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Being an estate executor can be a very stressful experience

British Columbia residents who have been appointed to serve as the executor of a deceased loved one's estate will no doubt feel honored by the fact. However, serving as executor can be one of the most stressful jobs that anyone has to perform.

What estate representatives particularly need to realize is that they may have to deal with a multiple of beneficiaries, arguing family members and/or assets that are outside of the country (or outside the province) that different laws apply to, and complications could abound. Generally, the more assets and money involved in the estate, and especially if a currently operating business is involved, the more complex it will become.

The fact is, serving as an executor is a difficult job, it is not always a very easy one and estate executors will probably have a lot of work to do. An estate executor also has to be well-organized and a great record keeper. Furthermore, if something goes wrong or the estate executor makes a bad decision, he or she could be liable financially for his or her mistakes.

Given the difficulties of the job, individuals who are planning their estates are well-advised to consider the particular challenges that their estate executor will face before deciding who will complete the job. Furthermore, those who have been selected as estate executors may want to consider contracting the services of a qualified tax lawyer and estate lawyer. Individuals who are planning their estates may even want to consider incorporating a directive in their estate plans to appoint and pay for a lawyer who will assist in carrying out the executorship duties in this way.

Source: The Globe and Mail, "Being the executor of a will most likely the most stressful experience you'll ever have," Augusta Dwyer, accessed Oct. 14, 2016

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