I have been named estate trustee in Ontario — what am I actually required to do?
An estate trustee owes fiduciary duties to the beneficiaries: secure the assets, obtain a certificate of appointment where required, pay debts and taxes before distributing, and keep accounts capable of passing before the court.
The estate trustee must locate and secure the assets, value them as at the date of death, and determine whether a Certificate of Appointment of Estate Trustee is required — most financial institutions and any land transfer will require it. Estate Administration Tax is calculated on the value of the estate and an Estate Information Return must be filed with the Ministry of Finance within 180 days.
Debts, taxes and the final and estate returns come before distribution. A trustee who distributes early can be held personally liable, which is why a clearance certificate from the Canada Revenue Agency is commonly obtained first.
Trustees must keep proper accounts. A beneficiary can compel a passing of accounts, and compensation can be reduced where records are inadequate or where the trustee has favoured one beneficiary over another.
Source: Estates Act, R.S.O. 1990, c. E.21 · Trustee Act, R.S.O. 1990, c. T.23
This work is handled by Leena Kumar (Wills & estates). Read more about wills & estates at VK Law Group, or send us the facts and we will tell you where you stand.
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