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ONTARIO ESTATE ADMINISTRATION: WHY ONTARIO ESTATE LAWYERS CHOOSE INDEPENDENT ESTATE TRUSTEES

Ontario Estate Administration has become more complex. The recent Stewart Estate case shows why smart estate lawyers choose independent trustees. This protects clients and ensures smooth management of the deceased person’s estate.

Ontario Estate Administration: Role and Responsibilities of an Executor

In Ontario Estate Administration, the person who manages an estate is called an “estate trustee” (formerly called an “executor”). This role comes with important legal duties that many people don’t fully understand when they accept the position.

Gathering and Protecting Assets

The first job of an estate trustee is to find and secure all the deceased person’s property. This includes:

  • Bank accounts and investments – Contact all financial institutions
  • Real estate – Secure properties and arrange insurance
  • Personal belongings – Inventory valuable items like jewelry, art, or collections
  • Business interests – Identify any company shares or partnerships
  • Digital assets – Access online accounts, cryptocurrencies, or digital files

Estate trustees must act quickly to protect these assets. Leaving a house empty without insurance or failing to secure bank accounts can lead to losses. If assets are lost due to poor protection, the trustee may be personally responsible for the value.

Applying for Probate

Most estates need a Certificate of Appointment (probate) from the Ontario Superior Court. This legal document proves the trustee has authority to act for the estate.

The probate process involves:

Getting probate can be a lengthy exercise, depending on the estate’s complexity and whether it is the extremely busy Toronto court or elsewhere in Ontario. During this time, many assets remain frozen, creating cash flow problems for the estate.

Managing Estate Finances

Estate trustees become responsible for all the deceased person’s financial debts. This includes:

Paying Debts and Bills

  • Funeral expenses (priority payment)
  • Outstanding credit card balances
  • Utility bills and property taxes
  • Medical expenses and care facility costs

Tax Responsibilities

  • File the deceased’s final and any other outstanding income tax returns
  • File estate tax returns if income is earned after death
  • Pay all income taxes, capital gains taxes, and penalties
  • Obtain CRA Clearance Certificate before final distributions

Investment Management Estate assets may need professional management, especially if the estate remains open for months or years. Poor investment decisions or leaving money in low-interest accounts can reduce the estate’s value.

Communicating with Beneficiaries

Estate trustees must keep beneficiaries informed throughout the process. This legal duty includes:

  • Initial notification – Tell beneficiaries about their inheritance within a reasonable time
  • Regular updates – Provide progress reports on estate administration
  • Financial reporting – Share detailed accounts of income, expenses, and distributions
  • Final accounting – Present complete financial records before closing the estate

Poor communication is one of the biggest sources of estate disputes. Beneficiaries who feel left in the dark often become suspicious and may challenge the trustee’s actions in court.

Ontario Estate Administration: Probate Process in Ontario

The probate process in Ontario can be complex and time-consuming. Understanding each step helps estate lawyers advise their clients about potential challenges and when professional trustee services might be needed.

Initiating the Process

The probate process begins when someone dies and leaves a will. The named estate trustee must decide if probate is required. Not all estates need probate, but most do if they include:

Timeline Considerations Estate trustees should start the probate process within weeks of death. Delays can cause problems with:

  • Asset protection and insurance coverage
  • Bill payments and property maintenance
  • Beneficiary expectations and family relationships

Required Documents Before starting, trustees need:

  • Original will and any codicils
  • Death certificate (multiple certified copies)
  • Complete list of estate assets and their values
  • List of all debts and liabilities

Evaluating Assets

Accurate asset valuation is crucial for probate fees and tax planning. Estate trustees must obtain current market values for all estate property.

Real Estate Valuation

  • Hire qualified appraisers for property assessments
  • Consider recent comparable sales in the area
  • Account for any unique features or conditions
  • Remember that tax assessments are usually lower than market value

Financial Assets

  • Get statements showing balances on the date of death
  • Value investment portfolios at market prices
  • Include all registered accounts (RRSPs, TFSAs, pensions)
  • Don’t forget about foreign assets or accounts

Personal Property

  • Obtain professional appraisals for valuable items
  • Include vehicles, jewelry, art, and collectibles
  • Consider both insurance value and fair market value
  • Document everything with photos and written descriptions

Filing the Application

The probate application goes to the Ontario Superior Court of Justice. This legal process involves several steps and strict requirements.

