Being an executor/liquidator: What you need to know

An executor (known as a liquidator in Quebec) is a person appointed by an individual to manage their estate after they pass away, based on wishes they’ve outlined in their will. An executor can be a trusted friend or family member, a lawyer or accountant, a trust company – or several of these people working together.

While being an executor for someone is an honour and means that they trust you to manage their estate, it also comes with a great deal of responsibility. Before you say yes, be sure you understand the obligations and the risks, and carefully evaluate whether you’re prepared to take on the challenge.

5 questions to ask before you decide to take on the executor role:

1. Do I have the time and availability required to manage the role?

Settling an estate can take a great deal of time – often up to a year or longer. If you already have a busy life, it can be challenging to balance executor duties with personal needs.

2. Do I have at least a basic understanding of legal, financial and estate planning matters?

We have resources to help you learn what’s required as an executor – each step of the way.

3. Can I manage the emotional implications of managing a loved one’s affairs?

Filling the role of executor can demand much of you at a time when you may be grieving the loss of your loved one.

4. Do I anticipate conflicts or difficult family dynamics among beneficiaries?

Not all estates are settled easily – being aware of potential familial challenges may help guide your decision. An unbiased third party can also be a valuable resource in helping you manage these issues.

5. Am I willing to research or learn, or open to seeking guidance or professional help to manage the estate?

Settling an estate is challenging for anyone, but you don’t need to go it alone. Consider bringing in professionals like a lawyer, accountant or a financial advisor to help you with all, or some of your executor duties.

We can help

If you’d like more information on being an executor, ask us for a copy of our “Being an Executor” education article. We also have a useful “Executor’s Checklist” which outlines key steps to take immediately, and at various stages throughout the year.