As the Grey Tsunami grows the Government of Ontario is increasing the reporting responsibilities of an Executor to ensure that assets reported when a will is probated are not understated. The draft details of the new reporting obligations are posted to the Government of Ontario website at http://bit.ly/1yxP8ee.
We can only guess how many more fiduciary responsibilities will be assigned to Executors, however the Government of Ontario’s need to balance their budget each year will likely bring new responsibilities that an Executor must manage.
Being financially literate empowers you to make daily decisions for things as simple as: should I buy that pair of shoes, wait until they go on sale or save the money? It also empowers you to set long-term financial goals and determine the means to achieve them.
It should also empower you to see the implications of deferring decisions in areas considered to be unpleasant.
AND… it should empower you to assess whether you have the information and skills to undertake fiduciary responsibilities for finances you currently have no control over.