- Estate Administration
-
When a person dies, he or she will usually leave behind an
estate. This estate must be administered. Assets must be
gathered, funeral expenses and debts must be paid, and the
balance of the estate (known as the residue) paid out to the
appropriate recipients. This process can be difficult and
time consuming for the Executor of your Will.
A lawyer can help reduce the burden during this difficult time.
In some cases, estates are small and most of the assets are
quite simple to handle. Situations where a Will exists and
most assets are jointly held with a spouse, can often be handled
without court involvement. Estates with a value exceeding $
25,000. however, will generally require that the Executor apply
to the courts for a "Certificate of Appointment of Estate
Trustee with a Will" (formerly known as letters Probate). In
these cases, a lawyer should be consulted to determine the legal
value of the estate and whether the probate process will be
necessary.
What if someone dies without a Will?
Where a person has died intestate (without a Will), an Estate
Trustee is appointed by the court. Persons who are qualified are
set out in the Succession Law Reform Act, as well as the order of
beneficiaries. Extensive legal documentation must be
prepared and served on interested parties.
Appointment of an Estate Trustee is also necessary where a
person has died with a Will but when the Executor has already
died.
Estate Trustees are entitled to compensation for their
services. The compensation calculation is complex, and you
should seek legal or accounting assistance.
Legal Fees:
Estate Administration fees are charged on an hourly basis
since there is no way to determine how quickly the estate will be
resolved. These legal fees are subject to HST. There
may also be certain disbursements (additional costs) that are
required to cover document registration fees charged by the
Court, and Process server's fees for intestate matters.
Please feel free to contact my office for more details and to
answer any questions you may have.
Send E-mail to David Fysh at david@davidfysh.com