Having a will in Ontario is very important if you want to control who administers your estate after you pass away. In a will, you would appoint an executor to administer your estate. In Ontario, if an individual does not have a will the courts may appoint an administrator of the deceased’s estate.
As an executor of an estate, your initial task is to take care of the funeral arrangements. If there are no prearranged funeral arrangements or pre-expressed funeral wishes by the deceased, the executor should consult with the family members to get their input for the funeral arrangements.
Estate administration is a complex process involving considerable time, transactions, and paperwork. It may also involve obtaining information and approvals from the courts and external agencies. At SBMB Law we always advise our clients to have a will in place to not only ease the burden your passing may leave on your loved ones, but also to ensure that the fewest possible legal complexities arise out of the administration of your estate.
When dealing with the administration of estates, the executor has the following obligations:
- Making funeral arrangements;
- Gathering information to determine the nature, location and value of the assets and debts;
- Applying to court for appointment as estate trustee;
- Securing assets, including maintaining and managing real estate if necessary;
- Collecting any money and death benefits owing to the estate;
- Liquidating the assets and disposing of personal effects;
- Paying down the debts;
- Initiating or defending legal proceedings on behalf of the estate;
- Filing tax returns and Estate Information Returns;
- Establishing who the lawful heirs are and locating them;
- Accounting to the heirs and distributing the money in proper shares among heirs.
Estate administration can be very complex and time consuming. There are also legal implications for the executor in terms of fiduciary responsibilities and ensuring estate debts are paid in full. The executor may have to hire professionals, including lawyers and accountants, to assist in the administration of the estate.
SBMB Law has lawyers who specialize in the administration of estates. Call us today at 905-884-9242 today and speak directly with an estates lawyer.