An 85-year-old retired accountant from Northern Ontario—referred to as Paul—has taken on the role of executor seven times, offering rare, practical insights into what it truly means to manage a will. Known for his financial expertise and reliability, Paul stepped into this responsibility multiple times, often at the request of friends or clients who trusted his judgment.
Understanding Executor Compensation and Time Commitment
Serving as an executor is far from a simple administrative task. In Ontario, executors typically receive 3% to 5% of the estate’s value as compensation. Over the years, Paul has earned roughly $150,000 in total fees from his roles.
However, the workload is substantial. He estimates spending around 200 hours per estate, regardless of its size. Despite the potential earnings, Paul emphasizes that financial gain should not be the motivation for taking on the role. According to him, treating executorship as a profit-driven task can create unnecessary complications.
Why People Take on the Role of Executor
Paul’s first experience came when a long-time client asked him to handle their estate because family members declined. The process was initially straightforward, with assets passing directly to a spouse. However, subsequent responsibilities became more complex as circumstances changed over time.
Executors may also need to handle responsibilities beyond finances, such as organizing funeral arrangements—especially when no family members are available or willing. Ideally, such instructions are clearly outlined in the will.
The Hidden Challenges of Estate Administration
In theory, a will should list all assets. In reality, executors often need to track down missing or overlooked assets, including pensions, retirement funds, and even valuables like gold stored in safety deposit boxes.
Extensive Administrative Duties
The role also involves notifying a wide range of individuals and organizations, including:
- Family members and friends
- Employers and financial institutions
- Lawyers, landlords, and service providers
- Government agencies such as Service Canada and the Canada Revenue Agency
Executors must also cancel official documents, return identification, and file a final tax return—tasks that can significantly extend the timeline.
Managing Expectations and Family Dynamics
One of the most challenging aspects of being an executor is handling impatient beneficiaries. According to Paul, some individuals expect immediate payouts, but distributions can only occur once all legal and financial processes are complete.
Even relatively simple estates can take 18 months, while more complex cases may take three years or longer to resolve. Executors may face pressure or criticism, but must remain firm and act according to the will’s instructions.
The Importance of Following the Will Strictly
Paul stresses that executors must adhere strictly to the terms outlined in the will, even if the distribution seems unfair. Personal opinions cannot influence decisions, and beneficiaries must understand that the executor is simply carrying out the deceased’s wishes.
Knowing When to Say No
Importantly, being an executor is voluntary. Individuals have the right to decline the role if they feel unprepared or unwilling. Factors to consider include:
- Time availability
- Geographic distance
- Health and emotional readiness
- Potential family conflicts
Even without providing a reason, a person can refuse the responsibility.