Corporate Executor Case Study
Purpose
Mrs. and Mr. Jones came to Nicol Sanchez Partners looking for help with their Estate Plan.
Mrs. & Mr. Jones are successful entrepreneurs with 3 children. Here are the key pieces of information:
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Mrs. & Mr. Jones have wills that were put in place before they had children.
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2 of the children are in university and one has left home and is a lawyer.
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Mrs. & Mr. Jones have investment assets, business assets, a home, and cottage.
Mrs. & Mr. Jones do not want to burden family or friends by appointing them executors of their estate. They also would like to minimize additional family stress and the potential for conflict during a time that should be for grieving.
Ask us for our "Being an Executor" article for more information on what it's like to be an executor.
Direction
Appointing a Corporate Executor in the Wills of both Mrs. & Mr. Jones is a great way to redirect the burden from friends or family to a professional team who are knowledgeable about the current rules and laws.
Nicol Sanchez Partners connects Mrs. & Mr. Jones with a Trust Company that offers corporate executor services.
The Trust Company discusses:
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The Jones’ personal situation (complexity).
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The Trust Company’s process and services when administering the Jones’ Estate.
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Costs that they will charge when they begin to administer the estate at death.
After a Corporate Executor has been chosen, a contract is signed and taken to the Jones’ lawyer for review and incorporation into the will. The Corporate Executor will be named in their wills either alone or with another person as co-executor.
Alignment
We continue to work with the Jones’ and monitor any changes in their Estate Planning needs.
Annual reviews with the Jones’ to discuss changes to their personal situation.
This includes:
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Updates on their children; including new marriages/relationships and grandchildren.
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Updates on their business assets, partnerships, or potential sale of the business.
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Discussing big ticket purchases or sales (vacation homes in Canada or abroad).
Changes such as the above often require updates to their Estate Plan, which can then be shared with the Corporate Executor to ensure that everyone remains on the same page.
Our goal at Nicol Sanchez Partners is to understand our clients’ unique goals and continually provide unbiased advice designed to help them achieve those goals.