Please read the article. https://www.thestar.com/business/personal_finance/2020/06/01/becoming-an-estate-executor-can-cost-you-more-than-tears.html

He agreed to be executor of an estate it cost him seven years of his life and $100,000

"Foolishly, foolishly, I said yes."

And that triggered Toronto accountant Terry Dooley's seven-year ordeal as executor of a client's multimillion-dollar estate. A protracted court battle, which began in 2011 (when the deceased's daughter contested the will) and ended in 2018, left him and the estate trustee on the hook for a combined $1 million in legal costs, he says.

Furthermore, Dooley, 73, says he didn't receive "one nickel" of the $375,000 in compensation he was entitled to as executor. And "false allegations" of wrongdoing during the trial tarnished his reputation even though he was exonerated, he says.

The case is an extreme example of how contentious and onerous the job of executor can become. At best, it's a time-consuming and multi-faceted role that more Canadians are being asked to fill as the population ages, fuelling a bequest boom that CIBC predicts will be worth $750 billion by 2026.

Executors usually one or more family members or a trusted associate are responsible for administering the estate, which includes distributing the assets, paying expenses and debts, and filing tax returns. If there's no will or the executor turns the job down, the court can appoint an administrator.

Interest in executors and other death-related legal matters such as wills and power of attorney (POA) has surged since early March due to the COVID-19 pandemic, says seasoned estate lawyer Edward Olkovich.

He puts it bluntly: "If you're on a ventilator, it's hard to say then what you want done."

Olkovich advises naming a backup executor or replacing an elderly one with someone younger. And executors should know where the will is located so they can access it immediately, he adds. Settling an estate takes one year or longer, depending on its complexity, and the executor is entitled to compensation of about five per cent of its value, subject to beneficiaries' approval.

Dooley's difficulties date back to the summer of 2010 when Martin Williamson, a 65-year-old Burlington businessman who was both friend and client, was diagnosed with a brain tumour. Soon after, he drafted a will leaving the bulk of his estate to his common-law wife, then wrote a second one divvying his wealth among her, friends and business associates.

He excluded his daughter because she had been taken care of financially through his separation agreement with her mother (a different person from his common-law wife), Dooley says. Williamson died five months after his diagnosis.

Williamson's daughter took the matter to court, arguing that her late father had "lacked capacity ... (and) suffered from delusions," causing him to disinherit her, she told the Star through her lawyer Gregory Sidlofsky.

The judge agreed, awarding her the entire $7.5-million estate and finding Dooley and the trustee personally liable for her legal bills. (A trustee is responsible for administering a trust in this case, one established in a will.)

Williamson's daughter describes her experience as "nothing short of a nightmare," marked by acrimony, attempts to "disparage" her character and diminish the relationship she had with her father.

Dooley, for his part, calls the court decision that left the trustee a longtime friend of Williamson with legal bills of more than $900,000 "horrific." He worries that "penalizing" her for defending her dying friend's last wishes could deter others from serving as executors. The trustee declined to comment.

Dooley paid $100,000 to lawyers to successfully defend him against accusations of having "undue influence" over Williamson, bribing a witness and misrepresenting facts, among other things.

"I really, really care about the allegations against me," the semi-retired accountant fumes, adding the whole case was a "grave injustice."

Olkovich believes being appointed executor is "an honour." But, he adds, many people call it a "thankless" job they don't want or regret taking on.

Tasks and responsibilities start at the moment of death, says Olkovich, the Toronto practitioner and author of "Executor Kung Fu," described as a "self-defence guide for executors." Making funeral arrangements, looking after pets and changing locks are among immediate duties before bigger issues kick in.

"If there are just a couple of bank accounts, it's simple," Olkovich says. "But if you can't get into their computer or cellphone and you don't know the passwords, you could be screwed."

And if you have to manage bequests long-term such as a trust fund for grandchildren or run the deceased's business or sell their house with its "50 paintings on the wall," things can get complicated.

"The sooner you get professional advice, the better," says Olkovich, suggesting an accountant, trust company, lawyer or just someone to clean out the house.

Must-have traits for executors include trustworthiness and the ability to keep meticulous records, says the man behind the website MrWills.com, which offers free online guides.

While you'll be reimbursed for reasonable expenses, "if you're challenged in court, you have to account for every penny," Olkovich cautions.

When picking your own executor, he suggests naming all your children if they get along, or consider asking a neutral person. But whoever you choose, talk to them first.

According to estate and trust expert Melanie McDonald, "many people don't realize they have personal liability."

That applies, for example, if you start handing out money to beneficiaries before the will has been validated or if taxes are owed and there are insufficient funds left.

Problems that arise from family dynamics or a second marriage may call for unbiased professional help with the whole process or part of it, advises McDonald, a vice-president atBMO Trust Company.

BMO's online resources include outlines of an executor's role and responsibilities, inventory workbook, task list and forms to keep track of everything.

Dooley's advice, based on experience, is to get executor's insurance to protect against personal liability in settling an estate "no matter how easy it looks."

If the will is likely to be challenged or there are "unhealthy relationships" to navigate, think very carefully about taking on the job, he warns.

"People turn into creatures you don't even recognize when there's money on the table."

Question:

1. What surprised you?
2. Do you think the law goes too far in holding executors liable? Why or why not? Please explain,