Court Forms and Fees

Review Process The court registrar reviews applications for:

  • Completeness and accuracy of all forms
  • Proper valuations of estate assets
  • Valid signatures and witness requirements
  • Compliance with notice requirements

Processing Time Simple estates typically take 6-8 weeks for probate approval. Complex estates with disputes or missing information can take several months.

Distributing Assets

Once probate is granted, estate trustees can begin distributing assets to beneficiaries. However, this must be done carefully to avoid personal liability.

Payment Priority Debts must be paid in this order:

  1. Funeral and burial expenses
  2. Estate administration costs
  3. Secured debts (mortgages, car loans)
  4. Unsecured debts (credit cards, personal loans)
  5. Gifts to beneficiaries

Timing Considerations

  • Wait for the creditor claim period to expire (usually 6 months)
  • Obtain CRA Clearance Certificate before final distributions
  • Keep sufficient funds for unexpected expenses or claims
  • Document all payments with detailed records

Distribution Methods Assets can be distributed as:

  • Cash payments from estate bank accounts
  • Transfer of specific property items
  • Sale of assets with proceeds distributed
  • A combination of cash and property transfers

Handling Taxes and Disputes

Tax obligations and family disputes are two of the biggest challenges estate trustees face. Both can create significant personal liability.

Tax Responsibilities Estate trustees must handle multiple tax filings:

  • Final tax return for the deceased (due April 30 or 6 months after death)
  • Estate tax returns for income earned after death
  • Clearance certificate application to CRA
  • Provincial tax obligations and filings

Common Tax Pitfalls

  • Missing filing deadlines (results in penalties and interest)
  • Incorrect valuation of assets for capital gains
  • Failing to claim available deductions or credits
  • Distributing assets before tax clearance

Managing Disputes Family conflicts often arise during estate administration:

  • Beneficiaries questioning trustee decisions
  • Disputes over asset valuations or distributions
  • Challenges to will validity or interpretation
  • Complaints about communication or transparency

When Disputes Escalate Estate litigation can be expensive and time-consuming. Common issues include:

  • Beneficiaries seeking trustee removal
  • Claims for financial compensation from trustee personally
  • Court applications for direction on will interpretation
  • Family members blocking estate administrationOntario courthouse steps with "$462,000 Tax Bill Stewart Estate Disaster" text overlay - Independent Estate Trustee services by Smith Estate Trustee Ontario

The Growing Problem: When Ontario Estate Administration Goes Wrong

Being an estate trustee in Ontario carries serious legal and financial risks. Many people don’t realize they can be personally liable for estate debts, tax bills, and administration mistakes. This personal liability can cost trustees thousands of dollars from their own pockets.

The Stewart Estate case, decided by the Ontario Superior Court of Justice and Court of Appeal for Ontario in 2025, perfectly illustrates these risks. What started as a simple will became a 30-year legal nightmare involving:

This case shows why estate lawyers across Ontario are increasingly recommending independent estate trustees for complex files.

The Stewart Estate: A Case Study in Estate Complications

The Original Plan

William Stewart wrote his will in 1989. His plan seemed straightforward:

  • His wife Edith would receive a life interest in his property
  • After Edith’s death, two sons would buy the family farms at fixed low prices
  • One son’s mortgage would be forgiven

What Went Wrong

Life threw curveballs that William couldn’t predict:

The Mortgage Assignment (1994)
The estate transferred Robert’s mortgage to Edith. This simple administrative task later stopped the mortgage forgiveness William had planned.

Unexpected Death (2018)
Robert died before his mother Edith. Since Robert had no children, his wife Lynn inherited his rights to the farm.

Changed Circumstances
Edith lived 24.5 years after William died. During this time:

The Tax Crisis
When Edith died, the estate faced a $462,000 tax bill. The estate didn’t have enough cash to pay. The farms meant as gifts to family might need to be sold to pay the Canada Revenue Agency (CRA).Ontario courthouse steps with "$462,000 Tax Bill Stewart Estate Disaster" text overlay - Independent Estate Trustee services by Smith Estate Trustee Ontario

Ontario Estate Administration Court Decisions: Key Lessons for Estate Lawyers

Ontario Superior Court Ruling (2025 ONSC 2275)

Gift Timing Matters
The court ruled that Robert’s gifts became legally his when William died, not when Edith died. This decision used the “presumption of early vesting” – a legal principle that gifts usually take effect when the will-maker dies.

