Did you know that it often takes 100+ hours to settle an estate when someone passes away? Being an executor is a lot of work. Throw in added complexities like blended families, business ownership, and assets outside of the jurisdiction, and executorship can turn into a full-time job!
I spend a lot of time chatting with clients about who they wish to appoint as an executor. Typically, people like to appoint a spouse, a child, a sibling, or a close family friend. And in many instances, that makes sense. However, given the increasing complexity involved in administering an estate, consideration should be given as to whether an outside objective party makes more sense. In this episode, the objective party we are talking about is the "trust company".
My special guest on this episode is Anisa Diwan, a Wills and Estate advisor for RBC Royal Trust (Prairies Region) - we are chatting all about the "corporate executor". Never heard of a corporate executor before? You are not alone! By the end of this episode, you will learn: (1) what factors support the appointment of a corporate executor (9:46), (2) the process in completing the appointment in your Will, including what it costs, and when you have to pay (20:20), and (3) what happens after you pass away - what exactly does the corporate executor do? (30:05).
RESOURCES DISCUSSED ON THE EPISODE
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