RISKS FACED BY THE EXECUTOR
The executor/executrix (or personal representative) has to handle the estate. This can be quite a daunting task, as you now have to figure out how to carve some time to deal with that estate while already having a full time job, probably some kids' activities to tend to, and hobbies and other obligations.And some of the processes that are outside of your control like probate can take months to be completed, which means that most estate usually take between 1 and 2 years to be completed.
Not only will have you to put your life on hold to handle someone else estate, but there are some serious consequences if you make the wrong decisions.Depending on which province you live in, you could end up having to pay some hefty fines, or even jail time, if you didn't follow the rules appropriately. You could also get sued by beneficiaries or other creditors which will increase your stress and delay the completion of the whole process.
WHY BUY EXECUTOR INSURANCE?
Why buy Executor Insurance
Because it will save your executor tons of headache, protect him or her from personal liability, and allow him or her to receive compensation for his or her work that will not be eroded by taxes.