Executors’ Checklist for Efficient Estate Administration in Ontario

31 August 2020
Estate Administration
1 min read

Administering an estate can be a daunting task, especially during a time of grief. As an executor, your role is crucial in ensuring that the deceased’s wishes are carried out smoothly. Here’s a checklist to guide you through the estate administration process in Ontario:

1. Review the Will

  • Begin by thoroughly reviewing the deceased’s will. Understand their intentions regarding asset distribution, guardianship of minor children, and any specific bequests.
  • Identify the appointed executor(s) and beneficiaries.

2. Secure and Assess Estate Assets

  • Locate and secure all assets, including bank accounts, real estate, investments, and personal property.
  • Obtain valuations for assets, especially real estate and valuable items.

3. Apply for Probate (Certificate of Appointment of Estate Trustee)

  • If required, apply for probate through the Ontario Superior Court of Justice. Probate confirms the validity of the will and grants legal authority to the executor.
  • Consult legal counsel to navigate the probate process.

4. Notify Relevant Parties

  • Inform financial institutions, government agencies, and relevant organizations (e.g., insurance companies, pension providers) of the death.
  • Cancel subscriptions, memberships, and services associated with the deceased.

5. Pay Debts and Taxes

  • Identify outstanding debts, including mortgages, credit cards, and utility bills.
  • Settle any outstanding taxes, including income tax and estate administration tax (probate fees).

6. Distribute Assets

  • Follow the instructions in the will to distribute assets to beneficiaries.
  • Keep detailed records of all transactions and communications.

7. Finalize Estate Affairs

  • Close bank accounts, transfer titles, and update ownership records.
  • Obtain releases from beneficiaries once distributions are complete.

8. Accounting and Reporting

  • Prepare a detailed accounting of estate transactions, including income, expenses, and distributions.
  • Provide beneficiaries with a final statement.

9. Seek Legal and Financial Advice

  • Consult professionals, such as estate lawyers and accountants, to ensure compliance with legal requirements.
  • Seek guidance on complex matters, such as trusts or contested wills.

Remember, patience and empathy are essential during this process. As an executor, you play a vital role in honoring the deceased’s legacy and providing closure for their loved ones.

Disclaimer: This checklist provides general guidance and should not replace personalized legal advice. Executors should consult legal professionals for specific situations.

Richard Sanders, CPA, CA, CBV is a seasoned professional and Partner at a leading global Accounting firm, bringing over 35 years of invaluable experience to the advisory board. With a background in Accounting & Finance, he has demonstrated a keen sense of the challenges to business management and growth throughout his career.

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Bob is a distinguished leader in Software M&A, bringing over 40 years of invaluable experience to the advisory board. With a background in the Canadian & US Information Technology sectors, he has demonstrated a keen understanding of the challenges driving business innovation and fostering growth throughout his career.

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