Acting For Estate Trustees
Once probate has been granted, there are many tasks to attend to. These include dealing with creditors, determining who the beneficiaries are, recovering assets and selling or distributing them to beneficiaries, dealing with tax issues, investing estate assets and ultimately finalizing the estate.
Acting as an Estate Trustee can also involve assuming liabilities and if the job is to be undertaken it must be handled properly and legally. For example, failing to pay all required taxes can result in personal liability to CCRA for taxes, interest and penalties, failing to pay creditors, failing to make proper investments and failing to properly account for your actions can also result in personal liability.
It is essential to have good legal, accounting and investment advice.
It is possible for clients of Barmania-Lawyers to obtain insurance for their acts as Estate Trustee. Insurance can be arranged through Erassure. For more information on Erassure please click on the link below.
