While many people do eventually get a will done and complete estate planning, if you completed your will years ago, you may need to update it, especially if you’re nearing retirement.
Why? You’ll want to ensure it is up to date, for one, but you’ll also want to check that the person you’ve appointed as executor is still up for carrying out what you’ve outlined in your will. Darren Coleman of Coleman Wealth at Raymond James Ltd. in Toronto shared with the Globe & Mail that people need to invest more time in choosing their executor, considering that this is the person you’re counting on to speak and act on your behalf after you die.
Often being one’s executor is viewed as an honour, but in reality while it shows your trust and confidence in that person, it’s a very big responsibility, he says, even referring to it as a burden. And when you consider all of the administrative tasks, from dealing with banks, insurance companies and the government, on top of dealing with the person’s family members, and it’s not a stretch to see it as a burden.
To learn more about the role of an executor (responsibilities which everyone should familiarize themselves with before agreeing to be an executor), read the Globe & Mail article here.