Administrative Actions Have Consequences
The mortgage forgiveness failed because the mortgage was assigned to Edith. Once she owned it, William’s estate couldn’t forgive it. This shows how administrative choices can override a will’s original intentions.

Estates Must Pay Debts First
The court gave the estate trustee power to sell the farms at current market value, not the outdated prices in the will. The estate’s debts had priority over specific gifts to beneficiaries.

Personal Liability Remains Unclear
Most importantly for trustees, the court didn’t rule on whether the trustee was personally liable for tax decisions. This uncertainty creates ongoing risk for estate trustees.

Ontario Estate Administration: Court of Appeal Decision (2025 ONCA 575)

The Court of Appeal quickly denied the beneficiaries’ request to stop the farm sales. The court prioritized:

  • Efficient estate administration
  • Paying the estate’s debts
  • Preventing CRA seizure of assets

This decision strongly supports estate trustees who make difficult but necessary decisions to protect estate solvency.

Ontario Estate Administration: The Hidden Risks Estate Trustees Face

Fiduciary Duties

Estate trustees must:

  • Act in all beneficiaries’ best interests
  • Avoid conflicts of interest
  • Manage assets carefully
  • Keep detailed records
  • Communicate clearly with beneficiaries

Personal Liability Risks

Trustees can be personally responsible for:

  • Asset mismanagement – Poor investment or property decisions
  • Ignoring professional advice – Trying to handle complex issues alone
  • Premature distributions – Paying beneficiaries before clearing all debts
  • Tax mistakes – Missing deadlines or making poor tax decisions
  • Poor communication – Failing to keep beneficiaries informed
  • Unnecessary litigation – Pursuing costly legal battles

The CRA Clearance Certificate

Before making final distributions, trustees must obtain a Clearance Certificate from the CRA. Without this certificate, trustees remain personally liable for any unpaid estate taxes up to the value of assets they distributed.Ontario courthouse steps with "$462,000 Tax Bill Stewart Estate Disaster" text overlay - Independent Estate Trustee services by Smith Estate Trustee Ontario

Ontario Estate Administration: When Estate Lawyers Should Recommend Independent Trustees

High-Risk Situations

  • Complex assets – Farms, businesses, or valuable real estate requiring specialized management
  • Significant tax liabilities – Large estates with potential CRA issues
  • Family conflicts – Beneficiaries already disagreeing or threatening litigation
  • Outdated wills – Old documents that don’t reflect current circumstances
  • Reluctant trustees – Named trustees who lack time, capacity, or willingness
  • Conflict of interest – Trustees who are also major beneficiaries

Benefits of Independent Estate Trustees

Neutrality
Independent trustees have no family relationships or personal interests. They can make difficult decisions without bias or favouritism.

Professional Expertise
Estate trustees understand:

  • Complex estate laws and tax laws and elections
  • Asset valuation and management
  • Legal procedures and deadlines
  • Negotiation with government agencies

Risk Protection
Professional trustees assume personal liability, protecting your clients from financial risk.

Efficiency
Independent trustees can move estates forward even when beneficiaries disagree or try to delay administration.

Court Preference
Courts often prefer independent trustees in contentious matters, showing your proactive approach to conflict resolution.

Why Estate Lawyers Partner with Smith Estate Trustee Ontario

At Smith Estate Trustee Ontario, we understand the challenges estate lawyers face. Our experience includes:

  • Many years of handling complex insolvency and estate matters
  • Licensed by the Office of the Superintendent of Bankruptcy
  • Extensive experience with high-value and contentious estates
  • Strong relationships across Ontario
  • Proven track record in complex tax and asset management situations

Our Approach

We work collaboratively with estate lawyers to:

  • Assume trustee liability and responsibilities
  • Handle day-to-day estate administration
  • Manage beneficiary communications and conflicts
  • Navigate complex tax situations
  • Allow lawyers to focus on legal strategy and advice

Results for Your Practice

Partnering with us means:

  • Protected clients who avoid personal liability
  • Efficient estate administration even in complex cases
  • Reduced stress on grieving family members
  • More time for you to focus on legal work rather than administration
  • Enhanced reputation for providing comprehensive solutionsOntario courthouse steps with "$462,000 Tax Bill Stewart Estate Disaster" text overlay - Independent Estate Trustee services by Smith Estate Trustee Ontario

Frequently Asked Questions About Independent Estate Trustees and Ontario Estate Administration

What is the difference between an estate trustee and an executor in Ontario Estate Administration?

