{"id":2910,"date":"2018-12-02T19:00:00","date_gmt":"2018-12-03T00:00:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/why-the-wealthy-barber-wont-act-as-executor-for-even-his-closest-friends\/"},"modified":"2024-10-22T11:54:32","modified_gmt":"2024-10-22T15:54:32","slug":"why-the-wealthy-barber-wont-act-as-executor-for-even-his-closest-friends","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/why-the-wealthy-barber-wont-act-as-executor-for-even-his-closest-friends","title":{"rendered":"Why The Wealthy Barber won\u2019t act as executor for even his closest friends"},"content":{"rendered":"\n<p>This article is part of a series created in collaboration between <a href=\"\/royal-trust\/\">RBC Wealth Management         Royal Trust<\/a> and David Chilton, author of best-selling personal finance guides <em>The Wealthy Barber<\/em>     and <em>The Wealthy Barber Returns, <\/em>and former dragon on CBC\u2019s \u201cDragons\u2019 Den\u201d.<\/p>\n\n\n\n<p>I love my friends. They really are a great bunch.<\/p>\n\n\n\n<p>I\u2019m lucky to have them and there really isn\u2019t anything I wouldn\u2019t do for them.<\/p>\n\n\n\n<p>Well, that\u2019s not quite true.<\/p>\n\n\n\n<p>There are two things that I won\u2019t do, even when begged.<\/p>\n\n\n\n<p>I won\u2019t help a friend move\u2014too old to say yes to that.<\/p>\n\n\n\n<p>And I won\u2019t be a friend\u2019s <a href=\"\/insights\/youve-been-made-an-executor-what-you-need-to-know\">executor<\/a>\u2014too     smart to say yes to that.<\/p>\n\n\n\t\t<!-- Start of Brightcove Player -->\n\t\t\t\t\t\t<div style=\"display: block; position: relative; min-width: 0px; max-width: 640px;\">\n\t\t\t\t\t<div style=\"padding-top: 56%; \">\n\t\t\t\t\t\t<video-js\n\t\t\t\t\t\t\t\tid=\"6019971447001\"\n\t\t\t\t\t\t\t\tdata-video-id=\"6019971447001\" data-account=\"3187797751001\"\n\t\t\t\t\t\t\t\tdata-player=\"VBE5DE1mC\"\n\t\t\t\t\t\t\t\tdata-usage=\"cms:WordPress:6.9.4:2.8.8:javascript\"\n\t\t\t\t\t\t\t\tdata-embed=\"default\" class=\"video-js\"\n\t\t\t\t\t\t\t\tdata-application-id=\"\"\n\t\t\t\t\t\t\t\tcontrols   \t\t\t\t\t\t\t\tstyle=\"width: 100%; height: 100%; position: absolute; top: 0; bottom: 0; right: 0; left: 0;\">\n\t\t\t\t\t\t<\/video-js>\n\n\t\t\t\t\t\t<script src=\"https:\/\/players.brightcove.net\/3187797751001\/VBE5DE1mC_default\/index.min.js\"><\/script> \t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<!-- End of Brightcove Player -->\n\t\t\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Being asked to be an executor is an honour. But actually being the executor is a pain.<\/p>\n\n\n\n<p>That is especially true nowadays. We have so many more wealthy people. And often with that wealth comes complex     estates.<\/p>\n\n\n\n<p>Holding companies.<\/p>\n\n\n\n<p>Family trusts.<\/p>\n\n\n\n<p>Illiquid private-company ownership.<\/p>\n\n\n\n<p>Blended families.<\/p>\n\n\n\n<p>Foundations.<\/p>\n\n\n\n<p>Foreign real estate.<\/p>\n\n\n\n<p>The <a href=\"\/insights\/no-asset-in-your-estate-can-be-as-emotionally-charged-as-the-family-cottage\">family         cottage<\/a>.<\/p>\n\n\n\n<p>Uncle Clyde.<\/p>\n\n\n\n<p>The four-year-old CRA tax dispute.<\/p>\n\n\n\n<p>Uncle Clyde\u2019s third wife.<\/p>\n\n\n\n<p>The Faberg\u00e9 Egg collection.<\/p>\n\n\n\n<p>Trust me, dealing with all this is a job. A stressful job. A thankless job. A time-consuming job.<\/p>\n\n\n\n<p>Did I mention the executor can be held personally liable if a mistake is made?<\/p>\n\n\n\n<p>Just this weekend I had three different friends tell me about fractured relationships that resulted from     disagreements with family members acting as executors.<\/p>\n\n\n\n<p>The more I think about all this, the more helping someone move now actually seems like fun.