Executor Release Form Canada
Description
How to fill out Release And Exoneration Of Executor On Distribution To Beneficiary Of Will And Waiver Of Citation Of Final Settlement?
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FAQ
The length can vary from six months if the distribution is simple, to three years to settle complex matters. If the executor can demonstrate that they are taking action to keep the process moving forward, they can generally be allowed by the courts to proceed.
Interestingly, directions contained in a Will as to the wishes of the deceased are not legally binding on an executor, although they are generally followed.
There is a duty at common law and under the Trustee Act for estate trustees, executors, administrators, and guardians to keep complete and accurate accounts of the assets under their administration. A beneficiary is entitled, on notice, to inspect the accounts and any of the supporting documentation.
Executors have a duty to account to the beneficiaries. This means, 'provide an accounting of all of the assets of the estate, all income (and losses of the estate), all expenses of the estate, and all distributions of the estate. This duty is supervised by the Courts via the process of 'passing of accounts'.
The Court has the power to remove an executor if it is satisfied that there are reasonable grounds for doing so. When deciding whether to remove and replace an executor, the Court's primary consideration will always be the welfare of the beneficiaries.