In Ontario Estate Administration, “estate trustee” is the legal term that replaced “executor” in 1995. They mean the same thing – the person responsible for managing someone’s estate after death. Many people still use “executor,” but the courts and legal documents use “estate trustee.”

When should estate lawyers recommend an independent trustee instead of a family member?

Estate lawyers should consider recommending independent trustees when:

  • The estate has complex assets like businesses or farms
  • Family members are already fighting or threatening legal action
  • The named trustee lacks time, skills, or willingness to serve
  • There are significant tax liabilities or CRA issues
  • The trustee is also a major beneficiary (creating a conflict of interest)
  • The estate involves multiple provinces or countries

How much does an independent estate trustee cost?

Professional trustee fees in Ontario typically range from 2.5% to 5% of the estate’s total value. The exact fee depends on:

  • Estate size and complexity
  • Time required for administration
  • Level of family conflict or disputes
  • Special skills needed (tax planning, business management)
  • Court involvement or litigation

While this seems expensive, it often saves money by avoiding costly mistakes, family litigation, and personal liability claims.

Can family members remove an independent trustee once appointed?

Removing an estate trustee requires a court application and valid legal grounds, such as:

  • Breach of fiduciary duty
  • Conflict of interest
  • Inability to perform duties
  • Loss of required qualifications

Simply disagreeing with trustee decisions is not enough. Courts prefer to keep qualified trustees in place rather than create delays and additional costs.

What happens if an estate trustee makes a mistake that costs the estate money?

Estate trustees can be personally liable for losses caused by their mistakes or negligence. Common examples include:

  • Distributing assets before paying all debts and taxes
  • Making poor investment decisions without proper advice
  • Missing important tax deadlines or elections
  • Failing to properly maintain estate property
  • Not obtaining required court approvals

Professional trustees carry insurance to protect against these risks, while individual trustees usually don’t.

How long does estate administration typically take in Ontario Estate Administration?

Simple estates with few beneficiaries and no disputes typically take 12-18 months. Complex estates can take several years, especially if they involve:

  • Business valuations and sales
  • Real estate in multiple locations
  • Family litigation or will challenges
  • Tax disputes with CRA
  • Foreign assets or beneficiaries

Independent trustees often complete administration faster because they work full-time on estate matters and have experience with complex issues.

What is a CRA Clearance Certificate, and why is it important?

A CRA Certificate of Clearance confirms that an estate has paid all its income taxes. Without this certificate, estate trustees remain personally liable for any unpaid taxes up to the value of assets they distributed to beneficiaries.

Getting clearance typically takes 4-6 months after filing all required tax returns. Many trustees make the mistake of distributing estate assets before receiving clearance, creating personal financial risk.

Can an independent trustee be appointed if the will names someone else?

Yes, courts can appoint independent trustees even when the will names family members. This happens when:

  • The named trustee declines to serve
  • The named trustee becomes incapacitated
  • Conflicts of interest arise
  • Family disputes make neutral administration necessary
  • The estate becomes too complex for the named trustee

Estate lawyers can apply to court for trustee replacement or can work with named trustees to bring in professional assistance.

What qualifications should estate lawyers look for in an independent trustee?

Key qualifications include:

  • Professional licensing (Licensed Insolvency Trustee, lawyer, or accountant)
  • Specific estate administration experience
  • Knowledge of Ontario estate administration and recognizing tax issues
  • Professional liability insurance
  • Bonding and regulatory oversight
  • Experience with similar estate types and values
  • Strong references from other lawyers and clients

How do independent trustees handle beneficiary disputes?

Professional trustees use several strategies to manage conflicts:

  • Neutral communication
  • – No family relationships or emotional involvement
  • Clear documentation
  • – Detailed records of all decisions and transactions
  • Regular reporting
  • – Frequent updates to keep everyone informed
  • Professional mediation
  • – Early intervention to resolve disputes
  • Court applications
  • – Seeking judicial direction when needed

Their neutrality often helps de-escalate family tensions and allows estates to move forward efficiently.

Ontario Estate Administration Conclusion: Protecting Your Clients and Your Practice

The Stewart Estate case demonstrates that even simple wills can become complex nightmares. Personal liability for estate trustees is real and growing. Smart estate lawyers now recommend independent trustees to protect clients and ensure smooth estate management.

