Choosing your Estate Trustee is one of the most important decisions when you are creating your Will. Estate Trustees have complete control of your affairs after you have passed away, and investing in a qualified estate administration lawyer in Toronto will reduce the stress of the process.
Given the complexities of an Estate Trustee’s responsibilities and how time-consuming it can be to appoint the right person for the job, an estate lawyer can help you carry out your wishes while protecting your properties, assets and all other goods.
Your Estate Trustee should get professional legal advice in order to understand their duties, obligations and timelines. At Duensing Law, we are committed to providing all of our clients with confidential legal information that will benefit them in their current and future states, which is why we highly recommend that you invest in appointing an alternate estate trustee in case the primary individual cannot fulfill their designated duties and roles.
What if I do not appoint anyone as my Estate Trustee?
The Public Guardian and Trustee (PGT) has the full authority to act as an Estate Trustee. Generally, the common perception is that the PGT may not act in the best interest of the Beneficiaries or the Estate when it comes to sensitive matters of taxation, time management or the long-term financial security of an individual with a disability.
Appointing your own Estate Trustee will be a positive action towards ensuring that you and your family attain peace of mind even after your death. When no other options are feasible, the PGT is familiar with the estate administration process while being educated about the rights, needs and interests of the parties involved.
It is highly recommended to enlist the assistance of an estate lawyer that understands the complexities of appointing an Estate Trustee that aligns with your core and values while giving you the advantage of financial assistance even after you have passed.
What if something happens to the person I have chosen as my Estate Trustee?
It is highly recommended to appoint an alternate Estate Trustee to act in place of your original Estate Executor in the event they cannot be in control in case of death, mental incapacity, resignation or removal by the Ontario judicial court. If you have not chosen an alternate executor of your estate, the law may take over and appoint who they believe is best suited for the job.
Another prudent reason to choose an alternate Estate Executor is that, unless your Estate Trustee is close in age to the beneficiary, there is a high chance that the beneficiary will outlive the Estate Trustee.
Appointing an alternate trustee is a wise way to ensure there is always someone available to protect your property once you cannot take care of it for yourself, regardless of how long after your death they may be called upon to do so.
Can an Estate Trustee sell the property to themselves?
In short, no. The Estate Trustee cannot sell the property to themselves or any other individual without the permission of the beneficiaries because the estate does not belong to the executor. The executor’s right is to simply manage the property, and if they choose to sell this property, it would be considered embezzlement.
For instance, perhaps you are an Estate Trustee of a number of properties, and each of those properties is estimated to be $2 million dollars. If you had the right to sell the properties, you can easily sell them to yourself for any amount, giving you immense profit on an estate that is not yours.
Selling a property as an Executor of an estate is a highly complex process that needs to be attended to more than a regular sale of a home. An executor has no power in the selling of an estate unless all the beneficiaries of the property consent to the agreement.
You deserve to leave your estate in the right hands – contact Duensing Law today!
As a professional estate and probate lawyer, Matthias Duensing is devoted to helping clients appoint the right estate trustee. We can provide you with a personalized approach at an affordable cost to grant you peace of mind regarding your assets and properties.
Contact us for a complimentary consultation as we can help you create a Will that mirrors your wishes. To schedule an appointment or contact us for a consultation, email us at firstname.lastname@example.org or call us directly at (416) 601-4769.