Certificate of Appointment of Estate Trustee
When a person passes with or without a will, leaving behind assets (above $50,000), a certificate of appointment of estate trustee is applied for with the court under who’s jurisdiction the deceased person last resided.
When a person leaves behind a will, a set of instruction for distribution of his assets after his passing, he appoints an estate trustee or an executor to make funeral arrangements, administer and distribute his assets, to pay taxes including the estate administration tax. The executor will apply for a Certificate of Appointment of Estate Trustee. In the event a person passes intestate, one of the heirs approach the court seeking to be appointed as the estate trustee. In this case, he will be applying for a Certificate of Appointment of Estate Trustee without a will.
In Ontario, a certificate of appointment of estate trustee was previously called as probate.
The role of the estate trustee is crucial. The original last will and testament along with its codicils is an important document that needs to be submitted to the court in an application for certificate of appointment of estate trustee. The application will list the assets (in case of a small estate valued at $150,000 or less). The application will also be accompanied an original death certificate and a probate fee payable to ‘the Minister of Finance’.
The estate trustee upon appointment, usually, will look after any and all litigations involving the estate. For the time he spends in administering the estate, he can be compensated with up to 5% of the value of the estate.
In the event you need assistance in administering an estate do not hesitate to reach us.
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