All About Estates

Surprise, You’re my Executor!

This blog was written by Veronique Thomas-Ewen, Associate Estate and Trust Consultant with Scotia Wealth Management

When a loved one passes away, it’s challenging for family and friends to process emotionally, let alone face the task of being an executor. But when the deceased has chosen a stranger to be their executor, then what?

Careful attention and planning was given to every detail by the Testator as he wrote the final pages of his story. He updated his will, named a beneficiary and chose his executor, the unsuspecting neighbour.

If you’re the neighbour, where do you start? Who do you turn to? A good place to start is the bank, that’s where most people go and the reason is simple, there’s always a bill to pay.

The neighbour expressed his predicament to the local bank branch and asked them if they could help. He was not in a position to manage the estate, track down every asset, and navigate the system. Fortunately the bank branch was able to put him in touch with experts who helped him  to maximize the value of the estate, reach out to the beneficiary,…..but most importantly, provide him with peace of mind that he will have done the job to the very best of his ability while removing the burden, stress and anxiety from his shoulders.

When this journey started the neighbour was ready to sell the deceased’s home and car for a flat amount to “some guy”. Instead he went to Florida for the winter and the experts looked after the car, the home, tracking down the assets and almost doubled the value of the estate.

There is great value in getting expert help, whether it be measured in dollars, peace of mind… you just have to ask for it and remember that it is out there, regardless of your circumstance.

About Scotiatrust

3 Comments

  1. Dean

    August 23, 2019 - 1:19 pm
    Reply

    Vero, you don’t need to notify the person you have chosen as your executor in advance?

    • Vero

      August 27, 2019 - 2:36 pm
      Reply

      Hi Dean. Nope, you don’t have any obligation to tell the person that you’ve named them. I very strongly encourage everyone to have a conversation with the person they choose, but that’s all I can do. Most people I meet had no clue that they were named.

  2. Lisa

    August 26, 2019 - 11:45 pm
    Reply

    This is such a great article,informative, I can definitely say I know to ask the questions now.

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