Selecting a trustworthy, neutral executor is crucial for Ontario estates, especially in complex or blended families. This guide covers key qualities to seek, detailed responsibilities from securing assets to obtaining CRA clearance, and the standard compensation structure—typically up to 5% of estate value under Section 61(1) of the Trustee Act.
Handling the affairs of a loved one's estate can be a complex and overwhelming responsibility. As an estate trustee, you are entrusted with the important task of ensuring the smooth administration of the deceased's estate, adhering to the legal obligations and fulfilling the wishes of the deceased as expressed in their will.
To assist you in navigating this intricate process, this checklist serves as a comprehensive guide to the duties and responsibilities that fall upon an estate trustee in Ontario. By following this checklist, you can systematically manage the estate administration process, while ensuring compliance with the relevant laws and regulations governing estates in Ontario.
When a loved one passes away, their affairs need to be properly managed and settled. In Ontario, an estate trustee plays a vital role in ensuring the smooth administration of an individual's estate. Also known as an executor or personal representative, the estate trustee is entrusted with the responsibility of carrying out the deceased person's wishes as outlined in their will. This introductory guide aims to shed light on the duties and responsibilities of an estate trustee, providing a comprehensive understanding of their role in the estate administration process.
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