The role of estate administrator/trustee can be very time-consuming and challenging. The process of disposing of an estate typically takes at least one full calendar year, and includes the settling of any debts of the estate, disposing of or transferring property belonging to the estate, and the distribution of assets under the Will. The estate trustee is also responsible for filing income taxes and obtaining a tax clearance certificate from Revenue Canada.
When the assets of the estate are complex or the Will is contested, the process can become overwhelming. Further, liability can become a factor for anyone appointed to this position, as even the most well-intentioned person can make costly mistakes. Accordingly, sometimes clients choose not to burden their loved ones with this responsibility and prefer to turn to a trusted legal advisor with significant experience in estate administration instead.
Clients often turn to Mills & Mills LLP for this reason, and our lawyers are capable and ready to serve in this capacity. In this role, we can administer our clients’ estates on a long-term basis, performing all of the required duties and navigating any complications that arise. Frequently, those who are appointed to this role are loved ones of the deceased who are not familiar with the responsibilities involved. As a result, they often require extensive consultation with our team of professionals throughout the process, particularly when faced with highly complex estates. Due to our extensive experience in this area, we are familiar with the steps required and are able to carry them out efficiently.
Often people who come to our firm in the role of estate trustee will turn to us for assistance in carrying out the responsibilities of the role, particularly in estates involving disagreements amongst beneficiaries, or complex business holdings. Whether this is due to a lack of time or experience, our lawyers have the expertise necessary to relieve the appointed trustees of the day-to-day responsibilities of administering an estate, and provide them with the comfort of knowing that the estate will be administered by experienced professionals.
If you have estate planning needs that require the appointment of a trusted administrator, or if you seek assistance in your role as an estate trustee, please contact us at 416-863-0125 or email us.