skip to main content

p 905 451 3040

Call now: 905 451 3040

LinkedIn Icon

Estate Accounting

One of the fundamental duties of an executor is to provide a full and proper accounting of his or her administration of the estate to the beneficiaries. Depending on the circumstances, the accounting can take different forms. Whether the executor is preparing an informal or formal set of accounts, we assist executors with their estate accounting obligations, including calculating executor compensation.

We have assisted executors with all formal requirements relating to the formal passing of accounts in court form. We are also retained by government organizations such as the Children’s Lawyer for the Province of Ontario and the Public Guardian and Trustee of Ontario to protect the interests of minor beneficiaries or incapacitated individuals who are entitled to a share of an estate.

May 13, 2015 | Presentation

Record Keeping and Accounting by Estate Trustees, Attorneys and Guardians of Property

Estate Trustees are fiduciaries and must act in the best interests of the beneficiaries of the estate. Estate Trustees have a common law duty to maintain accounts of what they have done with the trust property. 

The Trustee is obliged to provide a complete set of accounts, a true and perfect accounting at all times. 

While the formal rule is that Estate Trustees have a duty to constantly be ready to account, in practice, it is not always practical to produce accounts on the spot. Timing of the delivery will depend on the circumstances and should be governed by common sense. Although Estate Trustees are usually given one year to administer an estate of average complexity, an Estate Trustee would be wise to be ready to account before the “executor year” expires. 

Strictly speaking, an Estate Trustee does not have to account without being asked to do so or being ordered to do so by the court. In the vast majority of cases, the Estate Trustee will voluntarily account to the beneficiaries as part of the process to complete the administration of the estate. An estate is said not to be complete until the beneficiaries or the courts have approved the administration of the estate. Beneficiaries will not approve the administration without first reviewing the accounting. An Estate Trustee should not distribute the estate without getting some assurance that the beneficiaries are satisfied with the administration and will not be making claims against the Estate Trustee in the future.

 

Key Contacts

Our Services

Practice Team

All Practice Areas

© 2015 Lawrence, Lawrence, Stevenson LLP

LinkedIn Icon

43 Queen Street West, Brampton, ON, Canada L6Y 1L9
Telephone: 905.451.3040 Fax: 905.451.5058 Email: lls@lawrences.com

Menu

 

Menu
Menu