Myth: the only important part of legacy planning is saying who gets what
While dictating what happens to your belongings is a key part of legacy planning, it’s important not to forget about naming an executor.
An executor is responsible for a number of things: identifying all your assets and liabilities, validating your will, making arrangements with your beneficiaries, and even making funeral arrangements.
Needless to say, your executor is important. You’re going to want to make sure that you have an executor named, and that your executor is someone you trust, who is capable of carrying out your will, and who will be willing (and able) to take on
the pressure of managing your estate right after you pass away. It’s also recommended that your beneficiaries live close to you, as they will be handling your assets and dealing with your provincial government.
It’s not unusual for executors to be compensated for the time and effort it takes to manage an estate. This gives you the option to name someone outside of your immediate family, leaving it to a professional executor or lawyer. This can be particularly
helpful if your beneficiaries live out of province or out of the country, or if you simply don’t want to place the burden of executing your will on your grieving loved ones.
It’s also possible to name multiple executors to split the burden, or a back-up executor in case your first pick is either unwilling or unable to carry out the task.