The person named in a Will to administer an estate is called the executor. Choosing an executor to administer your estate is an important decision. You can name anyone as executor in your Will, like a family member or a friend, but choosing the wrong person can be costly to your estate and cause, or intensify, family conflicts.
Having an experienced professional like Solus Trust handling your estate can provide peace of mind that your final wishes will be carried out. Our team of experienced Trust Officers handle sensitive family issues with compassion and objectivity. As an independent trust company, we ensure your estate is settled with no conflicts of interest and maximum benefit to your beneficiaries.
EXECUTOR SERVICES PROVIDED
- Completing and overseeing the funeral arrangements as instructed in the Will or, where no such instructions exist, in consultation with surviving family members and/or friends;
- Applying to and obtaining from the Probate Court a Grant of Administration, the legal document which provides the executor with the power to administer the estate;
- Gathering and accounting for all of the assets of the estate and re-registering them into the name of the estate;
- Ensuring that the estate assets continue to be properly managed while the estate is being administered by hiring, if need be, experts such as investment managers or real estate property managers;
- Arranging, where necessary, for insurance on the estate assets;
- Publishing advertisements for creditors of the estate;
- Evaluating and paying proven debts of the estate;
- Filing the various income tax returns relating to the estate and applying for income tax clearance certificates;
- Distributing specifically-identified items to named beneficiaries;
- Liquidating other estate assets in a prudent manner in order to satisfy any cash legacies described in the will;
- Making interim distributions, where appropriate, to remaining beneficiaries;
- Dealing with any legal claims against the estate such as under the Wills Variation provisions under the Wills, Estates & Succession Act; and
- Upon receipt of the income tax clearance certificates, making the final distribution of the remaining estate assets to the named beneficiaries.
In some cases, a trust is created under the terms of a Will. This type of trust is called a testamentary trust and Solus Trust will act as trustee of these trusts. Please see the description of Trustee Services for more details.
Selecting a trustee to administer the trust is an important decision, as it carries significant liability, responsibility and can be a very demanding role.