating a Will - it’s about ensuring your final wishes are carried out with care, clarity, and as little stress as possible for your loved ones. One of the most important (and often overlooked) decisions in the estate planning process is choosing your executor - the person responsible for managing your affairs after you pass away.

In our latest webinar with Brad Pashby - a Certified Financial Planner, Chartered Life Underwriter, and Trust & Estate Practitioner - we explored what an executor does, who you should choose, and whether a professional trustee might be the right fit for your situation.

What Is an Executor?

An executor is the person named in your Will to carry out your final wishes. Their responsibilities include:

• Managing your estate
• Paying outstanding debts
• Filing final taxes
• Distributing assets to beneficiaries
• Coordinating with lawyers, accountants, and other advisors

It’s an important (and emotionally taxing) job. Executors often begin their duties while grieving, and they’re expected to make decisions that affect family dynamics, finances, and legal matters. It’s a role that requires both trust and skill.

Who Should You Choose as Your Executor?

Choosing an executor isn’t just about who you’re closest to — it’s about finding someone with the right qualities. The ideal candidate is:

• Trustworthy and responsible
• Organized and detail-oriented
• Willing and available to take on the role
• Financially literate and capable of handling paperwork
• Likely to outlive you (they must be at least 19 years old)
• Located in BC or elsewhere in Canada (to avoid legal or tax complications)

Real Life Example: Brad Pashby mentioned his best friend — a person who's loyal and caring, but not financially savvy. Despite deep trust, this particular friend wasn't the right choice to manage a complex estate. This underscores the need to consider practical skills, not just emotional bonds.

Can You Appoint More Than One Executor?

Yes, and in some cases, it’s a smart strategy.

Appointing multiple executors can help balance strengths. For example, you might pair a financially capable sibling with a trusted spouse or family friend. This way, tasks can be shared, and checks and balances are in place.

However, joint executors must work together, which can sometimes slow the process or cause disagreements. Make sure the individuals you choose are cooperative and respectful of one another.

What If Your Executor Lives Outside of Canada?

If your chosen executor lives abroad, you may run into legal, logistical, and tax-related complications. Jurisdiction matters.

For example, certain provinces require foreign executors to post a bond or may limit their powers. It can also make communication and document handling slower and more complex. If your current executor lives outside Canada, it may be time to update your Will.

Should You Hire a Professional Trustee?

Sometimes, the best executor is not a family member.

In Canada, you can appoint a corporate executor or professional trustee (such as a trust company or lawyer) to manage your estate. This option can be especially useful if:

• You don’t have someone you trust with the right skills
• Family dynamics are strained
• Your estate is large, complex, or includes business interests
• You want to avoid conflicts among heirs

Cost Considerations:

• Family executors can be compensated (up to 5% of the gross estate value), though many choose not to take a fee out of respect or love.
• Professional executors always charge a fee, which can feel like a downside.

However, the practical benefits - objectivity, experience, and neutrality - often outweigh the cost, especially if your goal is to reduce family conflict and ensure smooth administration.

Pro Tip: Empower Your Executor to Seek Professional Help

Even if your executor is not an accountant or lawyer, your Will can authorize them to consult with professionals (i.e. financial advisors, tax experts, estate lawyers) as needed.

This doesn't take the responsibility off their shoulders, but it gives them support to manage the estate properly and avoid mistakes. Most lawyers recommend including this clause when you update your Will.

Final Thoughts

Your executor is your estate’s project manager. Choose someone with both heart and skill, who can navigate emotional and financial complexities with competence and care.

Take Action:

• Review your Will regularly, especially if your executor has moved, passed away, or is no longer a suitable fit.
• Talk to your lawyer about naming co-executors or considering a corporate trustee if needed.
• Give your executor the power to seek advice so they’re never left navigating the process alone.

An up-to-date Will and a well-chosen executor can give your loved ones peace of mind and ensure your legacy is protected.

If you'd like more in-depth information, watch the recording of our latest webinar with Brad Pashby on "Navigating Your Estate Plan: A Lesson in Liquidity, Legacy, and Lifestyle."

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