Essential Skills for Ontario Estate Trustees: Navigating Your 3-Phase Process

As an Ontario estate trustee, you will be learning new skills. You may not be aware of how little you know about estate matters and taxes. However, the time you spend learning these skills in an estate administration is something that you are entitled to be compensated for.

Even if your estate trustee compensation is not specified in the will, you are entitled to it by law. Compensation acknowledges your time and trouble in administering an estate.

Here is my infographic about estate services that you must perform in 3 different phases:

In the first phase, you are protecting estate assets. In phase two, you are probating a will to collect and sell estate assets. In the third phase, you are paying everyone.

In each phase, we recommend that you obtain legal advice. This should be paid for by the estate to protect you and the estate beneficiaries. In the last phase, you may be advertising for creditors, obtaining an income tax clearance certificate and reporting to the beneficiaries on the estate distribution.

Usually, you and hire a lawyer to prepare a formal release to be signed by all residual beneficiaries to approve your compensation. Releases confirm that your distribution and handling of the estate was satisfactory. Releases are legal documents which should be prepared by lawyers.

Releases are usually customized. This document should include a distribution proposal showing individual beneficiaries’ entitlement and approval of your claims for compensation. The release confirms that the beneficiaries do not require any additional information and have no further questions regarding your handling of the estate.

If all residual beneficiaries agree and sign releases, you can avoid the need to prepare a passing of accounts. This passing is a process where courts will review and deal with objections to your estate accounting. If necessary, a trial can be held to deal with any objections that cannot be resolved.

How to Get Started

Need help during your journey as an Ontario estate trustee? Contact me for a meeting. For decades, I have helped estate trustees to solve estate issues by going to court or through mediation.

I can offer you a meeting to discuss your needs by Zoom or in-person in my Toronto west-end office. Arrange your no-obligation meeting today to avoid making any scary mistakes.

I am a Certified Specialist in Estates and Trusts Law. I can give you expert tips to end your estate worries.