PLANNING YOUR ESTATE THE TAX-SMART WAY – PART II
Canadian society is on the verge of the largest intergenerational wealth transfer in histor y. Unfor tunate l y, most Canadians don’t have a written estate plan detailing how their wealth will be transferred to the next generation in the most efficient and tax-effective way. Discuss executor duties Bring up practical matters with your family, such as your choice for executor of your estate. Often, the spouse or eldest child in a family is accorded this honour. Among an executor’s numerous duties are arranging the funeral, locating assets, notifying financial institutions, filing tax returns and reviewing and probating the Will if required.
If you decide to name a family member as executor, make sure they understand all their responsibilities – and are comfortable with them. While it certainly is an honour to be named an executor, some family members may feel uncertain about their ability to properly carry out an executor’s many duties. There may be several reasons for this. The family member might be located in a different area, perhaps even out of the country. Or you may have a particularly complex estate that could require professional assistance.
Pr o v i d e for family members who may need support
You may wish to