A newly released study finds that the majority of Canadian Boomers would appoint family as the executor of their will, but that many may not may not appreciate the complexities of the many tasks that come with this duty.

BMO Financial Group Wednesday announced the results of a study revealing that 85% of Canadians 45 years of age or older would appoint family as the executor of their will, while 7% would appoint friends.

The study found that, if appointed as executor, the majority of Canadians (65%) would not, or are not sure if they would hire a professional to assist them.

The study also revealed, however, that those who have experienced being an executor (41%) have encountered the following issues or complications: administrative (47%); emotional (31%); and legal (26%).

“Being appointed as the executor of a loved one’s estate can be a daunting duty that involves an overwhelming number of tasks, some of which can be highly complex,” says Sara Plant, CEO, BMO Trust Company. “Not only can it be an emotional period, but executors are often expected to dedicate a lot of time and take on a lot of responsibility that is often best left to a professional.”

The study also found that only 1% of Canadians over 45 have appointed a trust company as the executor of their will. Plant noted that those who are thinking about appointing a family member or friend as their executor should think it through before making the final decision.

“When it comes time to appoint your executor, it is important to appreciate the amount of work you will be asking the executor to undertake, especially if they are a family member or friend rather than a professional,” says Plant. “People often underestimate the level of involvement and responsibility it requires to carry out the directions of a will.”

BMO offers the following tips for Canadians appointing an executor:

> Understand the commitment
Ensure the executor you appoint is equipped to handle the time commitment and complexities of the tasks at hand.

> Don’t surprise your executor
Determine in advance if your chosen executor is willing to act when the time comes.

> Location, location
If your executor lives outside of your province, make sure there are no legal or administrative complexities involved in being able to manage your estate.

> Stay up to date
Make sure you revisit your will every few years and update the executor, if necessary.

> Keep an open mind
Remember that a professional service can be of great assistance to the executor, especially if the estate is complex.

Additionally, the survey found that 42% of respondents know they have been appointed to act as an executor in the future.

The online survey was conducted by Leger Marketing among 1,002 Canadians, 45 years of age or older, who hold investible assets (including real estate) worth $500,000 or more, between July 6 to July 15.