FAQ with an Executor Advisor
Death can be messy, but the legal logistics don’t have to be.
When it comes to making sure your final wishes are respected and followed upon your death, it is important to write out a Will, which is a legal document that outlines your wishes regarding the distribution of your property and assets in the event of your death. If you have children, this also includes the details of their care in the event of the absence of parents/legal guardians. Most young people don’t know much when it comes to Wills; we live in a society that shies away from any discussion of death, so this is not incredibly surprising.
Answering some of the most important questions about all things Wills is Certified Executor Advisor (CEA) Cheryl Maloney. Her job as a CEA is to provide important information and counsel to the executors of one’s Will, the executor being the person that the deceased leaves in charge of their estate. The CEA is responsible for the successful settlement of the estate, ensuring all the wishes of the deceased are followed.
Find Cheryl Maloney on LinkedIn.
How do you bring up the topic of wills with your parents/legal guardians?
Ask them to set up an appointment/a time to talk about it. Don’t “spring” it on them. If possible, include your siblings in the conversation.
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“We want to get clear on what your wishes are in terms of leaving an inheritance for us and what your final wishes are. We want to make sure that we all understand what is important to you and what we can do to support you.”
Communication is key! It is important for family harmony to let your parents/guardians know the communicating their wishes with their loved ones while they are living is critical. This helps eliminate surprises and unanswered questions when they are no longer around to answer them. Successful planning means families have a chance to stay close after mom and dad are gone.
What is 'Power of Attorney'?
A Power of Attorney (POA) is a written, legal document which authorizes another person(s) to make financial and legal decisions on your behalf. There is a Power of Attorney for Property (i.e., Finances) and a Power of Attorney for Personal Care (i.e., Health).
It is imperative to appoint someone as the POA who has the time, expertise and willingness to act on the behalf of someone, if they become incapable.
What should I know about my parents/legal guardians' Will?
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When was the Will written? Is it up to date?
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Who is/are the executor(s)? An executor is a personal representative who is responsible for distributing the estate (property, assets, possessions) of an individual according to the wishes outlined in their Will. You can name more than one person as your Executor.
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Who are their Powers of Attorney for Property and Personal Care? (It may not be the same person as the executor.)
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If you are the Executor and/or Power of Attorney, you need to understand clearly the instructions set forth in the Will. If anything is unclear or open to a potentially different interpretation, ask your parents to amend the Will to make it clear.
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Are there any unique or out of the ordinary wishes they have outlined in their Will?
How do you go about making your own Will?
If your parent(s) have a financial advisor or if you have a financial advisor, start there. A financial advisor usually has the full view of the total assets of their clients and what would make up the estate. After working together with your financial advisor, it is a good idea to get professional legal help when you make a will. This will help you make sure all your documents are prepared and witnessed properly. You should use a lawyer who specializes in estate law. Look for referrals for quality lawyers – either from your financial advisor or other trusted friends or family.
What is important to consider including in a Will?
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Your choice of Executor should be someone who is trustworthy, fair, a good communicator and who understands deadlines. It is important to ask the person first if they would be willing to take on that responsibility.
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If you have children who are minors, it is important to appoint a legal guardian.
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Include a family disaster clause (who your estate would go to if you and your beneficiaries were to die at the same time).
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If there is a specific item or property you’d like to bequeath to someone, include that in your Will.
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Clear and unambiguous instructions. Your Executor will be eternally grateful.
Want to learn more?
Books
The Executor's Handbook: A Step-by-Step Guide to Settling an Estate for Personal Representatives, Administrators, and Beneficiaries - Theodore E. Hughes and David Klein
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Videos
The Role and Responsibilities of an Executor Explained - The Money Guy Show
What an Executor Can and Cannot Do | RMO Lawyers - RMO Lawyers
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Websites
What Is An Executor of a Will? Everything You Need to Know - Willful
Executor Duties - Miltons Estates Law
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References
“Certified Executor Advisor Designation.” Ccua.com, Canadian Credit Union Association, 6 Aug. 2020,
advisor/#:~:text=The%20Certified%20Executor%20Advisor%20(CEA,responsible%20for%20successful%20estate%20settlement.