Demand for certified executor advisors ‘going to be bigger than most people can imagine’

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This article was published 23/02/2016 (3894 days ago), so information in it may no longer be current.

Financial planning is a crucial part of being secure in the present and ready for the future.

But when it comes to end-of-life details, sometimes the best-intended plans can go awry, even if people have created a will and named an executor.

Given the myriad tasks that need to be completed when someone shuffles off this mortal coil, executors often need guidance from someone well versed in the intricacies of what needs to happen when someone dies.

Financial adviser Kevin Martin, co-owner of Branstone Financial Strategies, has recently added the initials CEA to his list of credentials.

He’s a certified executor advisor, and with his expertise, can make what is usually a painful process much less so.

“It’s designed to help executors to be able to navigate through all this craziness that’s out there right now,” Martin said. “There’s a lot more that an executor is on the hook for — there’s a lot more accountability now — so if something happens in the estate, they can be liable. It’s gone so far now that there’s actually executor insurance that you could purchase.”

Essentially, Martin and others with his designation (there are currently only about six or eight CEAs in the province, including his Branstone colleague, Kristie Miller) would work with professionals who are closely involved in settling estates, such as appraisers, real estate agents, lawyers, and accountants.

And while everyone has access to these folks, often it’s much simpler to have one person taking the lead and guiding you through the process.

“Basically, it’s coming to me and saying, ‘Look, I’m the executor.’ In Canada, 99 per cent of executors are family members and friends. And nobody knows all of what they have to do until it actually happens. And there’s a lot to it. So this is a real opportunity for us to help people.”

Martin said the average age of mortality in Manitoba is 77 for men and 83 for women. And there are 1,019 Canadians turning 65 every day this year.

So in the next 12 to 20 years, the demand being placed on executors will be huge.

“So there’s going to be a lot of need for these services,” Martin said. “And it’s going to be bigger than most people can imagine. When I think about my own clients and the support I can offer them, this is a great asset for them. Because I know their situation more intimately.”

An example of where executors can get into trouble is in the disposing of assets too soon, which could have tax implications. And Martin is extremely familiar with the process that must be followed.

The best advice Martin can offer executors is to have an in-depth conversation with the person they’ve agreed to represent. Ensure there’s an up-to-date will. Be certain of what the person’s wishes are regarding final arrangements and disbursement of property or special items. Know where the bank accounts are and make sure you have the passwords to those accounts.

“It’s amazing how much value that can bring as far as being able to give people a little peace of mind about, ‘OK — this is what we need to be able to do,’” Martin said.

“So if you’re an executor, and you’re trying to manage, and you’re grieving, and there’s all these other things going on — if you can have everything dealt with in one spot … and keep it nice and tidy and clean, life insurance companies’ products work fantastically. But you wouldn’t necessarily know that if you hadn’t already met with an adviser.”

Other staff members of Branstone Financial Strategies include marketing assistant Jena Ratz, and operations manager, financial adviser and co-owner Tanice Taylor, who is also a certified divorce financial analyst.

For more information, visit branstone.ca.