executor guide estate settlement -...

Get Organized

Inventory Assets & Liabilities

Assemble Team of Advisors

Issue Notices & Letters

Initiate Probate

File for Benefits

Settle Accounts

File Taxes

Transfer Assets

Oversee Trusts

Calculate Executor’s Fee

Close Estate

Secure Releases

Save Time & Money

EXECUTOR’SGUIDE

TO ESTATESETTLEMENT

IMPORTANT NOTICE TO READER

The information contained in this guide is not intended to substitute orreplace consultation with a lawyer who can apply current estate law toyour personal situation. Inevitable Exodus Inc. and the organization thatprovides this guide highly recommend that you consult a lawyer regardingorganizing and administering an estate.

Upon using this guide, you agree to indemnify and hold Inevitable Exodus Inc., the organization that provided you this guide, all subsidiaries,affiliates, officers, agents, co-branders or other partners, and employees,harmless from any claim or demand, including reasonable attorney’s fees,made by you due to or arising out of your use of this guide, your violationof any rights of another person or entity.

The information herein reflects the diligent research of material in effect atthe time of publication. Care was taken to ensure the accuracy of the guide’sinformation at the time of printing. However, the information containedin this guide is provided without a warranty of any kind, either express orimplied, and the content is subject to change without notice. If in doubt,the nearest court registry or associated professional body can verify currentand provincial specific details.

This guide is protected by copyright and/or other intellectual property laws,and any unauthorized use or copying of this guide may violate such laws.Except as expressly provided herein, Inevitable Exodus Inc. and its suppliersdo not grant any express or implied right to you under any copyrights,trademarks or trade secret information with respect to the guide. Except asspecifically permitted herein, no portion of the guide may be reproduced inany form or by any means without the prior written permission ofInevitable Exodus Inc.

This guide discusses general issues and strategies applicable to organizingaffairs and administering an estate in Canada according to Canadianstatutory and common law. Quebec is the only province or territory thatpractices civil law, not common law. Therefore, many of the proceduresherein may not apply to settling an estate in Quebec. Laws regardingestate settlement vary from province to province and should be reviewedin detail for the province in which the deceased died.

This guide does not exhaust all considerations or provide solutions forevery situation; it provides information of a general nature to help readersunderstand the more common estate organization and administration practices, the language of estate administration and to work more efficientlywith their advisors.

iExecutor’s Guide to Estate Settlement

ii Executor’s Guide to Estate Settlement

EXECUTOR’S GUIDE TO ESTATE SETTLEMENT 1.5.0 2009

Copyright © 2009 by Inevitable Exodus Inc. All rights reserved. No part of this guide may be reproduced or replicated in any form whatsoever without prior written permission of the author. For permission or other information, contact Inevitable Exodus Inc. 2627 Edinburgh Place, Suite 1, Ottawa, ON K1B 5M1, (888) 829-8362.Website: www.TheExecutorsToolkit.com. Self published. Printed in Canada.

TABLE OF CONTENTS

Executor’s Task List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1

Documentation Checklist . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2

Administration Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

Asset Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34

Liability Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35

Professional Advisors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36

iiiExecutor’s Guide to Estate Settlement

1Executor’s Task List

EXECUTOR’S TASK LIST

Page

❏ Arrange Funeral: Arrange funeral, memorial, cremation or burial as required. 3

❏ Review Will: Locate the Will, Codicils and personal memorandums. Review instructions. If no Will exists or Will cannot be located, apply to Probate Court for appointment of Estate Administrator. 3

❏ Obtain Death Certificates: Secure multiple copies of the funeral home Proof of Death and at least one Provincial Death Certificate. 6

❏ Secure Property: Arrange for the residence to be emptied and cleaned, locks to be changed, alarm system installed. Protect all other real estate, assets and business interests. 6

❏ Schedule Meetings: Arrange meetings with the following professionals and complete associated tasks:

Banker, Investment Advisor, Insurance Broker, Lawyer, Accountant 7

❏ Ensure Cash Flow: Ensure financially dependent beneficiaries’ cash flow. 7

❏ Arrange Care: Arrange for care of minor children and pets. 9

❏ Gather Documentation: Gather and organize estate documentation. 9

❏ Inventory the Estate: Identify and value all estate assets and liabilities. 9

❏ Apply for Probate: Apply for Probate or Letters of Administration, if necessary. 10

❏ Assess Funds: Ensure adequate funds are reserved to pay all taxes and debts. 15

❏ Record Expenses: Maintain record of all estate related expenses incurred while settling the estate. 15

❏ Record Activities: Maintain a record of all estate settlement activities, tasks, phone calls, emails, meetings, etc. 15

❏ Apply for Benefits: Apply for benefits, pensions and final entitlements. 15

❏ Send Notices: Send notice of deceased passing to appropriate individuals and organizations. 20

❏ File Taxes: Prepare and file all income tax returns. Pay taxes, secure Notice of Assessment and file Notice of Objection, if necessary. 24

❏ Pay Debts: Pay estate debts in order of priority. 25

❏ Pass Accounts: Prepare and submit a final accounting of all assets, liabilities, expenses and distribution of assets. 25

❏ Distribute Assets: Distribute and transfer all assets, including vehicles. Secure a property receipt for all distributions. 25

❏ Secure Releases: Obtain a signed release from each beneficiary. 30

❏ Discard Items: Dispose, donate or auction any items that were not distributed as part of the residue of the estate. 31

❏ Collect Executor’s Fee: Secure compensation for administering the estate. 31

❏ Administer Testamentary Trusts: Maintain testamentary trusts as required. 33

Your responsibility as Executor is to settle the estate as per the terms of the deceased’s Will and accordingto provincial law. Generally, an executor’s duties include:

DOCUMENTATION CHECKLIST

Funeral/Cemetery ❏ Funeral prearrangement contract❏ Death Certificate❏ Funeral home Proof of Death❏ Mausoleum or columbarium niche

documentation❏ Cemetery plot certificate, title or deed❏ Monument order

Government/Benefits❏ Social Insurance Card❏ Passport❏ Health card❏ Driver’s Licence ❏ Permanent Resident Card❏ Firearms licence/permits

Employment/Pension❏ Military service records (branch, dates of

service, discharge or separation papers)❏ Employment Agreement or contract❏ Group Benefits Coverage❏ Pension statement❏ Special Benefits statements

(i.e. Veteran’s Independence Program)

Real Estate ❏ Titles and deeds❏ Property tax statements❏ Property lease agreements❏ Time share contracts

Vehicles ❏ Vehicle ownership & registration❏ Vehicle leases

Legal ❏ Last Will and Testament❏ Trusts❏ Powers of Attorney❏ Birth/Adoption Certificates (deceased and

minor beneficiaries)❏ Immigration and citizenship documents❏ Letters probate/Letters of Administration❏ Tax returns & Notices of Assessment

(current & 3 prior years)

❏ Prenuptial agreement and/or marriage contract

❏ Marriage licence❏ Declaration of Common-law Union❏ Separation agreement❏ Divorce papers (including property settle-

ment agreements)❏ Child support documents❏ Articles of Incorporation❏ Shareholders’ Agreement(s)❏ Partnership Agreement❏ Franchise Agreements

Banking/Financial❏ Safety deposit box key❏ Bank statements, cheques books, registers,

bank cards❏ Credit card(s) statements❏ Mortgage statements❏ Reverse mortgage statements❏ Line of credit statement❏ Loan agreements❏ Stock and bond certificates

Insurance ❏ Insurance contracts (home, life, auto,

association)❏ Policy statements❏ Payment records ❏ Annuity statements

Investments❏ Investment statements, certificates, policies❏ Retirement Accounts (RSPs, RRIFs, etc.)❏ Dividend or interest income❏ Annuity statements❏ Stock and bond certificates

Accounting/Taxes❏ Tax returns & Notices of Assessment

(current & 3 prior years)❏ Tax shelter documentation

2 Documentation Checklist

ADMINISTRATION PROCEDURES

❏ Arrange Funeral

Although the deceased’s spouse or closest family members usually makethe funeral arrangements, legally the executor or administrator has theauthority to override any wishes, including those stated in the deceased’sWill. Reasonable funeral expenses are paid for by the estate. Extravagantor excessive expenses should be paid by the individual making the pur-chase request.

