Depending on family dynamics, it's a structure that may make sense.
Understanding the rules
One of the first responsibilities of any executor is to make funeral arrangements for the deceased. But what if the will doesn’t mention funeral arrangements? Who decides what happens at the funeral—and at what cost? Wide discretion Mary-Jane Wilson, partner at Wilson Rasmussen LLP in Surrey, B.C., says executors have final say on all decisions […]
Valuing an estate for probate used to be relatively simple in Ontario: executors entered the total value of the estate on the probate application, signed an accompanying affidavit stating the valuation was correct, and that was usually that. Not any more. As of January 1, Ontario executors (known as estate trustees) must file an Estate […]
Many people do not realize that a trustee faces a myriad of legal and fiduciary responsibilities.
And while are happy with the news that CRA will allow the use of graduated rates for estates that have multiple wills, some state it could also cause more headaches between executors.
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Most executors perform their duties with integrity and dedication.
Compliance Roundup
Ontario now requires executors to explain how much they say an estate is worth.