As you go through the estate planning process, you will be asked to assign roles to specific people, referred to as “Trustees,” to manage your affairs after you’re gone. Choosing the right people or professionals for these roles is a highly personal decision and requires careful consideration.
First, you will be asked to name an “Estate Trustee,” also known as an “Executor,” who is responsible for carrying out the instructions in your Will. Second, you may be asked to name a Trustee to a trust that is established in your Will, such as a Henson Trust, often used for beneficiaries with disabilities. A Trustee of a trust would be responsible for managing assets held in such a trust.
When determining who to name as a Trustee in your Will, consider whether they would:
- Be sensitive to your wishes and the needs of any beneficiary;
- Have time to devote to these responsibilities;
- Understand the decisions that will need to be made;
- Be trustworthy and capable of putting aside their personal interests;
- Live in Canada; and
- Be willing to retain professional assistance when needed.
Reach out to us if you would like us for more information about estate planning, in particular planning for a beneficiary with a disability.
Click here to learn more about our trustee supports services.
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