David Chilton explains what characteristics you should consider when choosing the executor of your Will.
This video is part of the estate taxes and planning video series created in collaboration between RBC Wealth Management Royal Trust and David Chilton. Chilton is the author of best-selling personal finance guides The Wealthy Barber and The Wealthy Barber Returns, and former dragon on CBC’s Dragons’ Den. Leave a legacy, not a burden™
Choosing an executor for your estate should not be taken lightly. As David Chilton, the Wealthy Barber, explains in this video, “an executor has to have a lot of talent. There’s a lot of pressure on this person.” This is why it’s important to choose an executor who is trustworthy, has good communications skills and other skills. “A bit of a financial background … doesn’t hurt,” adds Chilton.
Watch the video to learn more about what kind of characteristics an executor should have, including their age relative to yours and where they should live.
David Chilton:
Hey, have you ever been out playing pickleball and someone comes up and asks about your executor? No? Well, it’s happening today.
Your executor, I don’t want to know the name of the person, but how did you choose the executor?
Celine:
She’s a good friend of mine. Long-time friend.
David Chilton:
And you’ve thought through, she’s going to live longer than you. You think she’s in good health? She lives in the same area as you do.
Celine:
Yeah, reasonably. Yeah.
David Chilton:
Good skills with investing? Good communication skills? You’ve really thought this through? An executor has to have a lot of talent. It’s a lot of pressure on this person. So you’ve thought all this through? (Yes). Good.
How did you choose your executor? What went into your thinking?
Bob:
My executor?
David Chilton:
Right. For the will. The person that’s going to carry out the wishes of the will.
Bob:
My sister.
David Chilton:
Oh, it’s your sister. Now, where is she age wise? Younger than you?
Bob:
She’s five years younger than me.
David Chilton:
Good health?
Bob:
And she lives in Dartmouth. And they only play pickleball about five times a week.
David Chilton:
Yeah, more actually. I’m surprised though you chose somebody all that way out there because she might have to be here to handle a few of the duties. Does she have a place she can stay? Friends and family in the local area?
Bob:
Well, where I live, I have a two-bedroom apartment.
David Chilton:
Okay.
Bob:
And one of the bedrooms is for them.
David Chilton:
Right. (When they) When they come and visit. Plus, you’ll be out of your bedroom because you’ll be dead when she comes to do the executor. So, they can’t just leave you in the bedroom. That’s inappropriate.
Bob:
Well, I’m hoping they don’t do that.
David Chilton:
No. They will, they will move you out.
Bob:
I hope I stay on the right side of the sod.
David Chilton:
Yeah, exactly. For a while for sure.
When you chose your executor, did you do a good job thinking through, do they have a financial background? (One of my sons) One of your sons. Well, at least it’s somebody younger than you (younger). Now, will the other siblings have a problem with that? Will they think, (no) oh you chose one—
Marco:
No, no. We discussed it, we talked about it.
David Chilton:
Oh. That’s good. Well, it’s good you’ve chosen someone in the family who’s competent. And the other siblings, they respect him, and therefore they’re likely to fall in line in good cooperation. But what I like best there is you communicated. You got the whole family together and said this is why I chosen him as the executor. You discussed it, there will be no ill feelings going down the road.
When you and your husband, I assume working together on this, came up with your executor choice, what kinds of things did you think through? How did you make that decision?
Rose:
Well, I mean, we talked about it. We wanted to make sure that somebody who’s responsible (right), and will be fair and make sure they go through with what we decided.
David Chilton:
That’s good. And that they have the trust of the other people involved. The trust of the beneficiaries. Did you choose a friend, a family member?
Rose:
I’ve got two adult daughters. (Right) So we did pick one of them.
David Chilton:
How did the other feel about that being—
Rose:
She was fine. (She was ok?) We had a conversation.
David Chilton:
That’s smart.
Rose:
They’ve got a good relationship so far. I hope that continues.
David Chilton:
But I think the politics of all this matters. (Yeah) And you did a good thing, you had the conversation ahead of time. (Yes) You sat down and talked it through with both of them and they seemed to handle it well. And now they’re just basically waiting for you guys to pass on and grab all the money.
Rose:
And hopefully it will be later than sooner. (Yeah. For you guys.) Yeah.
David Chilton:
Hopefully it will be later than sooner.
When you go to choose executor for your will, what kinds of things are you thinking through that you’re going to be comfortable with appointing that person?
Michelle:
Well, that they’re trustworthy (key) and also they’re the right age, so they’re not the same age as you.
David Chilton:
You’re the first person who said that, and you’re exactly right. If you pick somebody your age, they can become incapacitated before you do, or even worse, during the process, (that’s right) and then you’re not allowed to really adapt it very easily, etcetera. So, it makes sense to go with somebody younger. You mentioned the word trustworthy. Absolutely. Nice that they had geographical proximity to you.
It’s a little more convenient to take care of some of the details, but also if they have a bit of a financial background, that doesn’t hurt. I think good communication skills are pivotal as well. So, did you think through all of that when you went and chose your executor?
Michelle:
Yes.
David Chilton:
Did you? Good.
Michelle:
You know, they’re getting older, and older than me, so I’ve got to change that.
David Chilton:
You might have to change that when you go to adjust the will. Will you just randomly pick one of the pickleball people (No) at that point?
So how did you choose your executor? What kind of process, thinking process did you go through?
Pat:
Just somebody I knew, a friend ours—
David Chilton:
That you trusted. (Yes) Somebody, did they have a financial background at all? (Yes, exactly, yes) And what about age, were they your age or younger so they’re likely to be—
Pat:
They’re actually my age but—
David Chilton:
And are they geographically close by? (Yes, they live—) So you did all those types of things right.
Pat:
My dad also passed away in March. (Oh, that too bad) So that made us think about all the (it does) estate planning— we’re in the process doing estate planning with all that stuff.
David Chilton:
And did you have to act as the executor there or one of your family members? (Yes, so we’re in the process of—) it’s a lot of work, isn’t it?
Pat:
Yes it is.
David Chilton:
You know, a lot of detail work. There’s always things going wrong. How’s it going communication wise on that front with the other family members as you’ve gone through that?
Pat:
Well, I only have one sister and we (that makes it easy) get along pretty well, so that makes it easy. But I’ve seen a lot of families have arguments over this.
David Chilton:
It’s not too late to reconsider who you want for your executor. Your family may get along now and hey, that can change. You can get help.
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RBC Wealth Management is a business segment of Royal Bank of Canada. Please click the “Legal” link at the bottom of this page for further information on the entities that are member companies of RBC Wealth Management. The content in this publication is provided for general information only and is not intended to provide any advice or endorse/recommend the content contained in the publication.
® / ™ Trademark(s) of Royal Bank of Canada. Used under licence. © Royal Bank of Canada 2025. All rights reserved.
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