At GMSB, LLP, we understand that dealing with the administration of a loved one’s estate can be a complex and emotional process. Our experienced team is here to guide you through every step of the Estate Administration process, ensuring that your loved one’s wishes are carried out efficiently and in compliance with the law.
What is Estate Administration? Estate Administration refers to the process of managing and distributing a deceased person’s assets according to their will, or if there is no will, according to the rules of intestacy. This process involves several steps, including identifying and valuing assets, paying debts and taxes, and distributing the remaining assets to the beneficiaries.
1. Obtaining a Certificate of Appointment of Estate Trustee (Probate)
In Ontario, the first step in administering an estate is often to apply for a Certificate of Appointment of Estate Trustee. This document, also known as “probate,” gives the Estate Trustee the legal authority to manage and distribute the deceased’s assets. Our team can help you prepare the necessary documentation and guide you through the probate process.
2. Estate Administration Tax
The Estate Administration Tax (EAT) is a provincial tax payable on the value of the assets in the deceased’s estate. Our team can help you determine the amount of tax payable and ensure that all necessary filings and payments are made on time.
3. Identifying and Valuing Assets
Our team will assist you in locating, securing, and valuing the deceased’s assets, including real estate, personal property, financial accounts, investments, and insurance policies.
4. Settling Debts and Taxes
We can help you identify and settle the deceased’s outstanding debts and taxes, ensuring that all liabilities are properly addressed before distributing the estate to the beneficiaries.
5. Distribution of Assets
Once all assets have been identified and valued, and all debts and taxes have been settled, our team will help you distribute the remaining assets to the beneficiaries according to the deceased’s will or the rules of intestacy.
6. Trust Administration and Ongoing Support
If the deceased’s estate involves the creation or administration of trusts, our experienced team can provide guidance and support in managing these trusts in accordance with the trust terms and applicable laws.
Our experienced estate administration lawyers are dedicated to providing compassionate and personalized service to help you navigate the complexities of the estate administration process. With our extensive knowledge of Ontario estate law, we will ensure that your loved one’s estate is administered efficiently, legally, and with the utmost care.
If you need assistance with Estate Administration please contact us today to schedule a consultation. Our team is ready to help you every step of the way.