Sentences with phrase «estate trustee»
An estate trustee is a person who is responsible for managing and distributing the property and assets left behind by someone who has died. They make sure that the deceased person's debts are paid, and they distribute the remaining property to the rightful beneficiaries according to the deceased person's wishes or the law. Full definition
There are now some lawyers who are doing it on a less expensive basis and there are certain accountants who will act as estate trustees as well.
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As a result, individuals should be warned — do not jump into the role of estate trustee without first investigating the circumstances of the estate.
If you are named estate trustee in a Will you may not have fully understood just what this role entails.
These same small law firm lawyers are preparing wills, incorporating small businesses, advising estate trustees, helping troubled spouses and even doing some criminal defence work.
The courts are not willing to permit estate trustees to finance their personal legal expenses out of the estate, while the beneficiaries are obliged to fund their own expenses until judgment.
Estate trustees face extraordinary challenges in the weeks immediately following the death of a loved one.
With the right group of people, the right trust company can be a very effective neutral third party estate trustee.
Two recent court cases look at the perils of choosing multiple estate trustees and attorneys for property.
This statutory system brings order and certainty to the process — unless no one wishes to step into the role of estate trustee.
It's not always necessary to have someone officially appointed as estate trustee and there are many estates where it is not done.
Estate debts include not only the debts of the deceased (for example, unpaid credit card or utility bills), but the costs of administering the estate (accounting fees and compensation for estate trustees).
John Osgoode Smith practises estates and trusts law: wills, trusts and powers of attorney; estate administration, advising trustees and acting as estate trustee during litigation.
The new will, tucked into a bible, was not found until after a Certificate of Appointment of Estate Trustee with a Will was issued under the 1999 will.
Justin routinely acts as a court appointed estate trustee during litigation and is counsel to the Oakville Community Foundation.
You may also wish to consider asking your intended estate trustee whether they would be willing to act before naming that person in your will.
If there are no objections, a Certificate of Estate Trustee without a Will is issued.
Does your chosen estate trustee have the ability to deal with lawyers, financial institutions, insurance companies, and government agencies such as the CRA?
Hartford adds that often estate trustees forgo advertising to creditors because of the hefty cost that can be in the thousands of dollars, which leaves them liable.
A will gives you control over the distribution of your assets, the ability to select Estate Trustee (s), and the opportunity to address guardianship and inheritance matters with...
An Ontario judge has cast doubt on the common practice of determining estate trustee compensation and legal fees on the basis of fixed percentages.
To further the public interest in the just, speedy and economical resolution of cases filed under the Bankruptcy Code, the Program monitors the conduct of bankruptcy parties and private estate trustees, oversees related administrative functions, and acts to ensure compliance with applicable laws and procedures.
Carlton was the administrator (i.e. estate trustee) of Gail's estate.
Notwithstanding this, it is still important to review your will and make changes to indicate your wishes and update estate trustee appointments.
Real Estate Victory by Joe Garin and Steve Keim Real Estate Trustee Company was sued for fraud based on their alleged improper and unauthorized non-judicial foreclosure on real property.
We assist estate trustees (executors) with estate and trust administration, including the preparation and passing of accounts.
Section 6 (1) of the Declarations of Death Act offers some protection for estate trustees and other beneficiaries in the event that the missing person is in fact found alive.
If a person named as estate trustee in a will hasn't begun to act, he or she should be able to renounce the role.
Based on the new rules, executors who apply for the «Certificate of Appointment of Estate Trustee With (or Without) a Will» must file an «Estate Information Return» within 90 calendar days after the Ontario government initially issues the certificate.
These include: whether the practice should be wound up or preserved for sale, compensation for the replacement lawyer, making arrangements for the replacement lawyer's access to trust and general accounts, creation of a power of attorney to support the transition, and the appointment of the replacement lawyer as estate trustee for the planning lawyer's practice.
Given the conflict between them, the court held that it was not appropriate that any of them be appointed estate trustee as it would only lead to an «escalation of conflict among them.»
The parties agreed and, without giving notice to the Office of the Public Guardian and Trustee («OPGT»), they obtained a court order appointing the Public Guardian and Trustee as estate trustee during litigation on a temporary basis (namely, to complete the sale of the deceased's house, liquidate his other assets, and to resolve the pressing issue of whether the deceased was to be cremated or buried).
They can be done in a rush situation with little thought given to things like: tax and wealth planning or what happens if a named Estate Trustee or Custodian / Guardian of your minor child is unwilling or unable to act.
The OPGT directed the Court's attention to sub-section 7 (1.1) of the Public Guardian and Trustee Act which directs that the Public Guardian and Trustee shall not be appointed as estate trustee without his or her consent in writing.
WEL advises Estate Trustees, Trustees, Attorneys, Guardians and other Fiduciaries on their duties and obligations arising both at common law and legislatively.
What used to be known as a «probate certificate» is now known as a «certificate of appointment of estate trustee with a will» (or «without a will,» as the case may be).
Our estates lawyers act regularly on behalf of estate trustees facing a contested passing of accounts, providing clear and timely advice to address any issues as soon as they arise, and prevent problems from escalating.
You should also appoint executors or estate trustees to ensure they can settle the estate and handle the personalities of beneficiaries.
Probate fees in Canada can be as high as 1.5 % of an estate (Ontario) and must be paid on certain assets in order to validate the will and permit the estate trustee to distribute assets to the beneficiaries.
The court ended up ordering his estate trustee to follow the original agreement even though it had not been written down.»
If there is sufficient funds in an estate the trustee is responsible for paying a dividend to the proven creditors.
«Appoint a sibling from both the husband's family and from the wife's family to be estate trustees — the people who look after the money.
Thie Waiver of Probate Bond serves as insurance cover to an institution in the event that any claims arise as a result of it having paid out assets without requiring that a formal appointment of an executor / estate trustee be obtained.
It is a certificate, issued to an executor / estate trustee by the court, confirming the executor / estate trustee's authority, as set out in the will, to administer a particular estate.
If an executor / estate trustee does not wish to apply for Letters Probate or a Certificate of Appointment of Estate Trustee, and the value of a specific amount is above the threshold of a given financial institution, the executor / estate trustee can apply for a Waiver of Probate Bond from an insurance company.
In a statement, Mr. Schwartzman said he believed that Ms. MacLear's experience with estates and foundations would fill «a void — the role between estate lawyers and gallerists that exists specifically to help living artists to plan, estate trustees to transition, and existing artist foundations to manage programs.»
An Estate Trustee During Litigation (ETDL) is often appointed by the Court pursuant to the Ontario Estates Act to administer an estate while litigation is ongoing.
Accepting the role of estate trustee can be risky and the tasks involved can sometimes be complex.