❏ Review Last Will and Testament

Secure and review the original and most recent copy of the Will and anycodicils. Conduct a formal Will Search, if necessary. Banks, insurancecompanies and other institutions may require notarized copies of the Willto prove you have the authority to act on behalf of the estate.

If you can only find a copy of the Will, you should contact the firm thatdrafted the Will to see if they are storing the original Will.

Dying Without a Will: If a person dies without a Will or without a valid Will they are said to havedied “intestate” and their estate is left without legal representation (i.e. noexecutor). In this case, the court must appoint an administrator to settlethe estate and the estate will be divided according to the provincial intes-tate succession laws.

An administrator may also have to be appointed if the executor named inthe Will is unwilling or unable to act and no one else is named as an alter-native in the Will or codicil(s). Once appointed, the administrator’s role isessentially the same as the executor’s role.

In order to apply to be appointed administrator, one must:

• Be at least age of majority

• Be mentally competent

• Not be in prison; and

• Reside in the same province as the estate. (Note that the court mayapprove a person to act who lives outside the province if an indem-nity bond is posted or the court waives the bond requirement.)

Anyone who meets the above criteria and can demonstrate a vested inter-est in the estate can apply to be appointed administrator. This includes atrust company, creditor or provincial public trustee. However, the courtwill generally appoint the closest family member, beginning with the hus-band or wife and then proceeding in order of priority to children, grand-children, great-grandchildren, parents and finally brothers or sisters, pro-vided they are willing and qualified to act.

If no one is willing or able to act as administrator, the Office of the PublicGuardian and Trustee (OPGT) may be appointed as the administrator of“last resort”. Until an administrator is appointed, no action will be takenon behalf of the estate.

3Administration Procedures

If there is no Will or if the Will is not valid, the application process isknown as applying for ‘Letters of Administration’ or securing a ‘Certificateof Appointment of Estate Trustee Without a Will’. This process is similarto that of applying for probate and includes the preparation and submis-sion of the following documentation:

• Application form

• Affidavit

• Renunciation and consent

• Bond/Security deposit, if necessary

Applications are filed in the county or district in which the deceased per-manently resided. Contact your provincial Probate Court for the addressof the appropriate court justice.

Difference between an Executor and Administrator:The critical difference between the role of executor and that of an admin-istrator comes at the point of asset distribution. When the deceased dieswith a Will, the executor is left with explicit instructions on how to distrib-ute the assets amongst the beneficiaries. The Will also details the execu-tor’s powers to sell or otherwise deal with estate assets. Unfortunately, anadministrator does not have a record of these final wishes and thereforemust adhere to provincial legislations regarding asset distribution and thepowers to sell or otherwise deal with estate assets. If there is no Will andno living family members, the estate vests in the Provincial Government. If the deceased died but has surviving relatives, the law will apportion theassets among the immediate family.

This will entail:

a) appointment of an administrator of the estate, as stated above

b) identification of family members to whom the assets will devolveand what the respective portions will be

c) determination of the age at which any minor beneficiaries may inherit

Given the complexity of this issue and the fact that it varies significantlyfrom province to province, if you are dealing with an estate that does nothave a Will, you should consult legal counsel for assistance with the appli-cation process and asset distribution.

Division of Assets under Intestate Succession Laws: Provincial laws vary regarding the division of property when a person dieswithout a Will. Most provinces designate a set amount as the spouse’sshare, which is the portion of the estate that will automatically devolve tothe surviving partner. Provinces that do not designate a spouse’s shareusually state that the surviving spouse is entitled to all marital propertyand a portion of the residue of the estate.

4 Administration Procedures

Other family members, such as children, are provided for only if the valueof the estate exceeds the spouse’s share or what is deemed marital property.

If a person dies without a Will, according to provincial intestate succes-sion laws, the estate would be distributed as follows:

• If there is a spouse and no children, then the entire estate value goesto the spouse.

• If there is a spouse and one child, then the spouse receives thespouse’s share (or all marital property) and the remainder is split50/50.

• If there is a spouse and more than one child, then the spousereceives the spouse’s share and the remainder is split 1/3 spouse and2/3 to all living children, equally.

• If there is no spouse, then the entire estate value is split equallyamongst the children.

• If there is no spouse and no children, then the estate goes to theparents equally.

• If there is no spouse, no children and no parents, then the estategoes to siblings equally.

• If there is no spouse, no children, no parents and no siblings, theestate goes to nieces and nephews equally.

Memorandums and Directives: Regardless of whether the deceased diedwith or without a Will, you should also conduct a thorough search to seeif they left any memorandums or written instructions regarding the distri-bution of personal items, funeral directions, etc.

If the Will does not leave anything to a married spouse or children orother dependent, a claim may be made against the estate. In any of theseinstances, you should consult a lawyer to discuss implications as it relatesto your jurisdiction. In Ontario, for example, if a married spouse is leftnothing in a Will, he or she has a right to make a claim for an amountthat is calculated in the same way as if the spouses were divorcing.


Province Spouse’s Share

Alberta $40,000

British Columbia $65,000

Manitoba $50,000

Northwest Territories $50,000

Nova Scotia $50,000

Ontario $200,000

Prince Edward Island $50,000

Saskatchewan $100,000

❏ Obtain Death CertificatesSecure proofs of death. Proofs of death are provided from two sources:

• The funeral home provides a document attesting to the death. The titleof this certificate varies from province to province and is often referredto as the Funeral Director’s Proof of Death Certificate, Funeral Director’sDeclaration of Death or Funeral Director’s Statement of Death.

• The province also provides a document attesting to the death called aDeath Certificate. This can be obtained through the Registrar of VitalStatistics. Some organizations will not accept the funeral home Proof ofDeath; therefore, it is advisable to apply for at least one provincialDeath Certificate at the beginning of the estate settlement process.Note that British Columbia funeral homes have the capacity to issueprovincial Death Certificates, and funeral homes in many otherprovinces will gladly assist with the application process.

As with the Will, banks, insurance companies and other institutionsrequire Proof of Death. Be sure to ask which specific type of documentthey require as some will accept the funeral home’s statement of deathwhile others require the provincial Death Certificate. Some companies andorganizations may also accept the Burial Certificate and Coroner’s reportas Proof of Death.

Once you have copies of the Death Certificate or the funeral home’s Proof of Death, you may initiate the claim for life insurance and pensionplan benefits.

❏ Secure PropertyDuring the estate settlement process, you are responsible for the care andmaintenance of the deceased’s assets and may be responsible for the careand maintenance of dependent beneficiaries. If something goes wrong asa result of your oversight, the beneficiaries may hold you accountable.

Prevent Break-ins and Theft: Secure the deceased’s home during the visi-tation and funeral, especially if the dwelling will be left unoccupied. Break-ins and thefts have been known to take place during these times by oppor-tunistic criminals who monitor obituary notices. Consider a house sitter ifa monitored alarm system is not in place, or notify the police and requestadditional drive-by surveillance. If you plan on installing a monitored sys-tem but are unable to do so prior to the funeral, sign the contract withthe alarm company and place their window stickers on all doors and win-dows as a deterrent. Change locks on the deceased’s house if you are wor-ried that other people who have keys may enter and remove items withoutyour knowledge or permission.

Secure the remaining estate assets in the following manner:

• Sell or dispose of any perishable items immediately.

• Ensure there is adequate property insurance to cover the currentvalue of real estate, household contents, automobiles, jewelry, andother valuables.

