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Wednesday, October 24, 2012

Think twice before you say yes

Do people named as executors in wills know that they have the right to turn down the executorship appointment?

I bet William Bourner wishes he had refused to act as executor. I'm attaching a link to a story on www.allaboutestates.ca that tells Mr. Bourner's story. He acted as executor for his mother's estate, and ended up being ordered by the court to produce an accounting for things that happened almost 50 years before he took over as executor. Click here to read the article, which is a real eye-opener.

The key to turning down (known as "renouncing") an executor appointment is to do so before you take any steps on behalf of the estate. Once you've started acting as executor, you can't just walk away from the job no matter how irritating it may be, without the court's permission. You're executor for life until the court dismisses you.

So, as our friends at www.allaboutestates.ca have already said, think twice before you say yes.

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