Financial Planning is work that should be done through all stages of your life. 

Part of the planning involves having will and keeping it up to date. Many people draft at least a basic will early, when they start their families, and have no problem naming an executor – a friend, peer, sibling or professional acquaintance that they trust to administer their final wishes. But what happens when these “old reliables”, well, get old?

Take some time to make sure that not only is your will current, but make sure that your executor is still someone you feel confident will be able to carry out the responsibilities. 

From a financial perspective, the responsibilities include:

  • Establishing an estate account and freezing existing accounts.
  • Providing money for dependents while the estate is being organized and complete the estate administration.
  • Advertising for creditors and paying all debts.
  • Confirming benefits payable for all financial, pension and RRSP/RRIF accounts.
  • Filing claims for life insurance and pension buyouts.

Talk about these issues with your financial advisor and plan a meeting together with your executor to help them get familiar with your financial affairs. They don’t need to be involved in your regular planning but if they have a chance to get acquainted with your advisor it will give them a starting place if they need assistance gathering and organizing financial and insurance documents.

On the flip side of the coin, you may be in a situation where you have been asked to be the executor for a friend, parent, or other family member.

While you may feel obligated and even flattered to take on this responsibility, think about the task you are taking on before you accept it.

Click Here to See the Full Article from Manulife Solutions and what you should consider before saying Yes!

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