• If the insurance coverage does not equal or exceed the property value,contact the insurance provider to increase the level of coverage.


• If applicable, advise the condominium corporation or superintendentthat the property is vacant.

• Make sure vacant real estate and rental properties are properlyclosed (i.e. water is off and heat is on low) and protected through a Vacancy Permit or supervision.

• Remove any valuables for safekeeping. Keep them under your care or place them in storage.

• If firearms have been left in the Will, you are responsible for theirsafekeeping, determining if the deceased had a valid firearms licencefor each weapon and if each weapon was registered. For generalinformation on firearms-related questions you can contact theCanadian Firearms Centre at (800) 731-4000 or online at www.cfc-cafc.gc.ca.

❏ Schedule Meetings

Once estate assets are safeguarded and you have gathered the basic documentation that is required to settle the estate, it is time to arrange a meeting with the:

• Banker

• Investment Advisor

• Insurance Broker

• Lawyer

• Accountant

❏ Ensure Beneficiary Cash Flow

Contact any beneficiaries who were financially dependent on the deceased(generally the spouse and/or children) to determine if they have access toadequate cash flow.

Identify or search for all of the deceased’s bank accounts. If you are uncertain as to how many bank accounts the deceased may have had,send a letter to each bank in the deceased’s neighbourhood to request a search for accounts. You should also visit www.BankOfCanada.ca, keyword search: unclaimed balances, or contact the Bank of Canada at(888) 891-6398 to conduct a search for any dormant bank accounts thedeceased may have held.

Be prepared that any bank account the deceased had may be frozen, evenif it were jointly owned. You may be denied access to these funds until youpresent the Death Certificate, Will and/or Letters Probate proving yourauthority to administer the estate. Most banks freeze accounts as soon asthey find out the account holder died in order to prevent any preautho-rized deposits (i.e. pension, annuity payments, etc.) or withdrawals (i.e.life insurance premiums, investment payments, etc.) from occurring. Whilethis reduces the number of reverse transactions an executor has to make,it can be very inconvenient not having access to any funds.


As an executor, having a good relationship with each financial institutionthat the deceased had an account with can save the estate time andmoney. Once a bank account that was not jointly owned is frozen, mostbanks or credit unions require probate before they will release the funds.Probate protects the bank by legally substantiating that the executor isentitled to access the funds. Once probate has been obtained, even if theWill is later challenged or ruled invalid, the bank cannot be held liable forreleasing the funds to the executor named in the probated Will.

Some financial institutions may be willing to release monetary assets without having to have the Will probated if they total less than $15,000.However, a financial institution may require probate at any level. You maybe able to avoid probate and get the funds released if you present yourselfin a competent manner and the branch is familiar with the family. In thiscase, they can use discretion and waive the requirement for probate. Thismay take some time and persistent negotiation on your part, but it couldsave the estate hundreds of dollars because, as soon as one asset requiresprobate, the entire value of all of the estate assets must be included in theprobate fee calculation.

There are a couple of strategies that you can try if there is just one financialinstitution that requires probate. Consider getting a lawyer involved toassist with the negotiations. They are accustomed to dealing with thesesituations and can often resolve this difficulty quite quickly. Alternatively,you may be able to get the financial institution to agree to accept a ProbateBond (like an insurance premium) or a Letter of Indemnity signed by theexecutor in order to release the funds without having to probate the account.

Be careful when making any form of personal support payment to a bene-ficiary. It may be advisable to check with a lawyer first, since a claim bydependents for support could be an area of litigation in the future. It’s bestto help the dependent establish his or her own source of cash flow. However,if there is an immediate need, support can be given, with caution.

Note that in some cases, executors are permitted to make interim paymentsto beneficiaries before winding up the estate. However, the executor mustensure that sufficient funds have been kept to pay debts, taxes, all expensesand executor’s fees. Therefore, if interim payments are to be made, theexecutor should review the situation with a lawyer first.

Joint Survivor Account: The money in a joint account passes directly tothe surviving owner and does not form part of the estate. The survivingjoint account owner should advise the bank in writing to either release thebalance of the joint account or establish a new individual account in theirname and transfer the balance. They should also request a list of allpreauthorized payments going through the account and redirect them tothe new account.

Arrange Financing: It may be necessary to open a new bank account orarrange financing, such as a bank loan or a personal line of credit toensure adequate cash flow for dependent beneficiaries until the estate issettled. The Will should be reviewed to ensure it authorizes such action.


❏ Care for minors and pets

If the deceased had minor children, the Will should contain a clause set-ting out the deceased’s wishes with regard to the guardians of the chil-dren. Note that each province may have different procedures for assigningguardianship and, therefore, legal advice in this matter is advised. InOntario, for instance, the applicant to be named guardian has 90 days togo to court in order to be officially appointed guardian. The court willappoint the person who is best able to act as guardian, taking intoaccount the best interests of the child(ren). It is possible that the courtmay appoint someone contrary to the deceased’s wishes.

Make short term and long term arrangements for the care of any pets thedeceased may have owned. This may include leaving the pet with a friendor family member, housing the pet at a boarding facility or arranging foradoption of the pet.

❏ Gather Estate Documentation

It is necessary to list the estate’s assets and liabilities, including dollar values, in order to determine the estate’s solvency, calculate probate fees,file final tax returns and transfer assets. Gather and organize as many ofthe documents as applicable on the Estate Documentation Checklistfound on page 2.

❏ Inventory the Estate

Asset Inventory: Complete the Asset Inventory spreadsheet (see pg. 34)based on the documentation you gather. Record the value of each item asof the date of death. If you cannot determine the value as of the date ofdeath, you may have to arrange for a valuation (appraisal).

Liability Inventory: Complete the Liability Inventory spreadsheet (see pg. 35)based on the documentation you gather. Record the amount of each debtas of the date of death. If the inventory reveals that the deceased hadmore debts than assets, the estate may be considered insolvent and youshould seek legal assistance. Depending upon the situation, you may haveto initiate bankruptcy proceedings. In such a case, a bankruptcy firmshould be retained to assist in the process.

Safety Deposit Box Inventory: If the deceased had a safety deposit box,list its contents then list the current value of the contents of the safetydeposit box on the Asset Inventory spreadsheet. The bank may not allowyou to remove all of the contents of the safety deposit box until you present the Letters Probate. You will receive this certificate once the Willhas been probated. However, they should allow for the Will, life insurancepolicies, prepaid funeral contracts and cemetery plot deeds to be removedright away. If the safety deposit box was held in joint tenancy, it should betransferred to the surviving joint tenant, as soon as possible.


❏ Apply for Probate “Probate” is simply the judicial process of validating the authenticity of a Willand confirming the authority of the person(s) who will be administratingthe Will. For this judicial process, probate fees are charged and paid tothe provincial government.

Depending on your province, you may need to apply for one of the following probate documents:

The probate certificate confirms that:

• The executor (or other authorized title) is entitled to administer the estate and transfer the deceased’s assets. This confirmation is astandard requirement of third parties, such as banks, investmentdealers and insurance companies.

• The Will is the deceased’s most recent Will and codicil(s) and thatsuch documents are valid and binding on all parties.

If the deceased died without a Will, the court will issue Letters ofAdministration instead of Letters of Probate. They also issue Letters ofAdministration if the deceased died with a Will but did not appoint anexecutor in the Will or when the executor named in the Will has died or is unable/declines to act and no alternative is named.

