I read an interesting case the other day, the Reinisch case from the Court of Queen’s Bench Manitoba in 2011. By way of background, this started as an apparently happy family with the advantage of some financial success with a family business and the benefits that come with it, including cottage property and toys that were enjoyed communally by the entire family for many years. There had been some financial planning done, a Will had been prepared and was fairly current, and the testators adult sons were named executors, and they also had the benefit of an estate lawyer. So far so good. (more…)
Myron Neufeld asks Scot Dalton of Estate Risk Protection Plan Inc. why a testator, who has named an executor based on business experience, trustfulness and personal integrity, would find insurance necessary. Dalton explains how the protection afforded by executor insurance can safeguard the personal assets of this individual, despite his or her personal merits.
Scot Dalton and Myron Neufeld of Estate Risk Protection Plan Inc. discuss the necessity of having a lawyer involved with the estate file in order to purchase the ERAssure Executor Errors and Omissions Insurance policy. They explain why the good counsel of a lawyer is critical to the underwriting of this form of insurance, since the task of fulfilling the executor’s role can be onerous, and emphasize how proper representation can decrease the risk of problems during the settlement of the estate.