Who is going to carry out your final wishes following your death? This challenging and time-consuming job can be more of a burden than an honour. Therefore, it is important that you choose the right person to act as your executor.

The Responsibilities
An executor's responsibilities begin immediately following the death and may continue for more than a year. They include everything from finding the valid will, to cancelling the newspaper, to filing tax returns. In addition to the various duties, the executor may be personally responsible for financial mistakes he or she makes.

Type of Executors
There are three categories of executors.
A trusted friend or family member (the most common).
A professional, such as a lawyer or an accountant.
A corporate executor, usually a trust company.
There are a number of things to keep in mind when selecting your executor(s) as well as an alternate.
The person(s) should be someone you trust and who will get along with your family.
As a practical matter, he or she should live reasonably close to you.
He or she should have enough time to devote to the job.
Familiarity with your financial affairs is also helpful.

Once you have made your decision, be sure to discuss it with that person(s). This is not something you want sprung on him or her after your death. Ask if they are prepared to undertake the responsibilities of an executor. Let them know that they can decline. Review the Executor's Checklist with the person(s).

Compensation
The person(s), who undertakes this demanding job, is legally entitled to be compensated. The best way to resolve this issue is to discuss it up front and put something in your will. As a general, rule an executor is paid between 3 and 5 percent of the estate's value. However, this will depend on the actual time and effort involved.