Essential Tips for Estate Trustees

If you’ve been named estate trustee of a loved one’s estate, you may be feeling overwhelmed by the responsibility that comes with it. The following is a list of tips to help you navigate this important role:

1. Know Your Responsibilities: Familiarize yourself with your duties as an estate trustee. This includes managing assets, paying debts and taxes, and distributing the estate according to the deceased’s wishes or Ontario’s laws if there is no will.

2. Get Legal Advice: Estate law can be complex, so it’s important to seek professional guidance from a lawyer specializing in this area. An estate lawyer can offer invaluable support in interpreting the will, understanding legal obligations, and navigating complex legal procedures.

3. Gather Documentation: Collect all necessary documentation, including the will, financial records, titles, deeds, and other relevant paperwork. Keep these documents organized and easily accessible.

4. Notify Relevant Parties: Inform financial institutions, government agencies, and other relevant parties about the deceased’s passing. You may need to close accounts, cancel subscriptions, and notify organizations or service providers.

5. Manage Debts and Taxes: Determine and settle outstanding debts, including taxes, loans, and other liabilities. Ensure all obligations are appropriately addressed before distributing assets to beneficiaries.

6. Protect Estate Assets: Safeguard the assets of the estate during the administration period. This may involve maintaining insurance, securing physical property, and preventing any potential loss or damage.

7. Keep Accurate Records: Maintain detailed records of all estate-related transactions, including receipts, correspondence, and any communication with beneficiaries or third parties.

8. Obtain a Clearance Certificate: It is advisable to apply for a Clearance Certificate from the Canada Revenue Agency (CRA). This certificate confirms that all taxes have been paid, providing a level of protection for the estate trustee.

9. Communicate with Beneficiaries: Keep beneficiaries informed about the status of the estate throughout the administration period. Regular communication can help prevent misunderstandings and disputes.

Should you need assistance as you execute your duties, Howse-Rubenstein Estate Law is here to provide expert guidance and support.

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