What is an Estate Trustee?
Sometimes referred to as the Executor of an estate, the Estate Trustee is the person or persons and/or trust company fully responsible for administering and distributing the property of the deceased as well as being legally accountable to the beneficiaries or creditors of the Estate.
Requirements and Role of an Estate Trustee
Perhaps a year of your time will be required, often longer, in order to settle an Estate. An Estate Trustee's duties include over fifty different tasks such as liaising with lawyers, appraisers for jewellery, antiques and artwork, real estate agents, accountants, insurance and pension providers, creditors and the Canada Revenue Agency.
You must open an Estate bank account and manage the assets as well as locate and monitor all property, including valuables and safety deposit box contents, ensure that tax matters are resolved (file tax return and request Tax Clearance Certificate), and review all financial records.
Administering the Estate means meeting with family members and beneficiaries, managing the assets including all real estate, carrying out the banking and bookkeeping and distributing the proceeds from the Estate to the beneficiaries. Within this context a number of other considerations may present themselves such as: providing for support or education of a beneficiary; preserving an underage beneficiary’s share of the inheritance and providing ongoing support for a spouse or beneficiary with a special need.
Other duties may include: notifying a previous employer to determine survivor benefits or insurance proceeds; notifying Health and Welfare to cancel Old Age Security and Canada Pension Plan payments; applying for Canada Pension Plan Death Benefits, Survivor’s Benefits or Orphan’s Benefits if applicable; cancelling health insurance coverage; cancelling credit cards; if necessary requesting from Canada Post the re-routing of mail; completing or cancelling securities trade orders, cancelling driver’s license, magazine and newspaper subscriptions, telephone, cable, internet and memberships.
What is a Certificate of Appointment of Estate Trustee?
Formerly called Probate, a Certificate of Appointment of Estate Trustee with a will is a document issued by the Court that proves the authority of the Estate Trustee (formerly called an Executor) to administer the provisions of the deceased's will.
In cases where a person dies without a will (i.e. Intestate) a Certificate of Appointment of Estate Trustee without a will is a document granted by the Court that gives authority to the applicant for Estate Trustee (formerly called an Administrator) to manage and distribute the estate of the deceased.
Applications for a Certificate of Appointment of Estate Trustee are processed by the Ministry of the Attorney General in the Civil Office of the Superior Court of Justice. The Ministry has a province-wide standard of 15 business days for processing Certificates of Appointment of Estate Trustee with or without a will, once the application and accompanying materials are complete and judicial direction, if required, has been obtained. The nearest Court office is in Milton.
Is it necessary to obtain a Certificate of Appointment of Estate Trustee in all cases?
A lawyer is in the best position to provide legal advice about whether or not it is necessary to obtain a Certificate of Appointment of Estate Trustee in your situation.
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Real Estate and the Estate Trustee
Dealing with the real estate holdings of the deceased is only one of many duties the Estate Trustee will face. Consultation with a lawyer, preferably the one who drew up the Will (if a Will exists) will provide you with any special terms or instructions. It is recommended that the Estate lawyer search the title to all real estate in which the deceased had an interest. It is inappropriate to distribute assets without receiving a written opinion from the lawyer. It is your responsibility to take all necessary steps to secure property.
When reviewing and inspecting the real estate component of the deceased’s Estate your lawyer will request that you obtain a formal written appraisal, sometimes two or three for each property. We understand this critical step and are not only highly experienced in undertaking this process but compassionate towards your particular needs and obligations at this time. A written Opinion of Value of a private residence, for example, involves a comprehensive review of the property including preparation of a set of comparable listings in the neighbourhood and an analysis of recent, prior sales and current market conditions. Obtaining an appraisal for a private residence usually takes no more than a few days and will take you one step further in determining the value of the estate.
Please note that a real estate transaction cannot be finalized until the Certificate of Appointment of Trustee is granted by the Court. In practice, an Agreement of Purchase and Sale for real estate property can often be executed on condition that the seller obtains a Certificate of Appointment prior to finalization. If it is decided or directed to sell the Estate property (perhaps for the purposes of disbursing funds among a number of beneficiaries) we can assist you in listing the property for market sale when the time is right. Negotiating an Estate sale requires sensitivity on the part of your real estate agent and drawing upon our 50 years of experience in such matters we guarantee this.
It is not uncommon for there to be more than one Estate Trustee as well as a number of beneficiaries all of who will have concerns (price, closing dates, chattels etc.) that will need to be addressed. As your Realtor we can help smooth the way to affect a flawless, timely and profitable sale wherein all parties’ concerns are satisfied.
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Experience that Matters!
Your Oakville Royal LePage Estate Realtor. Phone us.
Kevin THOMSON & Dorothy THOMSON
Direct: 905 330-9019 Direct: 905 339-7819
The above is a general outline only and not meant to be taken as legal advice. For your specific situation, an Estate lawyer is your best source of information.