Don’t wait for your clients to face a Stewart Estate situation. Consider recommending Smith Estate Trustee Ontario for your challenging files. We provide the expertise, neutrality, and risk protection your clients need.

Contact Smith Estate Trustee Ontario today. We can support your estate practice and protect your clients from hidden risks in estate administration.

About the Author
Brandon Smith is a Licensed Insolvency Trustee with years of experience handling complex financial and estate matters in Ontario. Smith Estate Trustee Ontario is part of Ira Smith Trustee & Receiver Inc. We provide independent estate trustee services to lawyers and families across Ontario

Contact Information
Smith Estate Trustee Ontario
Part of Ira Smith Trustee & Receiver Inc.

167 Applewood Crescent #6, Concord, ON L4K 4K

P: (647) 799-3312

E: brandon@irasmithinc.com

The information provided in this blog is intended for educational purposes only. It is not intended to constitute legal, financial, or professional advice. Readers are encouraged to seek professional advice regarding their specific situations. The content should not be relied upon as a substitute for professional guidance or consultation. The author, Ira Smith Trustee & Receiver Inc., and any contributors do not assume any liability for any loss or damage.Ontario courthouse steps with "$462,000 Tax Bill Stewart Estate Disaster" text overlay - Independent Estate Trustee services by Smith Estate Trustee Ontario

Categories
Brandon Blog Post

EXECUTOR DUTIES ONTARIO: OUR COMPLETE GUIDE TO MAKE A 1ST TIME EXECUTOR LOOK LIKE A PRO

executor duties ontario
executor duties ontario

We hope that you and your family are safe, healthy and secure during this coronavirus pandemic.

Ira Smith Trustee & Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.

If you would prefer to listen to the audio version of this Brandon Blog, please scroll to the very bottom of the page and click play on the podcast.

Executor duties Ontario: What is an executor or estate trustee?

Executors, or Estate Trustees as they are now called in Ontario, are people named in a Will to become the personal representatives of the deceased. Executor duties Ontario is a complicated process.

The Estate Trustee accepts the role, authorizes the liquidation of the estate assets and the payment of money. The Executor directs and administers the deceased estate both in accordance with provincial and federal laws while abiding by the declared wishes of the deceased.

Executors are people who are legally responsible for the estate of someone who has died. They are required to manage the estate according to the wishes of the deceased person. To be an executor, you must meet certain minimum legal requirements. You should:

  • have already turned 18;
  • be financially stable;
  • reside in Ontario;
  • have good organizational skills;
  • be able to keep complete records of all the estate’s transactions;
  • have a good knowledge of financial matters; and
  • be able to make effective decisions about the estate.

Suppose there were no Will? What happens? Without a Will, a court can appoint an Estate Trustee Without A Will.

Through our other business, Smith Estate Trustee Ontario, my Firm acts as a Court-appointed Executor/Estate Trustee. Far too often, the person who ends up with the responsibility of settling the estate of a deceased family member or friend is unprepared to do so. This commonly leads to emotional stress, confusion, and financial hardship.

From this Brandon Blog, you’ll learn everything you need to know about effectively fulfilling your duties as an Estate Trustee in Ontario. You will learn how to handle the estate settlement process in Ontario and properly fulfill the duties using our Executor duties Ontario checklist.

Executor duties Ontario: What does an Executor/Estate Trustee Do Right Away?

Executors are people who are appointed to carry out the Will or trust of a person who has died. They are given the authority to make decisions on behalf of the deceased, as long as those decisions are consistent with the wishes expressed in the deceased’s Will or trust. There can be as many Estate Trustees as are indicated in the Will or trust document. When there is a Will, in Ontario, the role is one of Estate Trustee Under A Will.

Once you are notified that you are named as the Executor or one of the Estate Trustees, the first thing you need to do is to decide if you wish to act. Are you capable of doing the job and are you free from any conflict of interest? It is possible to recuse yourself before taking any steps to act as the Executor. However, once you start acting as the Executor, it is very difficult to resign.

An Executor will obtain a copy of the Will as one of the first things they do. As a result, the person’s most recent Will automatically becomes the last Will of the deceased. Some people are unaware that a Will is only as good as its Executors and how they perform their Executor duties Ontario.

