In this episode, Trevor and Adrian sit down with Andrea Love, CEO of Legacy Private Trust, Canada's longest-standing family-owned private trust company. Andrea brings her extensive experience in estate planning and administration to discuss the complexities of being an executor and the vital role professional trustees play in helping families navigate the process. She highlights the misconceptions around estate administration, often glamorized in media, and emphasizes the reality that closing an estate typically takes about two years and involves managing 160 different tasks. Andrea also touches on the emotional and logistical burdens that executors face, especially during a time of grief, making the case for outsourcing these responsibilities to professionals.

Throughout the conversation, Andrea dives into the importance of planning ahead, including creating a will and naming executors while encouraging open communication with family members to avoid surprises after death. She explains how corporate trustees like Legacy Private Trust can help simplify the process, ensure proper administration, and reduce family conflict. From navigating the legal system and managing digital assets to dealing with beneficiaries' expectations, Andrea’s insights shed light on the often-overlooked challenges of estate planning and the peace of mind that comes from professional support.

Connect with our Hosts:

Adrian’sLinkedIn:

https://ca.linkedin.com/in/adrianblake1

Trevor’sLinkedIn:

https://ca.linkedin.com/in/millerwealthmanagement

Connect with our guest:

https://www.linkedin.com/in/andrealove42/?originalSubdomain=ca

Connect with Cherry Hill Private Wealth, a trade name of Harbourfront Wealth Management Inc.

https://www.cherryhillprivatewealth.ca/https://www.harbourfrontwealth.com

Timestamps:

00:00 – Introduction to Andrea Love, CEO of Legacy Private Trust, and a preview of the estate planning discussion.

00:17 – Andrea explains the misconceptions about estate administration, highlighting the two-year process and the 160 tasks involved.

01:16 – Introduction of Andrea's role at Legacy Private Trust and the value of professional trustees in reducing family burden.

05:01 – The pros and cons of naming a family member as executor versus hiring a corporate trustee.

06:22 – Challenges executors face, such as emotional burden, logistical issues, and dealing with tax filings.

10:39 – The importance of planning early and ensuring executors are well-prepared and supported.

17:17 – The complexities of managing digital assets and other personal details in estate administration.

22:47 – Common pitfalls in estate planning, including naming out-of-province executors or overlooking special needs trusts.

27:30 – Andrea discusses the increasing trend of beneficiaries seeking compensation for acting as executors.

33:06 – Conflict resolution between trustees and beneficiaries, and how proper communication can help.

44:46 – Closing thoughts on the importance of having a will and involving professionals early in the planning process.

Let’s schedule a call to meet each other and see if we can help you achieve a financial roadmap that helps you create a financial plan that focuses on what, and whom, means the most to you. Book a consultation call here.

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