I specialize in helping medical professionals in the first 10 years of practice, grow their wealth in a tax-efficient manner as an Associate Investment Advisor (Conseiller en placement adjoint) at Richardson Wealth
Why does it matter whom you name as the executor in your will? Oftentimes the person named for this is usually someone convenient – your surviving spouse, sibling, parent or child. While this is usually a sensible choice, it may not always be the best one When naming an executor, here are four points you may want to consider - Availability – at the beginning of the settlement of an estate, an executor will be faced with sudden and intense demands on their time. A good question to ask is whether you would be able to give up a large portion of your available time for the next 6 months - Complexity – depending on the size of the estate, settlement of an estate becomes less and less simple. Issues could be in the form of business succession, tax planning and family law among others - Competency – a basic grasp of financial concepts will be helpful to start the process, however an executor should be ready and able to learn new concepts quickly in their role to be able to make the decisions necessary in the settlement of the estate - Relationships – just like anything involving money, it is not just about the numbers but the emotions that come with it. This is where qualities like impartiality, objectivity and fairness become extremely important Given the work involved, it would be advisable to talk to the person you have named ahead of time to better manage expectations and make sure it is a responsibility they are comfortable taking on. If you need a helpful checklist to facilitate the conversation, comment below or message me directly Comment below with thoughts and questions For more information on these and other planning strategies, please message me separately #willplanning #estateplanning #financialplanning
Bedside physician, neonatology , SHC
6moInsightful!