Estate and trust administration responsibilities

The trustee of an estate or of a trust (such as a Henson Trust) is responsible for a number of important tasks. It’s critical that you appoint a trustee that you have faith in and that has the ability to carry out those responsibilities proficiently and cost-effectively.

An estate trustee is responsible for handling the property and financial affairs of a person after his or her death. This process involves a number of tasks, including:

  • Preparing the necessary documents to apply for a Certificate of Appointment of Estate Trustee with a will or letters probate
  • Determining that the will is the last will of the deceased
  • Locating the beneficiaries
  • Determining the nature and value of the assets and debts of the deceased and compiling a detailed inventory
  • Setting up and administering any trusts established by the will
  • Managing and, where appropriate, investing the funds in the estate prudently
  • Preparing and filing the necessary tax returns on time and paying any tax owing
  • Dealing with claims against the estate
  • Distributing specific bequests

A trustee of a Henson Trust or a Lifetime Disability Trust is responsible for administering funds set aside for your family member for the duration of their lifetime. The trustee’s responsibilities include:

  • Managing and investing assets
  • Maintaining accounting records tracking all transactions
  • Managing audit and review by the Canada Revenue Agency (CRA), the Office of the Public Guardian and Trustee (OPGT) and the courts (i.e., a passing of accounts)
  • Filing tax returns annually
  • Filing disbursement reports and communicating with the Ontario Disability Support Program (ODSP)
  • Maintaining trust minute books
  • Communicating with ODSP trustees, Registered Disability Savings Plan (RDSP) plan holders and other trustees
  • Distributing funds for the benefit of the beneficiary

For more information, to make an appointment to discuss naming PooranLaw as an estate, Henson Trust or Lifetime Disability Trust trustee, or to learn more about the estate and trustee support services we provide, contact PooranLaw today.