Get Canada Form 74.15 2015-2025

When creating a will, individuals typically name an executor, who is the person responsible for carrying out the instructions in their will. A trustee, on the other hand, is appointed to administer a trust for the benefit of the beneficiaries of the trust.

ing to the Ministry of Attorney General Ontario - most estates take between 6 to 8 weeks to be issued a Certificate of Appointment of Estate Trustee.

If there is no will, who can be the estate trustee? If there is no executor (estate trustee), Ontario's laws dictates that the next of kin and spouse will be next in line to apply to be a trustee in Ontario. But if no one wants to take on the role to be an executor, the Ontario courts will appoint a public trustee.

They should be people you know and trust, people whose judgment you respect and who will also respect your wishes. When choosing a successor, keep in mind the type and amount of assets in your trust and the complexity of the provisions in your trust document.

If a Trust does not have any living Successor Trustees, very likely a professional fiduciary would be appointed by the court. However, having your Trust (and beneficiaries) deal with the cost and hassles of the court is not ideal.

Generally speaking, in Ontario, an estate trustee is entitled to compensation to 2.5% of capital receipts and disbursements, and 2.5% of all revenue receipts and disbursements above the expenses incurred to properly administer the estate. This is often referred to as roughly 5% of the estate's value.

Only residents of Ontario can apply to be an estate trustee of a person who died without a will. And, there are rules that say the order in which people can apply. This is usually a spouse , common-law partner , or child.