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[00:11] Welcome to a new episode of “Just A Minute” by Landmark Law. Today’s episode is presented to you by Abi on February 3rd. 2023 to help educate our listeners on various legal scenarios.
[00:22] BELL CHIME
[00:23] Today’s episode will be on choosing your Estate Trustee.
[00:26] The Estate Trustee is the person you appoint to carry out your personal wishes in your will. The role of an Estate Trustee is a position of trust that bears much responsibility. There are a number of tasks involved, including arranging the funeral, examining the will with the lawyer, examining the books with an accountant, locating heirs, taking inventory of and protecting assets, hiring appraisers, applying to court and paying taxes to commence the estate administration process.
[00:55] You may choose your Estate Trustee and appoint someone you know, or a professional who understands your affairs and gifting intentions. Your estate trustee should be geographically available, capable, sympathetic towards your heirs, reliable, and financially responsible to handle estate liabilities.
[01:12] If you appoint someone you know, you should first ask for permission before naming someone as your estate trustee as a common courtesy. By asking this person in advance, they are less likely to refuse when the time comes to fill the Estate Trustee role. You should also advise them of the location of your will.
[01:30] If you are interested in drafting your Will, please visit Landmarklaw.ca to learn more, and make sure to tune in for next week’s episode on Wills involving Minor children.
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