TORONTO, ONTARIO — (Marketwire) — 11/09/11 — BMO Financial Group today announced the results of a study revealing that the majority of Canadians (85 per cent) would appoint family over friends as the executor of their will. However, with executor responsibilities consisting of nearly 50 tasks including tax, inheritance, and family property laws, many may not appreciate the complexities that come with this duty.
The study found that, if appointed as executor, the majority of Canadians (65 per cent) would not, or are not sure if they would hire a professional to assist them.
The study also revealed, however, that those who have experienced being an executor (41 per cent) have encountered the following:
“Being appointed as the executor of a loved one-s estate can be a daunting duty that involves an overwhelming number of tasks, some of which can be highly complex,” said Sara Plant, Chief Executive Officer, BMO Trust Company. “Not only can it be an emotional period, but executors are often expected to dedicate a lot of time and take on a lot of responsibility that is often best left to a professional.”
The study also found that only one per cent of Canadians over 45 have appointed a trust company as the executor of their will. Ms. Plant noted that those who are thinking about appointing a family member or friend as their executor should think it through before making the final decision.
“When it comes time to appoint your executor, it is important to appreciate the amount of work you will be asking the executor to undertake, especially if they are a family member or friend rather than a professional,” said Ms. Plant. “People often underestimate the level of involvement and responsibility it requires to carry out the directions of a will.”
If you are appointing an executor, keep the following tips in mind:
Additionally, the survey found that forty-two per cent of respondents know they have been appointed to act as an executor in the future.
If you have been appointed executor, keep these tips in mind:
The online survey was conducted by Leger Marketing among 1002 Canadians, 45 years of age or older, who hold investible assets (including real estate) worth $500,000 or more, between July 6 to July 15, 2011.
Contacts:
Media Contacts:
Amanda Robinson, Toronto
416-867-3996
Sarah Bensadoun, Montreal
514-877-8224
Laurie Grant, Vancouver
604-665-7596