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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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.
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.
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.
The only way an Executor can be released from his or her duties after agreeing to take on the role is to apply for a court order that removes him or her from their responsibilities- officially called a ?Renunciation of Right to a Certificate of Appointment of Estate Trustee (or Succeeding Estate Trustee) With a Will?).
Gen. Div.). An executor's duty is to carry out the instructions contained in the will ... The executor has no right to hold any portion of the distributable assets until a beneficiary provides an approval or release of the executor's performance of duties as trustee, or the executor's compensation or fee.