Executor duties Ontario: Follow this guide to look like a professional Estate Trustee

Action #1 – Funeral Arrangements and other Day 1 action

If the family is not taking care of this themselves, then you must arrange for the funeral immediately after death. Religious observance of the family and the wishes of the deceased should be your guide. Other things Executor duties Ontario include are:

  • Arrange for organ donation if applicable.
  • Find the Will.
  • Coordinate with family members to notify friends and family of the passing.
  • Request multiple copies of the Proof of Death Certificate from the funeral director.
  • Apply for a provincial Death Certificate.
  • Make necessary arrangements for the ongoing care for dependents/minor children and pets.
  • Contact the deceased’s bank to ensure that all amounts on deposit are safeguarded, access to any safety deposit box is secured and change signing authorities to Executor(s) so that necessary payments can be made.
  • Confirm payment to the funeral home.

Action #2 – Submit official paperwork on behalf of the Estate

There are many other notifications that should be made within say, 1 to 2 weeks after the funeral. These Executor duties Ontario consist of:

  • File the CPP death benefit claim.
  • Transfer the pension to the spouse by applying for CPP Survivor’s Benefits.
  • Canada Revenue Agency Notification to Update Record.
  • Submit OAS/CPP/GIS notifications.
  • Send the Notice of Death to Equifax and TransUnion, the two Canadian credit bureaus.

    executor duties ontario
    executor duties ontario

Action #3 – Protect the hard assets

Concerning any hard assets, as soon as possible after the funeral, Executor duties Ontario include:

  • Identify and secure all assets: the home, the contents of the home, and other real estate assets.
  • Direct the post office to forward the mail care of the Estate Trustee.
  • Inform utilities, landlords, and other service providers.
  • Review all documents associated with asset ownership, business, investment, including insurance, mortgages, and leases.
  • Analyze all financial documents, including contracts, divorce papers, or separation agreements, court orders.
  • Secure personal property, business, vehicles, perishable goods, and safety deposit boxes.
  • To keep the insurance coverage active, find out what action you need to take if there is a vacant property.
  • Have all the hard assets appraised.

Action #4 – Protecting financial assets

I already mentioned that I would contact any known financial institution. Other Executor duties Ontario to protect financial assets as soon as possible after the funeral, include:

  • Gather information about debts and expenses.
  • Cut off all unnecessary expenses. People rarely think about memberships or subscriptions until the bill or publication arrives in the mail.
  • The other banks or credit unions, investment advisors, and life insurance companies should be notified.
  • All credit cards and debit cards should be cancelled.

    executor duties ontario
    executor duties ontario

Action #5 – Contacting beneficiaries

Other Executor duties Ontario include:

  • Completing the inventory of assets and their values on the date of death.
  • Contacting each of the beneficiaries of Estate individually.
  • Explaining the Estate administration process to them.
  • Estate beneficiaries need to know they only receive distributions upon the probate of the Will, completion and filing of all final tax returns, and full payment of the estate’s debts and debts of the deceased. How the estate is handled will also depend on its size and nature.
  • Depending on the circumstances, the Executor of the estate can make interim distributions.

It is important to keep in mind that Estate Trustees are personally liable. This means if you pay out too much on an interim basis and don’t have enough to cover all the debts, you will be in trouble if you can’t claw back any money.

Action #6 – The probate process

Generally, probate involves completing the necessary Ontario government forms for the confirmation and appointment of the Executor(s), who will manage the estate distribution. The Executor duties Ontario for probate include, say within 30 days after death:

  • Speak to the estate administration lawyer for assistance.
  • Calculate the estate administration tax for the Ontario estate.
  • With the help of the estate administration lawyer, prepare the probate application.
  • The probate application, along with all relevant documents, should be filed with the deceased’s local probate court. The required documents, including the original Will and payment of the estate administration tax.

    executor duties ontario
    executor duties ontario

Action #7 – While you are waiting for the Certificate of Appointment of Estate Trustee With A Will

The court can take many months to respond to your probate application, especially in Toronto. In the meantime, there are things that Executor duties Ontario allow you to do without the need to show the Certificate of Appointment. You can use a copy of the Will. These include:

  • The deceased’s passport, driver’s license, and Ontario health card can be cancelled.
  • Meeting with the investment advisor, banker, and insurance agent to gain a better understanding of the estate’s assets.
  • Finalize the list of assets.
  • Developing a strategy to liquidate the assets of the estate.
  • Choose a real estate broker, negotiate the rate and prepare the listing for posting after the grant of probate is received. Be sure you obtain a professional appraisal first to determine the current market value. You don’t want to rely on just the broker’s estimate of market value.
  • Organize an estate sale to dispose of personal belongings that have not been claimed by the family. When appropriate, arrange donations.
  • Prepare the property for sale. In almost all cases, minor repairs, painting, cleaning, and staging are necessary.
  • Prepare life insurance forms (to be submitted once you have your Certificate evidencing the appointment of the Estate Trustee(s)).
  • Stay in constant contact with the beneficiaries to inform them that you are still waiting for the grant of probate and that things are proceeding normally.

