We work with executors (now known as estate trustees) to help with the administration of trusts and estates. If you are named as an executor in a Will we can help you to understand what your responsibilities and duties are with respect to managing the estate. Executors have significant responsibility and potential liability associated with their position. The first step in being an executor is to understand what is expected from you. As executors can be held personally liable for their conduct it is important to obtain legal advice from the start to ensure that the estate is properly administered.
Estate administration is time-consuming and often complicated. We can help with the administration of the estate beginning with the review of the terms of the Will to determine if any legal or administrative issues are likely to arise.
- We will advise you about all of your duties and responsibilities involved in the administration of the estate. Obtaining probate of a Will (now known as applying for the Certificate of Appointment of Estate Trustee) is often required before estate property can be dealt with.
- We will determine if probate is necessary and when it is we will apply to court for the certificate of appointment. Where someone has died without a Will, it is almost always necessary to apply for a Certificate of Appointment.
- We provide advice and assistance with the securing and distribution of the assets of the estate.
- When appropriate we will advertise for creditors and deal with the creditors of the estate.
- We will ensure the estate’s beneficiaries are kept advised about the administration of the estate and will prepare the appropriate releases for the beneficiaries and others to sign upon distribution of the estate property.
- We will prepare the estate accounts and calculate your compensation for acting as executor of the estate.
- Finally we will assist with securing the necessary tax clearances from the Canada Revenue Agency.