How do you know if you need to apply for probate? If you answer yes to anyof the following questions, you will most likely need to probate the estate:

1. The deceased left funds in a bank account that isn’t jointly owned. Y N

2. The deceased had real estate that was not jointly owned. Y N

3. The deceased owned shares in a public company. Y N

4. The deceased owned stocks or bonds. Y N

5. There is a current or pending lawsuit associated with the estate. Y N

6. The deceased had a life insurance policy, which named the estate as the beneficiary. Y N

7. The deceased had investments, which named the estate as the beneficiary. Y N


Province Document Authorized Title

AB Grant of Probate Personal Representative

BC, NB, NF, Letters Probate ExecutorNS, PEI, SK

MB Grant of Probate Executor

ON Certificate of Appointment of Estate TrusteeEstate Trustee with a Will

QC Probate Will, Notarial Will Liquidator

Application: The application for probate varies from province to provincebut generally involves completing a variety of forms and presenting themto a judge. You will also have to submit the original Will and codicil(s)and a dollar figure reflecting the total value of the estate or an inventoryof the estate assets (i.e. the Asset Inventory Valuation spreadsheet).

Once the Will and codicil(s) are submitted for probate, they become amatter of public record and anyone can access the details.

If you are the executor of a very simple estate, you may wish to handle theapplication for probate on your own. However, most executors choose towork with a lawyer and have the lawyer complete the Application for probate.

Many probate offices will meet with the executor or provide informationpackages with instructions, fees and timelines to assist executors thatchoose to file on their own.

Completing Forms: Whether you use a lawyer or do the work yourself, thefollowing court forms and documents are required:

• Application form, also known as a petition, praecipe or Notice of an Application for Certificate of Appointment of Estate Trustee Witha Will

• Notice to Beneficiaries

– Mail the notice and a copy of the Will to each beneficiary

– Document the cost of postage in the Revenue & Expense Journal and file the receipt

• Affidavit of Execution of Will or Codicil and Affidavit Attesting tothe Handwriting and Signature of a Holograph Will or Codicil

• Affidavit of Condition of Will or Codicil (only necessary if the Will is in poor physical condition)

• Affidavit of Service of Notice

• Valuation of Estate Assets

Ensure that you have a number of notarial copies of the Wills and codicilsprior to filing the probate documents as you have to file the original Willand codicil(s) with the court.

Determining Estate Assets: As an executor, it is very important that youunderstand which assets have to be included in calculating probate feesand which ones do not.

Generally, the following assets do not form part of the estate and therefore,you do not have to include these values in your probate fee calculation:

1. Life Insurance, RSPs or pension plans, payable to a named benefici-ary or assigned for value (i.e. assigned to pay off a loan or mortgage).If the life insurance policy, RSP or pension plan names the estate as thebeneficiary, it does have to be included in calculating probate fees.

2. Jointly held property. Property jointly held by the deceased and anyother person automatically passes to the joint survivor and does notform part of the estate. The term ‘property’ refers to all forms ofproperty, such as: real estate, personal property, investments, vehicles, bank accounts and accounts receivable.


3. Real estate. Property outside the province in which the deceasedresided will have to be probated in the jurisdiction that the propertyis located. This adds an element of complexity to the estate and mayrequire the assistance of a lawyer.

Probate Fees: Probate fees are basically a tax paid on the value of a person’s estate at the time of death. Probate fees vary from province toprovince and unless stated otherwise, there is no limit or maximum-cap.Additional administrative costs vary depending on province. Also, fees arenot deductible on the final income tax return. Fees as of August 2008:


Province Fee Estate Value

Alberta $25 $10,000 or less$100 $10,001 - $25,000$200 $25,001 - $125,000$300 $125,001 - $250,000$400 $250,001+

British $0 $25,000 or lessColumbia $208 Flat fee for all estates over $25,000, plus

$6 Per $1,000 (or part there of) $25,001 - $50,000, plus$14 Per $1,000 (or part there of) $50,001+

Manitoba $70 $10,000 or less$70 + $7 Per $1,000 (or part there of) in excess of $10,000

New $25 $5,000 or lessBrunswick $50 $5,001 - $10,000

$75 $10,001 - $15,000$100 $15,001 - $20,000$5 Per $1,000 (or part there of) in excess of $20,000

Newfoundland $60 $1,000 or less& Labrador $5 Per $1,000 (or part there of)Northwest $25 $10,000 or lessTerritories $100 $10,001 - $25,000

$200 $25,001 - $125,000$300 $125,001 - $250,000$400 $250,001+

Nova Scotia $74.76 $10,000 or less$187.97 $10,001 - $25,000$312.92 $25,001 - $50,000$875.76 $50,001 - $100,000$875.76 + $14.79 Per $1,000 (or part there of) in excess of $100,000

Nunavut $25 $10,000 or less$100 $10,001 - $25,000$200 $25,001 - $125,000$300 $125,001 - $250,000$400 $250,001+

Ontario $5 Per $1,000 (or part thereof) up to $50,000, plus$15 Per $1000 (or part thereof) in excess of $50,000

Prince $50 $10,000 or lessEdward $100 $10,001 - $25,000Island $200 $25,001 - $50,000

$400 $50,001 - $100,000$400 + $4 Per $1000 (or part thereof) in excess of $100,000

Quebec $95 For non-notarial Wills$0 For notarial Wills

Saskatchewan $7 Per $1,000 (or part thereof)Yukon $0 $25,000 or less

$140 Flat fee for all estates over $25,000

Note that Alberta and the Northwest Territories allow estate debts to bededucted from estate assets when calculating probate fees. Ontario allowsthe value of any mortgages on property to be deducted from the estateassets when calculating probate fees. All other provinces and territories calculate probate fees on the gross estate value.

For example, in Ontario, if the estate assets were valued at $200,000, youwould pay $2,500 in probate fees.

In Ontario you have to round up the value of the estate to the nearest$1,000. Therefore, if the estate value was $40,001, probate would be calculated on $41,000.

In Manitoba, a $200,000 estate would pay $1,240 in probate fees. This is calculated as $50 for the first $10,000 plus $1,190 ($190,000 X 0.60% = $1,140 plus $50) for the remaining $190,000 of estate value.

Probate fees and legal costs are paid for from the assets of the estate.

Submissions: The completed forms and probate fee must be submitted tothe county, district, or regional municipality in which the deceased perma-nently resided at the time of death. This may not always be the samecounty, district, or regional municipality in which the deceased died.

Check the Government Pages in your phonebook or contact a lawyer todetermine the location and times that forms and fees can be submitted withinthe country, district or regional municipality in which you are working.

• Probate fees are paid from the estate bank account and can be submitted in cash or by a certified cheque or bank draft.

• If you are submitting the forms on your own (i.e. not through a lawyer)a Commissioner in the Clerk’s office will have to notarize or commissionthe forms. There is usually a cost associated with this service.

• Obtain receipts for the probate fee and notarial services. Record theexpenses in the Revenue & Expense Journal and file the receipts.

Processing: Forms are reviewed and submitted to a judge who formallyissues probate without having to appear in court as long as there is noobjection. You will receive the Letters Probate by mail. This step may takeseveral weeks or even months, depending on the volume of the particularjurisdiction. Document the date of your submission and follow up in 60 daysif you have not received the Certificate.


First $50,000 assets

0.50% X 50,000$250

Remaining $150,000assets

1.50% X 150,000$2,250

$200,000 Estate Assets

$250 + $2,250 = $2,500

Notarial Certificates: Secure 10 copies of the Notarial Certificate TrueCopy for the Letters Probate.

If you are working with a lawyer, they will provide these certificates. Thefee for this will usually be included as part of your invoice and you will nothave to file an independent receipt.

If you are not working with a lawyer, you will need to have a Notary Publicprovide the Notarial Certificate True Copy. Be sure to obtain and filereceipts for the applicable charges. Record the expense in the Revenue &Expense Journal.

Bypassing Probate: Although it is often not possible to bypass probate, thereare certain circumstances when probate can be avoided. Most common are:

• Jointly owned assets (i.e. real estate, bank accounts)

• Assets with named beneficiaries (i.e. life insurance, registered investments)

• Gifted personal property (i.e. household items)

The best way to bypass probate is to have as many assets as possible passdirectly to beneficiaries without becoming part of the estate, or ensuringthat assets that become part of the estate can be transferred without aprobated Will.

