Summary:

In this episode, Jenna and Gordon discuss the important considerations when appointing an executor who resides in a different province. They explain the bond requirements, which act as an insurance policy to protect the beneficiaries of the estate. Jenna and Gordon emphasize the need for careful planning and highlight potential issues that can arise if the bonding requirement is not met. They also provide insights into waiving the bond, obtaining beneficiary consent, and the associated costs.

Key points:

• Bond requirements act as insurance to protect the estate and beneficiaries from improper actions by the executor.
• The surrogate rules mandate out-of-province executors to post a bond when applying to become the legal representative of the estate.
• Waiving the bond can be requested based on factors such as the estate's size and unanimous consent of beneficiaries.
• Proactive planning can help avoid bonding requirements and associated expenses.
• Considerations for executor selection include trustworthiness, location, tax implications, and logistics.

Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
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Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
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