Being an executor to a Will, or trustee to a trust is a significant responsibility that takes time and expertise to fulfill. In addition to the substantial paperwork, there may be personal liability arising from the duties which the executor owes the stakeholders such as the beneficiaries of the estate or trust and Canada Revenue Agency. When an individual is appointed executor of an estate or trustee of a trust, they sometimes find that they do not have the time or the expertise to fulfill the obligations of those roles. It is possible for them to continue in the legal capacity of executor or trustee, but delegate the administrative responsibilities to an agent.
Agent Services (Assistance)
AGENT SERVICES (ASSISTANCE)
Solus Trust can act as agent where we provide administrative assistance to an executor of an estate or a trustee of a trust. Solus Trust will also act as agent for an administrator of an estate of someone who passed away without a Will.
Our team of experienced trust and estate professionals have expert knowledge in managing estates and trusts. A dedicated professional will complete the estate or trust administration on your behalf, keeping you informed every step of the way.
DIFFERENT KINDS OF AGENT (ASSISTANCE) SERVICE PROVIDED
AGENT FOR EXECUTOR/ADMINISTRATOR SERVICES PROVIDED
- Assisting with the funeral arrangements;
- Working with the client and their lawyer to apply for the Grant of Administration from the Probate Court;
- Assisting with the gathering of the estate assets and then ensuring that they are properly insured, if need be, that legal title is re-registered in the name of the client and that the assets are professionally managed during the administration of the estate;
- Arranging for the advertisement for creditors and then payment of any proven debts;
- Filing all tax returns and applying for tax clearance certificates for the estate;
- In the case of acting as agent for executor, arranging for distribution of any bequests of specific property and payment of any cash legacies;
- Determining whether an interim distribution is appropriate and, if so, arranging for the proper liquidation of assets to make the distribution;
- Dealing with any legal claims against the estate such as under the Wills Variation provisions of the Wills, Estates and Succession Act;
- In the case of acting as agent for administrator, determining the entitlement of heirs to the estate and then locating those heirs; and
- Arranging for final distribution of assets from the estate upon receipt of tax clearance certificates.
AGENT FOR TRUSTEE SERVICES PROVIDED
- Assisting with the establishment of the trust pursuant to the terms of the trust document;
- Arranging for the transfer of assets to the trust by re-registering legal title to those assets;
- Ensuring that those assets are properly protected with insurance, if need be;
- Making arrangements for the professional management of the trust assets by hiring appropriate experts such as investment managers or real estate property managers;
- Monitoring the performance of those professional managers on a regular and periodic basis;
- Collecting the income earned on the trust assets, paying the proven debts and expenses of the trust and then paying income to the named beneficiaries;
- Filing all applicable income tax returns;
- Arranging for the approval of accounts by the beneficiaries or, if necessary, the passing of the accounts before the Court; and
- Assisting with the final distribution of the trust assets to the named beneficiaries when the trust is terminated and upon receipt of the tax clearance certificates.
Having an experienced professional 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 maximum benefit to your beneficiaries.