If you are considering gifting or giving away assets before death, be sure tocheck with an accountant to ensure you are not caught by a gift tax. Alsonote that income from assets transferred to a spouse or minor child may betaxed in the donor’s hands even though the recipient usually gets the income.

Complications:No Will – If there is no Will, you must apply for Letters of Administration.This process is unavoidable because only a Will proves that you haveauthority to administer the estate. If a Will does not exist, you should con-tact a lawyer before attempting this process yourself.

Minor beneficiaries – The administration of the estate becomes morecomplex when beneficiaries under the age of majority are involved. Assetsmust be held in a trust until the minor becomes of age, or longer, if theWill states otherwise, which is often the case. You will also have to sendthe application for probate to the Public Guardian and Trustee (PGT) orthe children’s lawyer who acts on behalf of the minor beneficiaries. InOntario you also have to notify the office of the children’s lawyer for probate,passing of accounts and other court actions. Again, you should consultlegal counsel if this situation applies to your estate.

Mentally challenged persons – In the event that the estate names a bene-ficiary that is mentally challenged, you must notify the PGT.

Beneficiary dispute – It is not unusual for beneficiaries to disagree overthe interpretation of the Will provisions or the value and distribution ofthe assets. Similarly, if a guaranteed bond is required or if there is achange in the estate trustee, both the application process and the admin-istration of the estate may become complicated. In such cases, you maywish to seek legal counsel before starting the application process.



❏ Assess Funds

Before you transfer any assets to beneficiaries or give any of the deceased’spersonal effects, you must ensure that there are adequate funds to pay alldebts and taxes, especially if you have to sell certain items to liquidatecash. Otherwise, as long as you have reserved sufficient funds to pay alldebts and taxes, you can pay authorized expenses.

❏ Record Expenses

Funeral arrangements, probate fees, property and income taxes, utilitybills and insurance premiums are considered essential estate expenses andmust be paid in a timely manner in order to maintain the integrity of theestate’s credit worthiness and asset value. As the executor, you have theresponsibility to review each bill or invoice to ensure it is paid by theestate, as opposed to being paid by a beneficiary. If the deceased’s bankaccount is frozen, most financial institutions will make arrangements tocover these expenses directly from the deceased’s account once providedwith a copy of the Will and Proof of Death. If the bank does not allow thisoption, you may pay an expense personally and then be reimbursed whenthe funds are available. Make sure legitimate accounts are paid on timeand kept up to date in order to avoid unnecessary interest penalties.

Maintain a record of all estate-related expenses incurred while settling the estate and reimburse funds from estate bank account as necessary.

❏ Record Activities

Maintain a record of all tasks, calls and meetings that you completethroughout the estate settlement process. Doing so will allow you to fulfillyour duties in a professional, confident manner and reduce the likelihoodof forgetting something or missing appointments or deadlines. Noting allof your activities in a perpetual calendar will also prove valuable if youever have to substantiate your entitlement to your executor fee.

❏ Apply for Benefits & Final Entitlements

Life Insurance: Contact each life insurance company with which thedeceased held a policy. Advise each company of the death and request theapplicable forms to file claims for the following death benefits:

• Personal life insurance

• Corporate life insurance

• Group employee benefit life insurance

• Association life insurance

• Mortgage life insurance

• Lease, loan or line of credit life insurance

• Credit card life insurance

• Other life insurance

If there is a named beneficiary, the proceeds should be available inapproximately 30 days and paid directly to the beneficiary. If the estate isthe beneficiary, the funds may be delayed until probate is granted.

If you suspect that the deceased had a life insurance policy but cannot findthe contract or related details, you can request a policy search throughthe Canadian Life and Health Insurance Association at (800) 268-8099 or by visiting www.CLHIO.ca. In order for your request to be granted, thefollowing criteria must be met:

• There must be reason to believe that a policy actually exists.

• The search will only be conducted between the third and twenty-fourth month of death.

• You must provide standard information contained in the DeathCertificate as well as the SIN.

• The individual requesting the search must be the notary, executor,administrator, or beneficiary of the deceased.

Other Insurance: If the deceased died in a car, plane or train accident, theestate may qualify for benefits under a car insurance policy, car club mem-bership provision, credit card policy or possibly even a provincial victimsplan. For example, the Canadian Automobile Association (CAA) providestheir members with a $1,000 Travel Personal Accident death benefit whichis paid for loss of life or limb while traveling or if the member, as a pedes-trian, is hit by a motorized vehicle resulting in the loss of life or limb.Contact the regional Insurance Commission Ombudsman for more infor-mation regarding possible additional benefits if the deceased died in someform of transportation accident.

Be prepared that you may have to contact a lawyer to assist in a claimagainst an automotive insurance company, as this could involve a lawsuitand you must be aware of deadlines for filing suit.

Government Benefits: Notify Service Canada of the death of an OAS/CPPpensioner/beneficiary as soon as possible by calling (800) 277-9914.Once you provide them the deceased’s Social Insurance Number, they willupdate their files and record notice of the death.

Then file applications for the applicable government benefit programs list-ed below. The application forms are usually provided by the funeral homeand often they will assist with the completion and filing. Alternatively, youcan obtain the forms and assistance by calling (800) 277-9914 or visitingwww.canada.gc.ca and clicking on On-line Forms & Services.


Canada Pension Plan (CPP): CPP and QPP benefits will be paid to thedeceased during the month of death. Any benefits received after that willhave to be repaid or returned. You may also have to return the cheque(s)and request it be reissued in the name of the estate if the bank will notaccept the deposit. This includes the following benefits:

• CPP Retirement Pension

• CPP Disability Benefits

• CPP Survivor Benefits

If you discover that the deceased did not apply for CPP benefits to whichhe or she was entitled, request and complete a Post-Mortem Applicationfor Benefits. This will register the deceased so that further applications forCPP survivor benefits can proceed. Retroactive CPP payments are eligibleto a maximum of 11 months from date of application as long as theapplication is made within one year of the date of death. Therefore, applyas soon after death as possible.

CPP/QPP Death Benefit: If the deceased contributed to CPP/QPP, theirestate or a beneficiary may be entitled to a one-time lump sum death benefit. This benefit is not tax-free and must be reported on the recipient’stax return. If the estate reports the death benefit and then pays it to thebeneficiary, a T3 slip will be issued in the beneficiary’s name. Althoughyou must report all other CPP/QPP benefits on the deceased’s return, theone-time death benefit is not reported on his/her return.

CPP/QPP Survivor Benefits: If the deceased contributed to CPP/QPP, hisor her spouse, including a common-law spouse, may be entitled to amonthly survivor pension payment. His or her children may also be entitled to a monthly orphan benefit if they are either younger than 18 orbetween 18 and 25 and attending school or college/university full-time.The funeral home usually assists the family in applying for these benefitsand provides the appropriate forms. These benefits are generally paidwithin 6-12 weeks of the applications being received. For more informa-tion regarding these benefits contact Service Canada at (800) 277-9914or visit www.servicecanada.gc.ca

Old Age Security (OAS): Old Age Security payments will still be paid to thedeceased during the month of death. Any benefits received after that willhave to be repaid or returned. You may also have to return the cheque(s)and request it be reissued in the name of the estate if the bank will notaccept the deposit. This includes the following benefits:

• Old Age Security Pension Allowance

• Old Age Security Pension Allowance for the Survivor

Be sure to ask if the deceased’s spouse or common law partner is entitledto receive monthly spousal survivor payments. For more information contact Service Canada at (800) 277-9914.


Guaranteed Income Supplement (GIS): If the deceased was separated fromhis or her spouse or common-law partner for reasons beyond his or hercontrol (for example, if one had to live in a hospital or nursing home),they may be considered as “involuntarily separated” for tax purposes. The benefits of this status can include independent property tax credit eli-gibility as well as eligibility for a monthly guaranteed income supplement.Examine past tax returns to see if this application was made. If not, applyfor a retroactive Guaranteed Income Supplement as soon after death aspossible because the maximum 11-month retroactive payment is deter-mined from date of application and not from date of death. Also applyfor reassessment of prior year tax returns for both spouses in which invol-untary separation status was in effect and which favourably increases theproperty tax credit for either partner.