<\/p>\n\n\n\n<p>You can see why I\u2019m a big believer in wealthy people, especially with widely diversified estates (and most     are), naming a corporate executor. That is especially true nowadays. We see so many more seven-figure estates than     we used to. And often these estates are much more complex than those of previous generations.<\/p>\n\n\n\n<p>The&nbsp;<a href=\"\/insights\/choosing-an-executor-four-characteristics-to-watch-for\">corporate         executor<\/a> brings an impartial and unemotional perspective to the process. Their experience in dealing with     complex tax and valuation issues is invaluable. They are true professionals.<\/p>\n\n\n\n<p>From my perspective, the corporate executor\u2019s compensation is an investment in peace of mind and in family     harmony.<\/p>\n\n\n\n<p>Plain and simply, I do not want to saddle my kids with the stress and workload of having to serve as my <a href=\"\/insights\/making-a-will-six-things-to-help-you-leave-a-lasting-legacy\">will\u2019s         executor<\/a>. Especially when they\u2019re in the midst of dealing with the heartbreak of losing the greatest     influence of their lives (okay, that\u2019s a stretch).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-\"><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>There are two things that I won\u2019t do, even when begged. I won\u2019t help a friend move\u2014too old to say yes to that. And I won\u2019t be a friend\u2019s executor.<\/p>\n","protected":false},"author":15,"featured_media":2912,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[258,158,253,257,100,740,259,261,106,260],"rbcwm_content_owner":[609],"rbcwm_need":[68,84],"rbcwm_segment":[66],"rbcwm_solution":[99,82],"rbcwm_topic":[65,94],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-2910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","tag-chilton-campaign","tag-corporate-executor","tag-david-chilton","tag-estate-and-trust","tag-estate-planning","tag-estate-transfer","tag-executor-services","tag-how-to-choose-an-executor","tag-the-wealthy-barber","tag-why-do-i-need-a-professional-executor-of-my-will","rbcwm_content_owner-royal-trust","rbcwm_need-grow","rbcwm_need-protect","rbcwm_segment-individuals-and-families","rbcwm_solution-trusts","rbcwm_solution-wealth-planning","rbcwm_topic-education","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"There are two things that I won\u2019t do, even when begged. I won\u2019t help a friend move\u2014too old to say yes to that. And I won\u2019t be a friend\u2019s executor. Here's why.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":"RBC Royal Trust and RBC Wealth Management are business segments of the Royal Bank of Canada. Please click the \u201cLegal\u201d link at the bottom of this page for further information on the entities that are member companies of RBC Wealth Management. The content in this publication is provided for general information only and is not intended to provide any advice or endorse\/recommend the content contained in the publication. \u00ae\/\u2122 Trademark(s) of Royal Bank of Canada. Used under licence. \u00a9 Royal Bank of Canada 2024. All rights reserved.\r\n\r\n&nbsp;"},"rbcwm_insight_cta_id":[20484],"rbcwm_pagination":{"next_link":"","next_link_text":"","previous_link":"","previous_link_text":""},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why The Wealthy Barber won\u2019t act as executor for even his closest friends<\/title>\n<meta name=\"description\" content=\"There are two things that I won\u2019t do, even when begged. I won\u2019t help a friend move\u2014too old to say yes to that. 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