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Trustees Archives

Do fiduciaries in Ontario have a say in end of life matters?

Making the decision to take a loved off life support is perhaps one of the most emotionally fraught decisions family members will ever have to make. Ontario residents on life support, without powers of attorney, living wills or fiduciaries could end up having the government make end-of-life decisions for them. Those decisions could come from the Consent and Capacity Board, which is an independent medical review panel mandated under Ontario's Health Care Consent Act. 

Feeling overwhelmed by your duties as an executor? Help is available.

If you have been appointed as an estate trustee in Ontario, then your many responsibilities include locating and evaluating estate assets, locating and contacting beneficiaries, ensuring that all taxes are paid... the list of tasks is very long. Understandably, many trustees and executors find their duties to be daunting.

Business succession and other benefits of setting up a Canadian trust

There are many different kinds of Canadian trusts, and they can be beneficial in a variety of ways. Because a trustee has a fiduciary duty to manage the trust properly, it is important for any trustee to understand specifically what kind of trust it is and what it can do. Also, trustees must ask themselves, "What are the goals and needs of the trust creator and the beneficiary?"

Covering your legal bases in Ontario trust administration

The job of administering a trust is overwhelming for many people. In fact, many Canadians who are named as estate trustees have little or no experience in carrying out the required duties, yet trustees can be held liable for mistakes. Disputes over trust administration can also lead to costly litigation.

Things you should know about Ontario's estate administration tax

If someone you know and love has died, then you may be faced with the daunting task of handling matters of your loved one's estate, including the payment of debts and the distribution of assets. Depending on the kinds of assets involved, you may need to file for a Certificate of Appointment of Estate Trustee. We've discussed this filing process in one our previous posts.

Residence of executor may have important tax consequences

Ontario residents may know that in appointing an executor to carry out the tasks set forth in a will, people automatically consider trustworthiness and reliability, but residency is another attribute that might also be considered important. The Canada Revenue Agency has stated in an interpretation bulletin that the residence of a trust depends on the residence of the trustee. The interpretation applies to decedents' estates as well.

Filing for a Certificate of Estate Trustee

When an Ontario resident passes away, his or her loved ones are often left with the task of paying his or her debts and distributing assets. One of the first steps in that process is applying for a Certificate of Estate Trustee with the Ministry of the Attorney General. The Certificate of Estate Trustee designates a certain person as the trustee responsible for settling the deceased person's affairs. Many people refer to the estate trustee as the executor.

The importance of trustworthy fiduciaries

Ontario residents undertaking their estate planning would do well to make sure they appoint effective and trustworthy fiduciaries. In estate planning, a fiduciary is someone appointed to handle various aspects of a person's estate. A fiduciary might be a trustee, a lawyer or anyone else entrusted with the job of managing the person's affairs. While some people associate estate planning with leaving instructions about managing their assets after their death, estate planning also involves appointing people to manage one's medical and financial decisions if the person alive but incapable of making those decisions for himself or herself.