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Is your chosen Executor the right fit to execute your estate?
Take this quick assessment to find out.
Keep track of your responses to determine your final result.
1) Family Dynamics
2) Financial Acumen
My executor does not understand finances and will struggle to understand the tax and accounting aspects of their duties. Tax deadlines may be missed, incurring late fees and penalties. Poor money management choices will likely be made as my executor is not well versed in various investment types. All of these inadequacies will potentially decrease the value of my estate.
My estate is complex. I own one or more businesses or have shares in private businesses, I have cross-border assets and/or I have an intricate asset distribution schedule in my will. My executor has no experience and will not understand how to manage or sell my businesses. They don't have resources to assist in ensuring that my beneficiaries receive all that I intend to leave for them.
My executor will struggle to understand all aspects of the duties required, the timeliness of the process and where to find appropriate resources. Without having a good understanding of all tasks required it is likely that my executor will not complete all tasks required, resulting in a lengthy execution where my beneficiaries do not receive money or gifts in a timely manner.
My executor will have an extremely difficult time balancing their grief with the duties required of them. My executor struggles emotionally and this additional toll will result in poor execution of my will with delays, potential penalties and an estate not valued at its highest potential, as well as the stress that my executor will feel.
My executor has either a job or dependent children which keep them busy. It will be a struggle for them to fit all of the duties required of them into their schedule. This is a concern as some of the tasks of an executor are very time sensitive. Missing these submission deadlines can cost a family a significant amount of money and lead to future financial stress.
7) Organization & Communication
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