What is an Executor/Trustee?

 

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According to the Attorney General for Ontario the “Estate trustee is the term used to describe anyone who has the legal authority to administer an estate”. The word Executor is often used interchangeably with Trustee, and has been used for many years. That is the reason we use both in our description of services and responsibilities.

Executor/Trustee Services – Personal

Being chosen an Executor/Trustee is no longer considered an honour as it was years ago. Being responsible for a funeral, selling property and possessions, communicating with Canada Revenue Agency and other government organizations plus creditors, the amount of documentation required regarding the transactions and communication that takes place, along with dealing with potential beneficiaries that feel “entitled” is a full time job.

  • We can assist you in selecting your Executor/Trustee
  • Assist an Executor/Trustee in carrying out their extensive duties
  • Act as your Executor Trustee

Executor/Trustee Services – Business

Not everyone knows that there can be two types of Wills pertaining to your Estate. A Public Will is the most common which represents individuals, proprietorships and partnerships. There can also be a Private Will which can involve corporations containing extensive assets and tax implications. If a Private Will is created by a knowledgeable lawyer, those items within the Will fall outside the Estate Administration Tax (EAT), formerly known as probate fees. This can leave large sums of money within an Estate.

  • We can assist you in selecting your Executor/Trustee
  • Assist an Executor/Trustee in carrying out their extensive duties
  • Act as your Executor Trustee

Specialized knowledge in this area, along with the length of time in finalizing a Private Will requires experience. Our business and tax experience, along with dealing at arm’s length in an un-biased role, ensures an excellent partnership in carrying out your wishes. Also, we are obligated to not just maintain the value of your estate but also try to increase the value while limiting any tax liabilities.