Choosing the Right Executor: Key Takeaways from Our Make A Will Month Webinar

Each November, during the Ontario Bar Association’s Make A Will Month, the Mah Investment Group hosts a webinar focused on one of the most important, yet often overlooked, parts of estate planning. This year, we explored a topic that affects every estate plan, big or small: how to choose the right executor.

I had the pleasure of hosting a conversation with Hilary Wasserman, Senior Trust Officer & Director at BMO Trust Company. With her deep background in estate and family law, Hilary brings clarity and compassion to a role that many families find overwhelming. Together, we unpacked what an executor actually does, the qualities that make someone a good fit, and when a corporate executor may be the best option.

Below are the key takeaways from our discussion.

What Does an Executor Really Do?

Many people assume being an executor is simply “carrying out someone’s wishes,” but the actual responsibilities are extensive and often very hands-on.

Hilary walked us through the steps an executor must take from the moment someone passes:

• Locate the original Will and Affidavit of Execution.
  These documents are required for probate, yet many people don’t know the affidavit even exists. Without it, executors often need to track down the drafting lawyer.
• Review the Will for funeral and burial preferences.
  Pre-planning and pre-paying for funeral arrangements can significantly reduce stress, lock in today’s prices, and ensure wishes are respected.
• Contact beneficiaries with sensitivity.
  Hilary reminded us that every family is unique - beginning with condolences rather than dollar amounts sets the right tone.
• Secure the home and belongings.
  This includes changing locks, collecting valuables and IDs, updating home insurance to “vacant,” caring for pets, and arranging for lawn care or snow removal.
• Notify financial institutions, government agencies, and pensions.
  Credit cards, driver’s licences, passports, and health cards must all be cancelled.
• Forward mail, cancel unnecessary services, and retain a lawyer to handle probate.
• Collect assets and file tax returns (the final T1 return and the estate’s T3 return).

For estates that include a business, real estate in multiple provinces, or cross-border assets, the workload increases substantially, from maintaining operations to hiring managers to coordinating with foreign legal counsel.

What Makes Someone a Good Executor?

Choosing an executor is more than selecting the person closest to you. Hilary highlighted a few key qualities:

• Proximity: Being an executor is a physical job. Ideally, they should live in the same province.
• Organization & financial responsibility: The role requires careful record-keeping and timely decisions.
• Impartiality: If there’s tension between beneficiaries, naming one child over another can worsen conflicts.

In short, your executor should be someone you trust not only with your assets, but with your family.

When to Consider a Corporate Executor

Some estates are simply better served by a professional. Hilary shared several situations where appointing BMO Trust Company can significantly reduce risk and conflict:

• Blended families where tensions may exist between spouses and children.
• Children who don’t get along, a common source of costly delays and litigation.
• Family living out of province or country, making physical oversight impractical.
• Complex estates involving businesses, trusts, farms, or property in multiple jurisdictions.

Corporate executors bring a full team of trained professionals, nationwide resources, and continuity... no concerns about health, capacity, or personal conflict.

Cross-Border and Multi-Jurisdictional Estates

If you own property or assets outside Ontario, the executor may need to reseal the probate grant in the other jurisdiction. Hilary shared an example of an estate requiring resealing in the UK, a lengthy and expensive process that could have been streamlined with multiple wills or proper planning.

Her key takeaway: If you own assets in multiple provinces or countries, speak to a lawyer about having multiple wills, and ensure they don’t accidentally revoke one another.

What Does a Corporate Executor Cost?

Many people assume corporate executors cost significantly more than family executors. Not necessarily.

• In Ontario, individual executors can legally charge up to 5% of the estate.
• BMO Trust Company uses a scaled fee structure that decreases as estate values increase.
• There is also a 25% discount on the BMO assets held at the time of passing.
• Because fees are outlined in a contract, there’s no family dispute over compensation, avoiding costly court applications.

When compared to the financial, legal, and relational risks of appointing an inexperienced executor, the value of professional oversight becomes clear.

How to Make Life Easier for Your Future Executor

Good planning today saves your executor time, stress, and unnecessary expenses. Hilary recommends:

• Letting your executor know they’ve been chosen: no surprises.
• Communicating where your original Will is stored.
• Pre-planning and pre-paying for funeral arrangements.
• Preparing a folder with key information:
  • Beneficiary and professional contacts
  • Financial institutions
  • Insurance documents
  • Online passwords
  • Accountant details

A little preparation goes a long way.

The Most Common Estate Planning Mistake

According to Hilary, the biggest mistake is simple: People delay making their Will because they don’t want to think about death, or they want every detail to be perfect before they start.

She shared a striking example of an individual who passed away intestate (without a Will), leaving behind only a letter outlining his intentions. His family spent over a year in court trying to validate it. Ultimately, the court rejected the letter, and the family had to negotiate an agreement to honour his wishes.

The message is clear: A good Will today is better than a perfect Will tomorrow.

Final Thoughts

Choosing the right executor is one of the most meaningful decisions you can make in your estate plan. Whether you rely on a trusted individual or a corporate executor like BMO Trust Company, the goal is the same: protecting your legacy and easing the burden on the people you love.

If you’d like guidance on appointing an executor, or reviewing your estate plan more broadly, we’re here to help. Please reach out to your advisor at the Mah Investment Group anytime.