What you don’t know about being an estate executor could cost you dearly
When asked to be an executor and given the responsibility of managing somebody’s estate, many people are flattered. They believe it’s an honour like being asked to be a godparent. But Debbie Stanley, CEO and Senior Estate Administrator at ETP Canada, a firm that assists executors with administering an estate says, “That is a common misconception. In reality for today’s executor, think of it as a full-time job.
Stanley says, “It’s an introductory course that will allow you to have more productive conversations with your lawyer. You’ll know what the professionals are talking about, why they’re asking you certain questions, and the importance of having certain documents in place.” Executor Ready shows people what executors will be facing in managing the estate. It gives them a better idea of who is best suited for the job. Perhaps after reviewing what the role entails, families will choose differently and appoint a professional such as Debbie Stanley, friends or a different family member not previously considered.
Executor Ready shows people there’s a flow to the estate administration process. Stanley points out, “It’s more than managing the estate and handing out a cheque at the end. An executor needs to document everything that has happened and account for every dollar with explanations, receipts, and bank statements. Many people are surprised by that.”