With changing family dynamics, tremendous intergenerational transfer of wealth and heightened standards of accountability, estate executors are more at risk for personal liability than ever before.
Suzanne Sharma from the Canadian Insurance Top Broker Magazine discusses how ERAssure executor insurance was developed out of a gap in the personal insurance protection marketplace. If this product becomes more widely used, estate planners may advise clients to include a clause in the will issuing this kind of insurance.
Full story at Canadian Insurance Top Broker Magazine.
An insurance policy for executors can protect both the executor from personal liability, as well as the estate assets, which may be liquidated to fund any sort of estate litigation.
In estates, there has often been a perceived unfairness that a lay executor must assume various burdens without the benefit of insurance coverage.
Article from Your Estate Matters, a Publication of Clark Wilson’s Wealth Preservation Group.
There are formalities involved in making a will. One such formality is with respect to the execution of a will. Section 4 of the Wills Act sets out the execution requirements. It provides in part that:
A will is not valid unless
(a) at its end it is signed by the testator……,
(b) the testator makes or acknowledges the signature in the presence of 2 or more attesting witnesses present at the same time, and
(c) 2 or more of the attesting witnesses subscribe the will in the presence of the testator. (more…)
Negligence by an executor, even if mistakes are innocent, can render that person liable to beneficiaries and creditors of an estate.
Tara Perkins from the Globe and Mail discusses the new concept of insurance for non-professional executors. (more…)
Serving as the executor of an estate is a challenging responsibility that can be fraught with liability. (more…)
Executors often face a demanding job, disgruntled beneficiaries, and the genuine risk of personal liability. (more…)
Wills can often surprise people when the final wishes of the deceased are revealed, but one family received the shock of their lives when two sisters passed away. (more…)
When dealing with an estate that may become contentious due to family tensions or complex assets, it may be worth considering executor insurance.