GST/HST Credit: If the deceased was receiving GST or HST credits, theestate is entitled to the credit if it was issued in the month of death. If you receive a cheque after the deceased’s date of death, you must returnit. You may also have to return the cheque and request it be reissued inthe name of the estate if the bank will not accept the deposit. To cancelthe GST/HST credit simply send a letter along with Proof of Death to your regional tax center and they will stop future credit payments. Call (800) 959-8281 for more information and the address of your regionaltax center. If the deceased had children for whom they were receiving theGST/HST credit, the new guardian should contact the above toll-freenumber to inquire whether they qualify to continue to receive the creditpayments on behalf of the children.

Universal Child Care Benefit (UCCB) & Canada Child Tax Benefits (CCTB):If the deceased was receiving UCCB or CCTB, contact the local CRA TaxCentre to advise them of the death and inquire if the deceased’s spouse orchild(ren)’s guardian(s) are entitled to receive the benefits.

Military Benefits: If the deceased served in the military or was the spouseof a service person, the estate may quality for the following benefits:

War Veteran’s Allowance (WVA): If the deceased received a War VeteransAllowance, the surviving spouse, common-law partner or orphan(s) mayalso quality for WVA if the deceased veteran or civilian had the requiredwar service. Contact the deceased’s regional Veterans Affairs office formore information.

Lost Post Fund: Financial assistance for funeral and burial funding mayalso be available through the Lost Post Fund to wartime and peacetimedisability pensioners who die either from a pensioned condition or a con-dition that can be related to military service. Financial eligibility is basedon an assessment of the deceased’s financial resources at the time of thedeath. This assessment depends on the deceased’s marital status andwhether there are dependent children. The Lost Post Fund also providesgrave headstones for war veteran graves that have been unmarked formore than five years. Visit www.LastPostFund.ca for more information.


Other Government Pensions: If the deceased was receiving other government pensions, such as a Canadian Forces Pension or a Veteran’sDisability pension, inquire through Service Canada (800) 277-9914 forcontact information. Once you are in touch with these departments, theywill inform you of entitlements and survivor benefits.

Employment Benefits: Contact the deceased’s employer to inquire aboutfinal wage entitlements and pension/retiree benefits. Be sure to inquirewhether the deceased’s employer’s group insurance plan will continue toprovide spousal and children’s coverage for a period of time after his orher death. Also inquire whether pension benefits are transferable and ifthe beneficiaries are eligible for the following pension benefits:

1. Lump sum plus interest, based on plan contributions made while thedeceased was employed

2. Lump sum based on an actuarial calculation

3. Deferred pension benefit payment

Initiate claim for any group life insurance (the first $10,000 is tax-free;anything above is taxable) and collect any entitlements to final disabilityinsurance benefits, annuities, trust income, etc.

Note that vacation pay is deemed to be income earned by the deceasedand must be reported on the deceased’s income tax. However, compensa-tion for unused sick leave is deemed as a death benefit and must bereported as income by the recipient (i.e. the estate or beneficiary).

Superannuation – Public Works and Government Services Canada –PWGSC: In the event of a member or former plan member's death, theSuperannuation Sector should be advised immediately. Send a letter ofnotice along with a copy of the funeral home’s Proof of Death and othersupporting documentation as soon as possible.

Union and Company Pensions: If the deceased collected a pension from aunion or company, contact these organizations to report the death and todetermine benefits to which the estate and survivors are entitled. Eachpension organization will specify the supporting documentation it requires.

Trusts: If the deceased was entitled to benefits from a trust or anotherestate, you may wish to contact a lawyer for assistance in collecting thefinal entitlement.

U.S. Social Security Benefits: If the deceased contributed to the UnitedStates Social Security system for a minimum period of time, the spouse anddependent children may be entitled to receive a Surviving Spouse’s Pensionand a Surviving Child’s Benefit. When a United States Social Security benefit is paid, the U.S. Social Security Administration office determinesthe amount of benefit payable on the basis of actual periods creditedunder the United States system. Contact a Social Security Administration(SSA) representative to determine which benefits may apply. To make anappointment with a representative or to find the closest SSA office, visitthem online at www.socialsecurity.gov/foreign/canada.htm to find thecontact office for your region.


International Pensions: If the deceased lived or worked in another countryor received a foreign pension, contact Service Canada (800) 277-9914 tonotify them of the death. They will record all of the details and electroni-cally forward the information to the International Operations branch.They will also assist you with making an Interim Application to theInternational Operations branch to determine if the beneficiaries are enti-tled to additional benefits (i.e. Surviving Spouses’ Pension, SurvivingChild’s Pension, Child Rearing Pension or Death Benefit).

You must also inform the foreign country from which the pension wasprovided about the death.

For more information on International Benefits and Social Security, youmay wish to directly contact the International Operations branch of theIncome Security Programs at Service Canada. You can call them at (800) 277-9914 or visit them at www.servicecanada.gc.ca. A directory andsearch engine of the world’s embassies and consulates is available atwww.EmbassyWorld.com. If you require assistance with internationalestate related matters, you may wish to start by contacting the appropri-ate embassy.

File copies of all letters or faxes and note the name, telephone numberand extension of any person that you speak with.

❏ Send Notices

Beneficiaries and others: Identify and notify all beneficiaries and relatedparties that have an interest in the estate regarding your duties and theirentitlements. If a minor or mentally incompetent individual is named as a beneficiary, notice should be sent to the parent, guardian, or PublicTrustee representing their interest. Maintain ongoing communication withbeneficiaries throughout the estate settlement process.

Creditors Notice: Some provinces require that the estate advertise forcreditors while others don’t. Advertising for creditors protects the estateagainst any future claims and protects the executor from being held per-sonally liable for any creditor claim after the assets have been distributed.Contact a lawyer to determine if you are required to advertise for credi-tors. If you are, you will need to contact the closest regional news paper toplace a Notice to Creditors advertisement.

• Request a copy of the format used by the newspaper or by lawyers inyour province.

• Complete by filling in the blanks and return the form to the newspaper.

• Verify how often you are required to run the Notice to Creditorsadvertisement (generally twice a week for two consecutive weeks oronce a week for four weeks).

• If available, secure a sworn Affidavit of Proof of Publication from thenewspaper confirming the publication of the Notice to Creditors.

• Remit payment for advertising, obtain a receipt, and document the expense.



Creditor’s Claim: If you receive a creditor’s claim or any estate debt orexpense claim, you must first verify the claim’s validity. If the claim is signif-icant in value, you may wish to seek a legal opinion before paying the claimto ensure that the creditor has provided sufficient evidence to warrantpayment. Given that any payment to a creditor reduces the estate value,beneficiaries are apt to review these claims carefully and may contest apayment if insufficient proof is provided. If the claim is legitimate, makethe required payment and obtain a receipt and a release, where necessary.

Notifying Credit Bureaus: As a precaution, send a letter requesting that adeath notice be placed on the deceased’s credit file. The letter must statethe deceased’s name, address, date of birth and accompany a copy of theproof of death. Providing the deceased’s Social Insurance Number isoptional but advantageous. For more information, contact EquifaxCustomer Care toll free at (800) 465-7166 (voice mail only) or online atwww.equifax.com. TransUnion can be reached toll free at (866) 525-0262or long distance at (905) 525-0262 and online at www.transunion.ca.

Department of Vital Statistics: Notify the vital statistics office of thedeceased’s province of birth, if different from the province of death, to ensure that a duplicate birth certificate is not issued. Although noticethrough internal channels should occur, it is best to proactively notify eachprovincial department.

