Who have you appointed as your executor in your will? Did you consider appointing someone other than your spouse or children? There is a new article in the Globe and Mail that talks about alternate choices, including a trust company.
Having worked for a trust company for the last four years, I've answered many, many questions about how a trust company works. The first thing people ask me is how much it costs to have a trust company as an executor. Almost everyone is surprised to learn that a trust company charges the same fee that any executor - such as your kids or friends - can charge. The difference is, we have expertise!
If you've ever wondered whether a trust company is a good choice for you (or perhaps your parents), click here to read the Globe and Mail article for some good information and ideas.
Just another revenue stream for the banks. Get a good lawyer and, if necessary, a good accountant, and you'll do fine on your own.
ReplyDeleteMany will do fine on their own. However, the hundreds of thousands of Canadians who don't have kids to act as their executors, or whose kids fight it out, wasting estate assets, or those who are flat out being ripped off by their greedy children might just tend to disagree with you.
ReplyDeleteLynne