Can your children be executors

These time commitments and paperwork can become onerous for only one person. If one of your children is dysfunctional or living out of the jurisdiction, you should reconsider having them both work together. It is not a bonus for them to work together if they cannot get along.

When the time comes, you never know who can handle the job. One child could have moved out of the country, have work, family or health issues. You never know who will be willing, living close by and be able to make time commitments. Naming both children together eliminates this risk without showing favouritism. Finally, naming both capable children as joint executors can help their long-term relationship. They can agree with each other on what steps to take.

Executors can easily renounce their position if they do not wish to serve. Your email address will not be published. Retired Money. You can unsubscribe at any time. All rights reserved. Individual Investors. Institutions Canada U. While anyone can be designated as an executor, the responsibility usually falls to the adult children of a parent who has passed away.

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