Passport Office: If the deceased held a valid passport, return the passportto Passport Canada and request that they record the notice of death.

Citizenship & Immigration Canada: If the deceased held a PermanentResident card, return the card along with proof of death (funeral home’sproof of death, copy of the death certificate or copy of newspaper obituary)to Citizenship & Immigration Canada.

Elections Canada: Notify Elections Canada to remove the deceased’sname from the voters roll.

Credit Cards: Write or fax to cancel all of the deceased’s credit cards.Don’t forget to ask if the credit card was insured and if any ‘award points’can be transferred to a beneficiary. Note that many credit card companieshave a short time limit on transferring points.

• Destroy the deceased’s credit cards.

• Record any outstanding credit card balances on the LiabilitiesInventory spreadsheet.

If there are co-applicants associated with the deceased’s credit card, besure to notify them of the pending cancellation so they can arrange toeither assume the account or apply for a new individual credit card.

Health Insurance Coverage: Cancel the deceased’s personal health insur-ance coverage as well as any provincial, dental or other medical coverage.

• Include a copy of the Proof of Death.

• Include the Provincial Health Card, cut in pieces.

Social Insurance Number Card: It is important to notify Service Canadaof the deceased’s death as soon as possible in order to reduce the risk ofsomeone fraudulently using the deceased’s SIN number. Notify ServiceCanada of the deceased’s passing by either presenting a letter with a copyof the Proof of Death and the SIN card in person at your local ServiceCanada office or mailing this information to: Social Insurance Registration,P.O. Box 7000, Stn. Main, Bathurst, New Brunswick E2A 4T1. Be sure torecord the SIN number and photocopy the card before you give it away.Once Service Canada receives your notice, it will be annotated that theperson is deceased, but you can still use the number for estate settlementpurposes. If you have any other questions regarding the deceased’s SocialInsurance Card, you can call (800) 206-7218.

Property/Vehicle Insurance Company: Notify all property and vehicleinsurance providers of the deceased’s death. Change the policyholdername and ensure adequate coverage on all assets.

Driver’s Licence & Plates: Depending upon the province in which thedeceased resided, the estate may also be eligible for a driver’s licencerefund if the deceased passed with a valid driver’s licence. In Ontario, for example, the refund is calculated as $15 per year outstanding on theDriver’s Licence and $6.15 per month on plates. The refund will be calcu-lated from the date the driver’s licence is returned to the ministry and cancelled. You may present the licence and a copy of the Proof of Deathto the Driver and Vehicle License Issuing Office or send a written requestto the Ministry of Transportation. Contact your provincial Ministry ofTransportation to learn if a refund is applicable.

Vehicle Accessible Parking Permit: Return the deceased’s vehicle accessi-ble parking permit, if applicable.

Healthcare Professionals: (i.e. doctor, dentist, specialist etc.) Notify of the deceased’s death, cancel upcoming appointments and requestthat the deceased’s records be historically filed.

Services and Utilities: Assuming there is no surviving spouse or tenant,cancel applicable utility or service providers. Do not cancel any service thatmay result in property damage (i.e. ensure canceling heat will not result infrozen pipes). Inquire whether a refund is due. Request a final accounting.

• Cable television

• Satellite service

• Internet service provider

• Heat

• Hydro

• Water

• Telephone

• Other utilities

• Leases for appliances, vehiclesand/or furniture

• Merchandise deliveries

• Service calls

• Newspaper/magazine and othersubscriptions

• Appointments

• Medical equipment suppliers

• Church and religious groups

• Clubs and social organizations

• Reward program providers

• Veterinarians



Landlord/Property Management Company: If the deceased was rentingproperty, review the lease/rental agreement, then notify the landlord ofthe deceased’s death and determine if any rent is outstanding or how longthe rent is paid to. Decide how much time is needed to clear the premisesof contents and either cancel the lease or arrange for a sublet. Collect anysecurity deposits or prepaid rent that may be owing to the estate.

If the deceased was a landlord, review all lease or rental agreements andinform any tenants of the landlord’s death. Advise whether the propertywill be sold or continue to be rented to the current tenants. Provide clearinstructions as to how and to whom future payments should be made.Ensure that mortgage payments, insurance premiums and general upkeepof the property are maintained. Consider hiring a property manager tocollect rent, maintain the property and pay expenses.

Subscriptions: Cancel any newspaper or magazine subscriptions, includingonline subscriptions. Inquire whether a refund is due. Request a finalaccounting.

Memberships/Clubs/Fraternities/Alumni: Inquire whether any memberdeath benefits apply prior to cancelling any memberships. Initiate claimon coverage if applicable. Request refund of pre-paid dues or fees.Request a final accounting if necessary.

Volunteer Organizations: Notify any organizations with whom the deceasedmay have volunteered regarding the deceased’s death. Request the deceased’sname be removed from the volunteer list and cancel future activities.

Stop Junk Mail & Unsolicited Calls: Register the deceased for theCanadian Marketing Association’s Do Not Mail and Do Not Call Service.This FREE service prevents mass marketers from mailing, phoning or faxing the deceased.

Mail Redirection: If applicable, re-direct the deceased’s mail to your address.Change of Address Notification (COAN) forms are available at any CanadaPost outlet. Canada Post generally charges for this service; however, if youprovide a copy of the Death Certificate and one of the following documents,Canada Post will provide this service free of charge for one year. Visit yourlocal Canada Post outlet and file the Change of Address Notification form:

• A Canada Post Statutory Declaration form (or a copy of the Will)

• A Certificate of Appointment of Estate Trustee With a Will

• A Certificate of Appointment of Estate Trustee Without a Will.

For more information, contact Canada Post at (800) 267-1177 or visit www.canadapost.ca.

❏ File Taxes

Terminal Tax Returns & Associated Matters: Depending on the complexityof the estate, you may need the assistance of an accountant to completethe terminal tax returns. There are up to three tax returns to complete forthe terminal year and special tax rules that occur on death. Working withan experienced accountant will generally save the estate more than it costsand will definitely save an executor a lot of time and headache. If you wishto appoint an authorized representative to deal with CRA for tax matterson your behalf, you will have to complete Form T1013, Authorizing orCancelling a Representative. Canada Revenue Agency (CRA) (formerlyRevenue Canada) publishes a guide called Preparing Returns for DeceasedPersons, which is specifically written to assist with filing terminal tax returns.You can secure a copy by calling or by visiting your local CRA office. Or, you can log on to: www.cra-arc.gc.ca/formspubs/tpcs/dcsd-eng.html.

If you are dealing with a lawyer and an accountant, they will generallycoordinate the following steps. However, if you choose to complete filingthe terminal tax returns yourself, you will have to:

• File any outstanding tax returns for previous years, if applicable.

• File income tax returns for the “terminal year” with all jurisdictions.

• Secure CRA Notice of Assessment for final tax return and any outstanding prior year returns.

• Pay all taxes owing.

• Arrange for the election of assets to go into a spousal trust within 36 months, if applicable.

• Prepare and file terminal tax returns for the estate.

• Prepare and file returns for the estate for each year that the estateearns income.

Be sure to ask your local CRA office the specific tax deadlines for eachreturn you are required to complete.

If the deceased lived part-time in the United States, was a US citizen orowned US assets, you may have to file a US income tax return. For moreinformation, visit the Internal Revenue Service website at www.irs.gov.

Be sure to secure all Tax Clearance Certificates and releases or CourtOrders before making final payments to beneficiaries.

Clearance Certificates: Once the income taxes have been filed, CRA willissue a Notice of Assessment showing the income tax liability and anytaxes owing or amount to be refunded to the estate. Assuming that youagree with the Notice of Assessment, you can then apply for:

• A Clearance Certificate for the Estate

• A Clearance Certificate for the Deceased


If an accountant is preparing the terminal tax returns, your ClearanceCertificates will generally be provided as part of this service. The ClearanceCertificate provides written confirmation that all of the deceased’s tax liabilities have been paid (or security for payment has been provided). This releases the executor from any personal responsibility for paying thedeceased’s taxes in the event that there are no longer funds remaining in the estate.

