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