Estate Administration with David Edey | E097

Financial Planning For Canadian Business Owners

In today's episode we have David Edey, CEA and financial advisor in Montreal. He is an author of a book called Executor Help. He is on the show to talk about what it is to be an executor and how an executor can have a successful execution of someone's will in both cases of if you are a business owner and if you are not.

Episode Highlights:

1.01: David is a certified Executive Advisor. He has been in the financial planning industry for over 35 years in Montreal. He is an author of a book, Executor Help - How to settle on a state - pick an executor and avoid family fights.

2.30: The executor is going to be the individual who's going to make sure that the person who has written will, their wishes that's written in the will is going to be carried out.

4.16: As per David you want to prepare your executors as much as possible, but you also have to have the conversations with them. You have to let them know what your wishes are, and you are going to make sure that you help them with a bunch of professionals around them.

6.10: When there is a death in the family or there is a death, people are traumatized, and you can be fumbling around looking for things when you are traumatized.

08.20: As per Jason, people's perception of what's fair can change over time and he finds that in the end of the life of a parent you never have an equitable split in terms of time supporting that parent amongst the kids.

10.24: People lose their minds and there's a sense of entitlement all of a sudden when it comes to an estate.

12.06: As an executor, you also have to understand that there is legal liability for you to make sure that the estate gets settled, make sure that the taxes are being taken care of, and also to keep yourself from being litigated by the beneficiaries.

13.35: Don't pay any beneficiaries until you've taken care of all of the debts and the taxes, because if it comes back that the estate owes money, try to get that money from the beneficiaries.

18.15: As a business owner, if you don't think about what is going to happen to the business in case something happens to you suddenly, you are leaving your family in chaos. You are leaving them disorganized.

20.32: As a business owner you need to have some sort of plan in terms of what would happen if something happened to you. You need to create an estate plan. You need to create a succession plan and update it regularly with lawyer and accountant.

3 Key Points:

1. David talks about the role and responsibilities of the executor and what needs to be done to make sure that this is a success.
2. David talks about preparation of the estate and how we basically set the stage for success.
3. It's very important to make sure you are working with an accountant that is professional because they can make sure that the taxes and debts are paid first before you start going out any of the cash.

Tweetable Quotes:

• "99% of the individuals who are left to be an executor have absolutely no idea what to do or where to start." – David
• "The reason for the book is to get people to make the moves, to have the will and also have the conversations with the executive." - David
• "You really don't know about somebody until you have to share an inheritance with them." - David
• "While the individual is still alive, I would suggest having a conversation with their executor, but also have the conversation with the beneficiaries or family members. And this is probably a touchy point for a lot of people because people don't want to have those uncomfortable conversations." - David

Resources Mentioned:

Facebook – Jason Pereira's Facebook

LinkedIn – Jason Pereira's LinkedIn

https://www.davidedey.com/

https://mobile.twitter.com/davideedey

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