Q:I am my dad’s executor in his will, although my dad is still alive. I can already sense the tension from my siblings, and they’ve been making snide comments and veiled allegations against me. I’m not sure I want to put up with this and don’t feel I’ve done anything wrong, but I don’t want to be on the hook for legal costs. Is there anything I can do?
A:There’s an old saying: If you really want to get back at someone, make them your executor. The executor’s job is usually thankless and complicated and seldom gratifying. However, there are things you can consider before you head into this situation.
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To avoid conflict or allegations of impropriety, consider what your tasks are. Identify and gather the assets. Make sure you or your lawyer conduct full searches.
Ask your dad about what he has for assets and where they are.
When gathering assets, you have to make decisions about when to cash them in. The timing can make a difference in value. Don’t be afraid to get professional help with these tasks. That way, you won’t miss anything, or sell it at a price lower than the maximum attainable.
Your job is to be impartial. Even if you like some beneficiaries more than others, you can’t be biased.
While you can be nicer to one person over another on a personal level, in your actual dealings as executor, it may mean someone is getting less than they are entitled to.
Remember, it’s not your money and the deceased is entitled to do with his assets what he wishes. If you give one person more you will be called to task over such occurrences.
Are you also a beneficiary in your dad’s will? If so, that’s a ripe area for others to allege you are in a conflict of interest. Be sure you remain squeaky clean on this front, because you can be challenged.
Some insurance companies have insurance that the estate and its executor can purchase to guard against making a mistake – either doing something you shouldn’t or failing to do something you should. It can protect you against paying legal fees.
Bear in mind, it likely will not give you protection if you intentionally do something inappropriate.
You have a duty to act honestly and fairly and insurance doesn’t change that.
Knowing what you know about your siblings, protect yourself by keeping detailed notes and records of what you do, what you spend and the advice you obtain.
Being forewarned can lead to your taking appropriate measures for your own protection.
Rick Danyliuk is a lawyer with McDougall Gauley LLP in Saskatoon. Contact: rdanyliuk@producer.com.
