Estate Administration Process

I. PRELIMINARY

  1. Locate and review the will
  2. Arrange meetings with family as necessary.
  3. Communicate with all beneficiaries in Will

II. PROTECT ESTATE ASSETS

  1. Protect business interests
  2. Insure all property
  3. Review portfolio for volatility of securities

III. ASSEMBLE INVENTORY AND VALUE ASSETS

  1. Securities
    1. Cash
    2. Real Estate
    3. Property out of province/country
    1. Personal effects
    2. Business interests
    3. Debts due

IV. INSTRUCT SOLICITOR

  1. Decide whether or not apply for Certificate of Appointment of Estate Trustee (fee payable based on value of estate at death).

V. ADMINISTER ESTATE

    1. Advertise for creditors
    2. Advise as necessary
  2. Collect assets
    1. Settle asset values with tax department
    2. Prepare necessary tax return and remit tax
    1. Funeral expenses
    2. Discharge mortgages and other debt
    3. Settle liabilities
  5. Apply for CPP Death/Survivor Benefits

VI. DISTRIBUTE ESTATE

  1. Obtain tax clearances
  2. Pay legacies
    1. Distribute assets
    2. Submit full accounting anf obtain releases
    1. Establish trusts
    2. Supervise investments, issue statements and arrange income payments