Executor Power Clause (Distribution in Specie) (ON)

Summary

This clause is intended for inclusion in a will and authorizes the trustee to make allocations, determinations, designations and distributions in specie in the trustee’s uncontrolled discretion. This clause includes practical guidance and drafting notes. The estate trustee (also known as the executor) is the representative specified in an individual’s will to carry out the terms of the will and wind-up the affairs of the deceased. A will can be valid and capable of administration without the appointment of an executor (estate trustee with a will in Ontario terminology) but the absence of an executor appointment or the absence of an alternate executor appointment, in the event that the first named executor is deceased or unable or unwilling to act, can ultimately cause serious administration problems after the testator has died. A testator may appoint a trust company as an estate trustee of his or her estate, but otherwise, the executor appointed must be an individual and not a ...