Financial Planning Q 'n A

Generally speaking, people choose one of three groups to be the executor of their estate. Most common is a family member or friend, followed by a professional advisor such as their accountant or lawyer followed by an independent trust company. In many cases, more than one person is chosen as well as alternates. A person familiar with your situation is ideal in terms of gathering documentation and knowing your wishes. A professional is ideal in terms of knowing what is required by law, government authorities and having independence. The role of executor is stressful, time consuming and complex in some cases. The person or person you choose should be willing and able to perform the tasks required and either have the expertise or have access to it. Every situation is different and your choice should not be taken lightly. While most people are honoured to be chosen, anyone who has gone through the process has second thoughts about administering another estate. The person you choose should be aware and acceptable to the job.