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Choosing the right person to administer your estate

If you are one of the many British Columbia residents concerned about how your estate will be handled once you die, a good step in the right direction involves carefully choosing an estate executor. Making the wrong decision can have a negative impact on your entire estate. Some of the things that could happen include asset distribution contrary to your wishes, estate tax issues and even estate disputes.

A good estate executor or administrator should possess several qualities. These include maturity, orderliness and a good eye for detail. Administering an estate requires the executor to perform several tasks that benefit from accuracy such as performing an inventory of assets, dealing with any taxes associated with the estate and distributing assets according to the deceased's wishes.

While it is true that the more uncomplicated estates can be settled easily and quickly, those with business assets typically require a more meticulous approach. When this is the case, it is especially important to choose the right executor. Further, many people assume a family member is the most qualified; however, this is not always the case. In all situations, competency should come before all other considerations. Alternatives to family executors include accountants, financial professionals and lawyers.

Knowing that you have chosen the most-qualified individual to manage your estate allows you to relax and enjoy the entire rest of your life. It will also allow your heirs to rest easier upon your death instead of having to deal with estate disputes on top of their grief. You can always seek more advice about estate administration by speaking with lawyer who serves residents of British Columbia. Estate planning does not have to be the nightmare many people imagine.

Source: Forbes, "Choose The Right Executor," Glen Curtis, accessed May 16, 2016

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