Estate administration procedure differs greatly depending on the nature and complexity of the estate.
Typically, an estate is administered by what’s called an Estate Trustee. This individual often gets the power to act from the will itself, and doesn’t necessarily need the courts to become involved in order to act on the estate. However, often times there are issues that arise, and the court becomes involved in determining who should administer the estate.
Along with all of this there are forms to be filled out and the signatures have to sworn by a Commissioner of Oaths (most lawyers) and fees to be paid. There are many things that become the responsibility of an Estate Trustee once the role is assumed/granted. There are fees for administering the estate, as well as certain responsibilities that the Estate Trustee becomes obligated to follow. For example, an Estate Trustee can be asked at any time to “pass accounts” for the estate by a beneficiary – and if they don’t comply voluntarily, they may be forced to by the courts. There is also a certain degree of competency required to be able to administer an estate; failure to meet a level of competency can result in removal of an individual as Estate Trustee.
There are seemingly countless things to consider when an estate must be administered:
- Who will be estate trustee?
- When is a “Certificate of Appointment of Estate Trustee” required?
- How much is required to be paid in taxes on the estate and to whom?
- What happens when an estate is contested?
- The list goes on...
Ontario Estate Management’s knowledgeable service team is there 24/7 to be able to assist you with the process and that ensure your costs are minimized and contentment maximized.