Costly Mistakes Ontario Executors Must Avoid
Executors must not …
- Forget to keep estate assets productive (invest funds, collect rent).
- Try to hand over your responsibility for the estate to someone else.
- Quit while administering the estate without court approval.
- Distribute estate property, pay debts, or sign any documents before talking to a lawyer.
- Buy and sell assets or estate property without an estate certificate, even if the price is fair.
- Borrow estate funds or loan money to the estate, regardless of the security or interest rate.
- Mix your money with estate money. You must keep separate records and accounts for estate funds.
- Fail to exercise reasonable care and skill to protect estate property.
- Forget to take control or possession of estate property to protect it.
- Knowingly permit a co-executor to breach their duties.
Your Executor Duties Make You Responsible for Your Mistakes
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You will learn how to:
· reduce the stress of being an executor
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· deal with professional advisors
Want more executor information?
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Estate law is all I do.
Ed Olkovich
Posted In: Estates, Executors On: June 28th, 2024