Appoint a Corporate Executor to Administer Your Estate

August 18, 2017

 

While many people would be honoured to be named by a family member or close friend as the executor of their estate, the responsibility is much larger and more complex than it may seem at first glance.  

The process of estate settlement often involves an array of technical and emotional issues. Your estate’s financial and legal affairs must be executed with meticulous attention to detail to maximize its value for your beneficiaries and avoid unnecessary delays, expenses and complications. At the same time, issues related to grief and family dynamics must be carefully managed to achieve an efficient and orderly settlement.

Confronted with these issues, many people find the responsibilities of executorship difficult to manage. Even with a sharp mind and the best of intentions, the complexity, time demands and emotional pressures placed on an executor raise the potential for costly errors and fractured relationships.

Consider MD Private Trust as your executor

Naming MD Private Trust as your professional executor1 is a solution that will ensure your affairs are handled with the utmost discretion and expertise, while keeping your loved ones free from the burden of executor duties. The specialists at MD Private Trust understand the challenges of executorship, and have years of experience settling the often complex estates of physicians.

Benefits at a glance

  • Get objective guidance from estate specialists with experience in settling the estates of physicians.
  • Work with professionals who can help deal with challenging family dynamics and expertly manage every aspect of estate settlement—from post-mortem tax planning and legal requirements, to beneficiary communications and real estate transactions.
  • Ensure your wealth will be distributed according to your wishes in an efficient and orderly manner.

Gain peace of mind by appointing an executor: A case study

After talking with his MD Advisor and his Estate and Trust Advisor at MD Private Trust about the complexities of estate settlement, Dr. Clark2 decided to name MD Private Trust as his professional executor. As a result, when Dr. Clark passes away, a team of experienced professionals will step in to settle his estate on behalf of his three adult children, all of whom have very hectic careers and family lives, with little time or relevant experience to take on executor duties.

MD Private Trust will gather detailed information about Dr. Clark’s assets, including his investments, insurance, real estate, art collection and medical professional corporation. They will draw on relationships with investment experts, real estate agents, art appraisers and other specialists to value his assets, and arrange for their sale at the best possible price or, if appropriate, distribute certain assets in kind to his beneficiaries.

MD Private Trust will also make tax elections on behalf of the estate, file multiple tax returns as required by law, and engage legal expertise to probate the will3 and deal with any other legal matters. They will even arrange to deal with patient records from Dr. Clark’s practice in compliance with Canadian laws.

The value of professional executorship

Ultimately, the team at MD Private Trust will work closely with Dr. Clark’s children to organize his estate, maximize its value and distribute the proceeds in accordance with his wishes.

In Dr. Clark’s case, professional executorship will provide his children with numerous benefits:

MORE VALUE

MD will engage multiple experts to value and distribute Dr. Clark’s assets to his beneficiaries, or sell the assets with the aim of maximizing the proceeds from his investments, real estate, art and other assets.

LESS WORRY

MD will ensure that all tax and legal requirements are fulfilled, and will defend the estate from any potential legal claims.

RELIEF AND ASSISTANCE

MD will relieve Dr. Clark’s children from the stress and time demands of organizing and settling his estate—something that can be particularly valuable during an emotionally trying time.

OBJECTIVITY AND FAIRNESS

MD will distribute the estate according to Dr. Clark’s wishes, and will objectively mediate any family conflicts that may arise.

 

With the full support of your MD Private Trust team, the people you care about will be spared the challenge of settling your estate during an already difficult time.

Learn more about MD's estate and trust offering or contact an MD Advisor to find out how we can help.

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