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We assist estate trustees to administer estates.

After probate (the certificate of appointment as estate trustee from the Court has been granted), there are many steps to administering an estate.

Unless you are an experienced estate trustee there will be many new, time-consuming, and challenging chores to complete.

We can help.

Our experience and expertise can help make the process faster, easier, and much less stressful and frustrating.

 

Assets: identify and collect

We can assist you to:

  • Locate estate assets at a wide range of banks, insurance companies, and other financial institutions.
  • Collect estate assets and deposit them to an estate account or trust account.
  • Ensure that designated accounts are paid to the named beneficiaries at the right time (and not before).

Debts: Identify and pay

We can assist you to

  • Identify and close one or many accounts.
  • Post a notice to creditors that provides a time limit during which they must provide you with a claim, which is very important for reducing your liability, speeding the administration of the estate, and providing clarity and peace of mind.
  • Negotiate contested debts, and secure releases and closure.

Manage the estate funds

We can assist you to hold and manage the estate funds, including making payments from the estate to creditors and beneficiaries.

Estate Information Returns

Every estate trustee must file an Estate Information Return within 180 days after the Certificate of Appointment of Estate Trustee is received.  We help by making this process as quick and painless as possible.

Learn more about estate information returns here.

Estate Administration Tax payments

We assist with the filing of the appropriate affidavit with the Court and payment when –

  • No Estate Administration Tax was paid when the probate application was filed, and a Court order permitting deferral was obtained;
  • The value of the estate is higher than the estimated value when the probate application was filed, and the trustee must pay additional estate administration tax; and
  • The value of the estate is lower than the estimated value when the probate application was filed, and a refund of EAT is due to the estate.

Learn more about estate administration tax here.

Vehicles: transfer of ownership

We assist estate trustees and estate beneficiaries to transfer the title of vehicles (cars, trucks, trailers etc.) registered with the Ministry of Transportation.  Sometimes this can be done without probate at all or before the Certificate of Appointment is issued.

Learn more about vehicle transfers here.

Interim distributions

Every beneficiary wants to receive their inheritance as early as possible, but the decision by an estate trustee whether they can and should make an interim distribution, and if so, determining how much to distribute and how much to ‘hold back’ can be very stressful.

We can help, with advice on when and how to make an interim distribution and how to calculate a prudent holdback.

Learn more about interim distributions here.

Accounts: informal accounts and preparation in Court form

Whether you simply need informal accounts for the estate or must prepare formal accounts in Court form, we can help.

Preparing proper accounts can be a very time-consuming stressful and difficult process.  We reduce the burden and help you get complete and accurate accounts as quickly and cost-effectively as possible.

Learn more about estate accounts here

Passing accounts: Court approval when required

Not every estate requires Court approval of the accounts (a ‘passing of accounts’) but when it is required, it can be a daunting prospect.

A properly prepared application for a passing of accounts will minimize objections, Court delays and costs.

Learn more about passing accounts here

Releases and other agreements

It is good practice to have beneficiaries release the estate trustee of any potential claims before they receive their inheritance (and if they refuse, then to go to Court to formally pass your accounts).

We assist by drafting releases, explaining the accounts if necessary, arranging signature and ensuring that estate trustees are protected from unexpected or frivolous claims.

We can also assist with a wide range of contractual issues, as well as clarifying information, ensuring proper communication and correspondence, avoiding and resolving disputes.

Learn more about releases here

Income taxes: clearance certificate applications

Estate trustees should request and receive a clearance certificate from the Canada Revenue Agency (CRA) before they complete final distribution of the estate.

This filing is estate-specific and is not like a regular tax return.

Delays in processing are common, especially if there are errors in the application.

We can help prepare and file a proper request for the clearance certificate which will minimize the processing time and expedite final distribution of the estate.

Learn more clearance certificates here.

 

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