Estate trustee services

Professional Estate Trustee Services

We often help by acting as the estate trustee.

In this role, we handle the entire estate, from probate to final distribution and we do so as quickly and professionally as possible.

We are usually asked to be the estate trustee when there is no suitable family member or relative to fulfill the role.  For instance, if:

  • There is a dispute among family members as to the most suitable person to act;
  • The estate is complex, includes business assets or litigation with third parties;
  • There are no family members available or suitable – for instance, when there is no will and no family member resident in Ontario; or
  • The finances of the deceased were being administered by the Public Guardian and Trustee as guardian.

Our fees & disbursements

When we act as estate trustee the beneficiaries do not have to advance or pay anything. Our fees are paid entirely from the estate. 

We also ensure that all expenses, including the estate administration tax, are paid from the estate.

Our fees for acting as the estate trustee on estates without undue complexity or risk are usually calculated using this scale:

Estate holds only investments
(includes PGT guardianships)		 Estate holds real estate and personal property

·      3% of the first $500,000

·      2% of the second $500,000

·      1% of amounts above $1M

 

·      5% of the first $500,000

·      4% of the second $500,000

·      3% of $1.0M-$2.0M

·      1% of amounts above $2M

 

 

Our minimum charges are $10,000 + HST for most estates, and $5,000 + HST for ‘one bank account, no income tax arrears’ estates.

Reasonable legal fees are in addition to our fees above for acting as estate trustee.  Our legal fees usually include our regular amount for the probate application necessary to secure our appointment ($2,975 + HST assuming we can secure all necessary consents and renunciations in a timely manner).

Reasonable disbursements and expenses, including realtor fees, tax preparation and accounting fees, and of course all debts including income taxes, are paid from the estate separate from our trustee fees.

 

NAMING US THE EXECUTOR IN YOUR WILL

We are frequently approached to be named as executor in wills being currently drafted.  We are willing to be so named if you wish, however we stress the following:

  1. We strongly prefer to be able to act as sole trustee, not as a co-trustee with another person.
  2. You must name an individual lawyer, not the firm as the firm cannot be an estate trustee.
  3. We hope that you will live much longer than our lawyers will continue to practice law. Accordingly, you should consider the possibility that the named lawyer will be ‘unable or unwilling to act’ as estate trustee.  A possibility is to name a trust company as an alternate who can act if the named lawyer cannot.
  4. We also encourage you to consider naming a trust company as the primary executor in your Will. Trust companies are the only corporations that can act as estate trustees, and thus are the only executors with indefinite life span who can be counted on to be ready and willing to act when needed.  While we generally are willing to handle ‘messier’ and ‘more complex’ estates, our fees are not substantially lower than the fees charged by trust companies.
  5. We do not charge fees for being named in the will. We will charge reasonable fees to the estate for acting as estate trustee of 5% of the value of the estate.  We do not charge hourly fees for acting as the estate trustee.
  6. You should ensure that there is a proper notice in place to advise us if you pass away and to let us know about the assets and liabilities that will be in your estate, and where the original Will is located.

NOT CURRENTLY AVAILABLE: TRUSTEE FOR LONG-TERM TRUSTS or ATTORNEY FOR PROPERTY OR CARE

We do not currently administer ‘long term trusts’ such as testamentary trusts for minor children or Henson Trusts for disabled adult children.

Furthermore, we do not currently provide attorney for property or attorney for personal care services.

As our firm evolves it is likely that we will provide these services in the not-to-distant future.  In the meantime, we can refer you to lawyers or trust companies who regularly fill these roles and who can assist you and your family.

 

 

 

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