After the death of a loved one, certain matters will require settlement. Before any other steps in the estate administration process can be taken, all of the deceased individual’s assets need to be located and protected. It is important to be as thorough as possible in this process in order to ensure that all matters are resolved at the same time in order to avoid any complications in the future.
When most Ontario residents think about locating assets, they probably begin looking for physical assets such as household goods, homes and automobiles, among other things. While these are included in the estate, many nonphysical assets also require location such as life insurance policies, deposit or investment accounts and retirement accounts. Finding these and other such assets will more than likely involve looking for a paper trail. In many cases these days, it will probably be necessary to review digital assets for some of these assets as well.
In addition, it will also be necessary to gather as much information as possible regarding the decedent’s debts. These will need addressing during the process as well. It may even be necessary to file tax documents on behalf of the estate. All of these, and other matters, require attention before distributions made in accordance with a will can occur.
Unless the deceased Ontario resident remained diligently organized, it could take some time to gather all of the information on all of his or her assets and debts. Some would say this is the most challenging part of the estate administration process since this task often time-consuming. However, once all of the relevant information is gathered, the individual in charge of administering the estate may move forward.