Generally speaking, any creditors of a decedent at the time of his death can file a claim against the decedent’s estate. The executor of the estate has a duty to pay any creditors that make a legitimate claim against the estate before distributing assets to the decedent’s heirs. The process the estate goes through probate and how creditors are allowed to file claims is governed by state law.
This form is a release of claims against the estate by a creditor.
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To submit and process an estate claim in Ontario, executors or administrators must first file the claim with the court along with supporting documents. The court will review all materials before deciding whether to grant or deny the claim.
When an executor does not do their job properly by failing to act or preferring their own interests, a beneficiary may have to assume a more active role. A beneficiary can apply to the court to either force the executor to make better decisions or to remove and replace them with someone better suited to the position.
If a beneficiary who believes that the final estate accounts are not properly accounting for all the estate assets, there are two options available to them: Forcing the executor to act; or, Suing on behalf of the estate.
In most cases, estate trustees have been removed for misconduct, such as not acting in the best interests of the estate. Examples of reasons for removal include: Breach of trust and fiduciary duty: The trustee-trust relationship creates a fiduciary duty by the trustee (or executor) to the beneficiary or trust.
An executor should be able to settle an estate in Ontario within 1 (One) year. The executor is responsible to distribute funds as soon as possible. However, the entire process takes time. Therefore, it is common for executors to distribute funds among the beneficiaries to take up to a year.
