Managing a loved one’s estate can be an enormous burden, on top of the emotionally taxing experience of losing them. Hiring a qualified estate trustee can help simplify this difficult procedure and guarantee that the estate is settled effectively and in accordance with the wishes of the departed. At Duensing Law, our estate administration lawyer in Toronto can help you manage and distribute your assets according to your wishes.
Understanding the Role of an Estate Trustee
The job of managing an estate falls to an executor, sometimes referred to as an estate trustee. This entails handling and allocating the deceased’s property per their will’s provisions or, if one does not exist, by the Succession Law Reform Act’s intestacy regulations.
Locating and securing any estate assets and evaluating any obligations are the first tasks for the estate trustee. While specific bequests—items listed in the Will for specific individuals—are dispersed as directed, assets may need to be sold to fulfill financial responsibilities, including taxes. These disbursements, however, are contingent upon the estate’s ability to pay off its debts first. After that, any residual assets—also known as the residue—can be allocated. The estate trustee may request beneficiary releases or a judicial confirmation of their performance, referred to as a “passing of accounts,” prior to final disbursements.
Estate trustees must be impartial. They must uphold fiduciary duties that require loyalty and equality, putting the interests of all beneficiaries first. Estate trustees may make a personal profit only through authorized trustee salary or as specifically permitted by a will or court order. If these obligations are not met, there may be legal repercussions for carelessness or fiduciary duty violations.
The Challenges of Acting as an Estate Trustee
Family tensions, which may arise or worsen following the death of a loved one, can make estate administration especially challenging. Conflicts of interest, disputes about who should be the trustee, and disputes among beneficiaries can all make the process more difficult. Because it can be extremely unpleasant to navigate such tension while executing fiduciary duties, even an appointed estate trustee may choose not to intervene if family dynamics are disturbed.
Furthermore, the amount of effort required for estate administration is sometimes underestimated. Cataloguing and appraising assets, organizing sales or distributions, settling tax debts, and interpreting will clauses might take time and effort. The obligation to inform beneficiaries and comply with legal and financial requirements adds to these obligations. Because of these factors, many people assign the responsibility to a qualified estate trustee who can handle these demands and reduce the possibility of mistakes or legal issues.
Estate Trustees During Litigation
An Estate Trustee During Litigation (ETDL) may be appointed when estate disputes turn into court cases. Until legal issues are settled, the ETDL’s job is to remain impartial and manage estate assets without allocating funds. This guarantees the preservation of the estate while the court decides on the best course of action.
Passing Over or Removing an Estate Trustee
A selected estate trustee may be “passed over” in the appointment process if judged unfit—for example, because of a conflict of interest or an incapacity to maintain objectivity. As a result, they are unable to take on the task. As an alternative, beneficiaries or other interested parties may petition the court to have an estate trustee removed if one has already been appointed. To make sure the estate is handled properly in certain situations, the court can choose a substitute trustee.
Why Choose Duensing Law as Your Professional Estate Trustee?
Your loved one’s estate will be managed with professionalism and care thanks to Duensing Law’s unmatched estate administration experience. Here’s why clients trust us:
- Experience and Expertise: Our team has extensive experience managing estates of varying complexity, allowing us to navigate even the most challenging situations.
- Objectivity and Impartiality: We act in the best interests of the estate and its beneficiaries, maintaining neutrality throughout the process.
- Peace of Mind: By entrusting us with estate administration, you can focus on grieving and healing while knowing the estate is in capable hands.
- Comprehensive Resources: Our access to a broad network of legal, financial, and administrative resources ensures efficient and effective estate management.
Professional Estate Trustee Services by Duensing Law
Entrusting estate administration to a professional trustee can alleviate the burdens associated with this responsibility. At Duensing Law, we ensure that your loved one’s estate is settled efficiently, in full compliance with legal requirements, and in accordance with their wishes.
We offer flexible fee arrangements, including hourly options, to suit your needs. To learn more about how our team can assist you during this challenging time, contact our estate administration lawyer in Toronto at 416-601-4769. Let us help you achieve peace of mind through expert estate management services.
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