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Our mission is providing unbiased, objective advice from our team of Fee-Only Financial Planners, Tax Accountants, Divorce Financial Specialists, and Estate Advisors.
Estate Planning | Wills | Powers of Attorney
We can provide financial and tax planning advice to maximize your estate value. The process should go beyond simply writing a will. There are strategies and techniques that can be employed during your lifetime including gifting, trusts, beneficiary designations, joint ownership, and others.
We can also assist with updating your estate plan, specifically, developing new wills and powers of attorney. Our paralegal estate professional can develop a will outline with you to draft wills and powers of attorney with a lawyer.
How to Begin?
The first step in settling an estate is to obtain a copy of the deceased person’s will, make a list of the assets, and apply for a grant of probate from the court. This will provide authority to deal with the deceased person’s estate. If the deceased person did not have a will, their estate is distributed according to the applicable provincial laws of intestacy, with a pre-determined distribution schedule to their surviving next of kin.
Agent for Executor Services, Grant of Probate, Estate Settlement and Information Return
When someone dies, their assets and liabilities make up what is known as their estate. Estate administration involves the collection of their assets, the payment of their debts, and the distribution of their assets after they die. The process is overseen by an executor, often a family member (who may be assisted by an agent), who is responsible for settling the estate of the deceased.
Estate administration involves several financial, tax, legal, and government requirements. We can assist by acting as an agent for the executor to provide a full spectrum of duties related to the estate settlement process, or by simply guiding the executor as needed on a limited scope retainer or hourly as-needed basis. Essentially, we can assist an executor with some or all their duties.
Some of these duties include:
- Interpreting the will
- Summarizing the estate assets and liabilities
- Obtaining values for real estate, businesses, or other assets
- Notifying or cancelling applicable government services (pension or survivor benefits, driver’s license, health card, etc.)
- Advertising for creditors
- Notifying financial institutions
- Completing insurance claims
- Compiling and maintaining records
- Regular communication with beneficiaries
- Applying for probate
- Filing the Estate Information Return with the Ministry of Finance
- Obtaining a Certificate of Appointment of Estate Trustee
- Transferring assets into the name of the estate
- Arranging for the sale of assets
- Closing accounts
- Paying debts, taxes, and other expenses
- Filing required and optional tax returns and forms
- Applying for tax clearance certificates
- Distributing assets to the beneficiaries
- Preparing a statement of estate account
- Obtaining releases
- Other needs as required
The probate and estate administration process can be complex and time-consuming. We can assist with some or all related requirements to ensure the process is carried out correctly.
Estate administration by a trust company or lawyer generally costs 5% of the estate value. Our standard estate administration fees are significantly less. We will provide a written quote for flat-fee or hourly options based on a thorough understanding of the estate.
What Type of Costs are Involved?
Estate administration by a trust company or lawyer generally costs 5% of the estate value. Our standard estate administration fees are significantly less. We will provide a written quote for flat-fee or hourly options based on a thorough understanding of the estate.
Who would be helping me?
Maria Tanel is a caring and experienced estate professional, P1 paralegal licensed by the Law Society of Ontario, notary public, and commissioner of oaths. She has over 25 years of experience working with executors to manage their estate administration matters. She has been an active volunteer, acting as a group facilitator for over 10 years with Catholic Community Services of York Region.
T. 416.691.8471
Toll Free. 1.855.691.8471