ESTATE TRUSTEES/ EXECUTORS OVERVIEW
In Ontario, what is commonly known as an executor is referred to as an “estate trustee” – you will sometimes see these terms used interchangeably.
Your estate trustee is the person who will administer your estate and distribute your assets after your death, and the appointment of an estate trustee is one of the most important (and basic) purposes of a Will.
In your Will, you may appoint one or more individuals or a corporation (such as a trust company) to act as your estate trustee. You may also appoint alternate estate trustees to act if the primary trustee is unable for any reason. Some of the most important qualities to look for in an estate trustee are trustworthiness, dependability, time, age, and willingness.
Location is also very important – there are a variety of reasons to avoid appointing an estate trustee who resides outside of Canada.
You do not need to choose someone who is an expert in all areas, as your Will should provide them with the authority to enlist the assistance of professionals such as accountants, lawyers, financial planners, etc. to assist and provide advice.