Who Can You Choose?
Duties of an Executor
Compensation
Making Your Executor's Job Easier
Who Can You Choose?
  You can generally choose anyone you wish to be your executor. For example, many people name their spouse, especially if he or she is the main beneficiary of their estate. You can also choose to have more than one executor. This is often a wise decision if you wish your spouse to be involved in the process, but they lack financial expertise or your estate is large and complex. It's also common to appoint a trust company as co-executor when trusts are included in the will. You may also choose a co-executor to deal with specialized tasks, such as appointing someone to disburse of your rare book collection.

  Being an executor takes more time and skill than many people realize. Before you name someone as an executor, be sure to discuss it with them. It's also a good idea to choose an alternative executor in case the first one is unwilling or unable to act when the time comes.

Duties of an Executor
  Your executor may have to deal with an array of third parties, including lawyers, accountants, Revenue Canada, insurance companies, banks, business partners and your beneficiaries. Depending on the complexity of your estate, your executor's duties will include:

Reading and interpreting the will and meeting with your family.
Becoming familiar with your financial affairs.
Safeguarding your assets.
Dealing with financial institutions.
Assembling an inventory and valuing your assets.
Hiring a lawyer to apply for probate.
Arranging for the sale of real estate if required.
Converting assets to cash to pay debts and taxes if necessary.
Preparing your final tax returns and getting tax clearance from the Canada Customs and Revenue Agency.
Distributing assets to your beneficiaries.
  Bear in mind that your beneficiaries may hold your executor liable if the estate is not managed effectively, so it is important to give your executor the powers necessary to do the job. These powers must be spelled out in the will. For example, your affairs may be better managed if your executor has the power to invest, buy and sell assets, or borrow money on behalf of the estate.

Compensation

  Because of the amount of work involved, you may want to compensate your executor; a rule of thumb is 5 per cent of the value of the estate. Trust companies usually charge from 5 per cent for small estates to 10 per cent for large ones.

Making Your Executor's Job Easier

  You can make the task of settling your affairs a much easier process by keeping your files and records up to date and easy to locate. Give your executor a copy of your will along with a list of your financial advisers, insurance policies and other important documents. You may also want to discuss funeral arrangements in advance.