Executors a major part of estate planning

Estate planning is one of the most important undertakings an individual can make during his or her lifetime. British Columbia residents understand that drafting wills, assigning executors and creating trusts, among other things, are all integral to the estate planning process. However, the process can be complicated, which is why it may be helpful to seek out professional assistance in drafting these documents. 

The whole point of an estate plan is to ensure that an estate holder's final wishes pertaining to dissemination of assets, administration of final affairs and care of minor children are all taken care of. A will is one of the cornerstone documents in an estate plan. It is used to identify how property will be distributed and names an individual or individuals as executor/s of the estate. An executor is tasked with ensuring the instructions set out in the will are carried out. 

It is important to note that an executor does not have ultimate power, however. Any assets that are intended to be passed down to surviving beneficiaries may be subject to probate. This can be avoided through the use of a trust. A trustee is named in much the same way as an executor, and fulfills a similar role. 

Each estate plan is unique to the individual estate holder. This means that choosing executors, trustees and beneficiaries will be equally unique, and sometimes quite complicated. Thankfully, British Columbia estate holders have access to a wealth of professional support in the form of experienced estate attorneys, who can help draft these important documents and provide peace of mind to the whole family. 

Source: trib.com, "Brezik: Estate planning is for everyone", Connie Brezik, June 30, 2017

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