Action #8 – Selling the assets in Estate

Some of the following Executor duties Ontario could be done only with a certified copy of the Will. Some will require a Certificate from the court appointing the Estate Trustee:

  • Open an estate bank account with your preferred financial institution if you have not already done so.
  • Merge all bank accounts into the estate account.
  • List any real property for sale.
  • Request that all mutual funds, stocks, bonds be liquidated and the funds transferred to the estate
    account.
  • Incorporate all estate sale proceeds and any other cash assets into the estate trust account.

    executor duties ontario
    executor duties ontario

Action #9 – Pay all debts and calculate and pay all taxes

To make the final distribution, the creditors and amounts owing to Canada Revenue Agency must be settled in full. In this phase, Executor duties Ontario include:

  • Clear debts.
  • Make sure that tax documents are in order.
  • Prepare all necessary income tax returns, including the estate tax return, with the help of an accountant or other tax specialist.
  • If your Notice of Assessment has been received and the CRA has been paid all amounts owed, you can request a Tax Clearance Certificate from them.

Action #10 – Final distribution to estate beneficiaries and completion of Estate records

Now it is time to make the distribution to beneficiaries and close your file. These Executor duties Ontario are:

  • If you are charging a fee, including a care and management fee for having administered the estate, calculate it and pay yourself.
  • Prepare and issue the distribution to beneficiaries of the remainder of the estate.
  • Prepare a final accounting and issue it to all beneficiaries.
  • Get releases from beneficiaries.
  • Closing the estate bank account.
  • Terminate the deceased’s social insurance number.

    executor duties ontario
    executor duties ontario

Executor duties Ontario: Compensation for estate trustees

The Ontario estate laws and associated regulations provide a framework for the management of a deceased person’s estate and for the distribution of the property. The laws and regulations also deal with the duties and responsibilities of the Executor and compensation for the Estate Trustee.

All Estate Trustees are legally permitted to charge fees. A fee that isn’t in the Will must be an amount that is considered fair and reasonable. The amount depends on the value of your estate and the amount of work your Estate Trustee has to do.

Even though the fee calculation is more complicated than this, for our purposes, you should use as a benchmark 5% of the estate’s value. Additionally, an additional care and management fee of 2/5 of 1% of the average annual value of the assets is sometimes charged.

Executor duties Ontario summary

I hope you found Executor duties Ontario Brandon Blog helpful. If you are concerned because there is an Estate that needs a professional Estate Trustee, Smith Estate Trustee Ontario can help you. Since we are also a licensed insolvency trustee firm, we can also help if the deceased Estate is insolvent. We can also help if you or your business have debt problems.

It is not your fault that you remain in this way. You have actually been only shown the old ways to try to deal with financial issues. These old ways do not work anymore.

The Ira Smith Team utilizes new modern-day ways to get you out of your debt difficulties while avoiding bankruptcy. We can get you the relief you need and so deserve.

The tension put upon you is big. We know your discomfort factors. We will check out your entire situation and design a new approach that is as unique as you and your problems; financial and emotional. We will take the weight off of your shoulders and blow away the dark cloud hanging over you. We will design a debt settlement strategy for you. We know that we can help you now.

We understand that people and businesses facing financial issues need a realistic lifeline. There is no “one solution fits all” method with the Ira Smith Team. Not everyone has to file bankruptcy in Canada. The majority of our clients never do. We help many people and companies stay clear of bankruptcy.

That is why we can establish a new restructuring procedure for paying down debt that will be built just for you. It will be as one-of-a-kind as the economic issues and discomfort you are encountering. If any one of these seems familiar to you and you are serious about getting the solution you need, contact the Ira Smith Trustee & Receiver Inc. group today.

Call us now for a no-cost consultation.

We will get you or your business back up driving to healthy and balanced trouble-free operations and get rid of the discomfort factors in your life, Starting Over, Starting Now.

We hope that you and your family are safe, healthy and secure during this coronavirus pandemic.

Ira Smith Trustee & Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.

Call a Trustee Now!