Corporate executors can help avoid burdening loved ones with winding up your estate

Naming an executor in your will is an important decision because it will be up to them to ensure that your estate is wound up properly and your wishes are fulfilled after you die.

OTTAWA - When Leanne Kaufman asks people who have acted as an executor for a loved one if they'd do it again, the answer is almost always no.

“People don't know what they don't know when it comes to the role and if they had known how much work and how hard, and potentially what damage it could do to their family situation, they never would have done it,'' said the CEO of RBC Royal Trust.

Naming an executor in your will is an important decision because it will be up to them to ensure that your estate is wound up properly and your wishes are fulfilled after you die.

Many name a close friend or family member as executor, but experts say that you might want to consider naming a corporate executor to manage your estate in a bid to avoid burdening a grieving loved one with a task that can amount to a part-time job that may take years to complete.

There are dozens of tasks involved in winding up an estate including managing investments, paying off debts and selling real estate - but also include more mundane jobs like cleaning out your fridge and cancelling subscriptions.

Corporate executor services are generally offered by trust companies and can fill the role of an executor in your will.