Account Executor Attorney Form Ontario
Description
How to fill out Contest Of Final Account And Proposed Distributions In A Probate Estate?
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FAQ
An executor is often in receipt of checks in the deceased's name, in payment of amounts owed to the deceased while they were alive. An estate account makes it easy for the executor to endorse and deposit these payments.
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.
The executor must provide proper accounting, in Court format, to beneficiaries in a timely manner. Note, however, that as a general rule the executor is not obliged to provide a) 'minute by minute' on-going reporting to beneficiaries, or b) all back up documentation (as in photocopies of expenses etc.
After a death, the deceased's executor or administrator has the job of winding up the estate. Once this has been done, they are required to provide a final estate account. This details all of the assets, income, liabilities and expenses as well as the amount that is payable to the beneficiaries.
There is no set format for estate accounts, however they should as a minimum detail all estate assets as they were at the date of death, all liabilities and any increases/ decreases in the value of estate assets once they have been liquidated.