The executor is the person who carries out the provisions of your will. The trustee administers the trusts set up through your will. You can choose one person to act alone, any number of people to act together or a trust company.
You must name an executor and trustee in your will. Although there is no legal limit to the number of executors and trustees, there may be some practical limitations since executors and trustees must work together in the administration of your estate.
If there are trusts established under your will which delay the distribution of your estate, your choice of executors and trustees must be given careful attention. In such a case, the executors and trustees must invest the assets in the trusts and make the appropriate payments. These are crucial decisions, and your executors and trustees should have the proper judgment and business sense, as well as the ability to relate well to your family members.
Need more information? Contact us at wills@sutherlandlaw.ca.