Avoid Costly Executor Mistakes: Essential Tips for Ontario Estate Trustees

As an executor/estate trustee in Ontario, you face many challenges. Here are some tips to help you.

As a fiduciary, you have obligations to creditors and beneficiaries alike. You must act as a neutral even if you are beneficiary yourself. That means you cannot give yourself priority over creditors or other beneficiaries.

You may not know who the beneficiaries are in the estate. You may need legal advice to identify them. As well, you may have to advertise for creditors to ensure you have no personal liability for nonpayment. How do you find creditors of an estate? You will need to advertise.

Ontario Estate Lawyers

Having an estate lawyer can help you identify your obligations as a fiduciary. Estate lawyers are not always the same lawyers who prepared the will. There are different statutory rules involved in administering an estate. You should consult with an experienced estate lawyer to protect yourself from making mistakes.

Online sources with checklists may help smooth the estate chores that you have. These resources, however, do not review the will. Many mistakes are made by not complying with the terms of the will. Only an estate lawyer can provide legal advice on your duties and obligations under the will. Protect yourself by obtaining advice from an estate lawyer.

Are You Also a Trustee Under the Will?

Do you know what your investment obligations are?

Do you have questions or need more help?

Contact me for a meeting to discuss your needs. I look forward to helping you.

As a Certified Specialist, estate law is all I do.

Posted In: Estates, Executors On: February 25th, 2025

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I have used Edward Olkovich for my own Will and I was the executor of my Brother-in-law’s will. My brother-in-law had a terminal illness and Edward had us devise his Will to minimize taxes and problems. Ed is located locally @ Jane and Bloor. He was very knowledgeable, friendly and thorough and has written many books on the subject. - Belinda M, Toronto

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