Being an executor is an important obligation not to be taken lightly. There are many duties that are necessary. Initial Work The Estate Trustee or executor’s first steps are to make funeral/burial arrangements, obtain the Funeral Director’s Proof of Death and deceased’s identification, bank and credit cards, Last Will (any codicils), valuables needing safekeeping, notify
What is an Administration Bond? An administration bond is a promise to pay under specified circumstances, undertaken by a prospective estate trustee, to protect the interests of the beneficiaries and creditors if the estate trustee misappropriates assets of the estate or otherwise perpetuates a fraud on the estate. The bond is obtained from a surety
What happens if I die without enough assets to satisfy my debts? When someone dies with insufficient assets to meet the claims of their creditors, they leave an insolvent estate. The Bankruptcy and Insolvency Act and the Trustee Act govern the administration of insolvent estates, and the legislation allows executors to pay for “proper funeral
When a person dies, the property he or she holds in their own name is called an Estate. A Will is a legal document that names the person or persons appointed as estate trustee (formerly known as an executor/executrix) and sets out how you want your assets will be distributed. The authority for administering the
Inter vivos gifts are gifts made by a person during his or her lifetime, as opposed to leaving gifts in a Will (inter vivos is Latin for “between the living”). Inter vivos gifts are sometimes disputed, with the allegation being the gift giver was “unduly influenced” by the recipient of the gift – often a