Should I appoint a Trust Company as executor of my Will?

Q. I do not have children and no family in BC. I have a will and the executors are two friends who are my age (late 60s). Should I appoint a Trustee like a bank? I do not have real estate so it’s a simple will. My siblings who live in Quebec do not speak English.

 

Thank you for your question.

The potential problem in your existing situation is that your Executors are the same age as you…thus when you pass away, they may have pre-deceased you or may be elderly and unable to act.

If you have friends who are younger and are willing to be Executors, that would be one solution.

Or you could appoint an institution – ask your bank what services it may suggest. Vancity provides Executor and Will Planning Services…and there is a company called Solus Trust who will provide these services. (Both Vancity and Solus Trust will charge for their services.) You can contact Solus Trust at  http://www.solustrust.com/Solus_Executor_Services.htm

I hope this information is helpful to you.

DAVID CHALMERS, Nicola Wealth Management
BA, FLMI,  CLU, CFP, ChFC, CIM, RFP

Nidus would like to extend a special thank you to David Chalmers and Nicola Wealth Management for helping to promote our fall personal planning series and for educating their clients about Representation Agreements. Read David’s blog post.

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RESOURCES

The legislation in British Columbia governing wills and estates changed as of March 31, 2014. The Wills, Estates and Succession Act replaces the Wills Act and the Wills Variation Act. Following are links to information provided by the BC lawyers association (CBABC):

Making a Will and Estate Planning

What Happens if you Die Without a Will?

Duties of an Executor

 

Nidus partnered with BC Courthouse Libraries to raise awareness about BC’s essential legal planning documents and the Nidus Registry. The kick off event was held on September 15th at the Vancouver Public Library Central Branch with a panel of experts in the field. Questions that were submitted will be answered in a series of posts by Nidus and various panel members. To see photos from the event click Gallery; and click Registry Sing-a-long for the fun of it!