❏ Pay Debts

Pay any debts that remain unpaid. Be sure to secure a receipt for all payments.

❏ Pass Accounts

Although optional, this must be completed if a beneficiary requests it.Executors often voluntarily complete the Passing of Accounts process toensure that in the future no beneficiary can question how they adminis-tered the estate and the compensation they received. The Passing ofAccounts generally includes:

• List of all assets and liabilities as of the date of death

• List of all receipts and disbursements encountered during the estatesettlement process

• List of all assets and liabilities at closing

• List of all investments purchased and sold during the estate settlement process

• Accounting of the executor’s fees

In the formal Passing of Accounts, the estate accounts are prepared in aspecial form that a lawyer can provide. These documents are filed with thecourt. Each adult beneficiary receives a copy of the estate accounts toreview. If there are no objections from beneficiaries, the judge reviews thedocuments and typically approves them. If a beneficiary objects to theestate accounts, the executor should try to answer all concerns and providedocumentation as requested. If issues are not resolved, a court hearingtakes place and a judge will issue a court ruling on his/her decision.

Usually, if there was an indemnity bond for probate, a passing of accountsis required before the bond is released.

When you provide the beneficiaries with the passing of accounts you maywish to indicate what portion of their inheritance is received tax-free andwhat is not. You may also wish to advise the beneficiary to consult with atax advisor to ensure the most tax-advantageous receipt and treatment oftheir inheritance.

❏ Distribute Assets

Beneficiaries are not obligated to accept bequests. They can, if they wish,decline acceptance of any gift. Should you encounter this situation asexecutor, be sure to have the beneficiary provide a written letter statingtheir refusal to accept the bequest. This protects your interests and allowsyou to distribute or dispose of the gift in an alternate manner.


Transfer Securities: Contact the deceased’s stockbroker or investmentadvisor for assistance in transferring securities. Work together to completethe following forms:

• Declaration of Transmission

• Powers of Attorney to Transfer Stock

• Powers of Attorney to Transfer Bonds

Once the paperwork is complete, you can either sell the securities and dis-tribute the proceeds or transfer the securities in kind as designated in theWill or in accordance with provincial legislation if there was no Will. Besure to obtain a release and receipt from the beneficiary, if applicable.

Transfer RSP & RRIF: If the deceased had an RSP or RRIF, CRA deemsthat the deceased disposed of the RSP/RRIF at fair market value (FMV)immediately before death. Therefore, the full FMV and any amounts thedeceased received from the RSP/RRIF during the year must be reported ontheir tax return.

RSP/RRIF beneficiaries receive funds tax-free as long as the funds wereincluded in the deceased’s income and reported on the deceased’s taxreturn. Should the RSP/RRIF earn income after the deceased’s date ofdeath, these earnings must be reported on the beneficiaries’ income tax orthe estate tax return.

If the deceased did not name a beneficiary for their RSP/RRIF on the contract, proceeds will be distributed according to the terms of the Will orif there was no Will, in accordance with provincial legislation. Note thatRSP beneficiary designations do not automatically carry over to RRIFs.

Rollover Exception – The deceased is not considered to have disposed oftheir RSP and does not have to report the proceeds as income on their taxreturn if their spouse or common-law partner was named as the sole bene-ficiary. The spouse or common-law partner will receive the RSP funds tax-free; however, they must transfer the full value directly into an RSP, RRIFor annuity by December 31st of the year following the year of death.

The deceased is not considered to have disposed of their RRIF (or maturedRSP) and does not have to report the proceeds as income on their taxreturn if their spouse or common-law partner was named as the sole bene-ficiary. In this case, the RRIF continues and the spouse or common-lawpartner receives the payments which must be reported on their tax returnfor the year in which they are received. In order to defer paying tax, a qual-ified beneficiary (spouse, common-law partner, financially dependentchild or grandchild under the age of 18, and a child or grandchild of anyage who is financially dependent by reason of physical or mental infirmity)can transfer eligible RRIF or RSP funds into an RSP, RRIF or annuity.Certain time limits apply.

No Rollover – If the deceased named someone other than a ‘qualified beneficiary’ as the beneficiary of their RSP/RRIF, the FMV of the amountthis beneficiary receives must be included in the deceased’s income for theyear of death.


Tax planning – No contributions can be made to the deceased’s RSP afterthe date of death. However, contributions can be made to the survivingspouse’s or common-law partner’s RSP in the year of death or during thefirst 60-days after the end of that year. Those contributions can beclaimed on the deceased’s tax return, up to their RSP deduction limit forthe year of death. CRA also allows qualified beneficiaries to apply for aRefund of Premiums (for RSP) and/or a Designated Benefit (for RRIF) inorder to reduce or defer taxes.

Contact the RSP/RRIF issuer for specific information on transferring orliquidating funds.

Transfer or Sale of Financial Assets: Ask the deceased’s financial institu-tions or advisors to initiate the transfer or sale of the following assetsaccording to the terms of the Will:

• Annuity payments or pension income

• Employee pension benefits

• GIC, term deposits, open accounts, mutual funds

• Canada Savings Bonds

If transferring or redeeming Canadian Savings Bonds, send a letter requesting the transfer or redemption to Canada Savings Bonds, PO Box 2770, Station D, Ottawa, Ontario K1P 1J7 Attention: Transfer &Exchange Unit. Banks cannot process the transfer or redemption request.Processing takes approximately 4-6 weeks, there is no fee and in mostcases, original legal documents will be returned. Visit www.csb.gc.ca orcall (800) 575-5151 for more information.

The documentation required to transfer or redeem Canadian SavingsBonds depends on the ownership structure. For example:

Right of Survivorship – If the CSB is registered in two or more names withthe words “and survivor” (i.e. Robin Smith and Pat Smith and survivor) itcan be quickly and easily transferred to the survivor(s) by simply sendingthe letter, certificates/bonds along with one of the following proofs ofdeath to the address above.

• A Death Certificate (or a notarized copy) issued by a ProvincialRegistrar (i.e. Vital Statistics)

• A Certificate of Death (or notarized copy) from a funeral home.Must include corporate seal and original signature

• A Death Certificate (or notarized copy) issued by a church. Must include seal and minister of religion's signature

• A coroner’s Certificate of Finding (or notarized copy)

Co-Owners or Sole Owner – If the CSB is registered in one, two or more namesbut does not contain the words “and survivor” (i.e. Robin Smith or RobinSmith and Pat Smith) it does not have automatic right of survivorship. Theletter, certificates/bonds, proof of death and Form 2351 are required totransfer ownership or redeem the value. Letters Probate may or may not berequired depending on the value of the CSB and to whom it is being trans-ferred. Visit: www2.csb.gc.ca/eng/service_bondholders_deceased_rules.aspfor more details.


Discrepancies – Any difference in name between the Government ofCanada Retail Debt Instruments and legal documents should be coveredby a letter of guarantee from a financial institution or a lawyer stating, forexample, that Robin Smith, Robin K. Smith and Robin Kelly Smith are oneand the same person.

In case of lost, stolen or destroyed Canada Savings Bonds immediatelycontact Client Services at (800) 575-5151, as there is a mandatory four-month waiting period. Provide as much information as possible,including bond series and serial numbers and the exact name on the faceof the bond.

In the case of stolen bonds, you will require a copy of the police reportregistering the theft.

If you are unable to locate the bonds, you will be required to secure aBond of Indemnity through an approved insurance company before apply-ing for redemption or transfer. Most insurers charge a percentage of thebond’s face value for this service. If the bonds surface at any time afteryou have reported them missing, you must notify Client Services beforeattempting to cash them so that the file can be amended.

Other Bond Issuers: Bond redemption procedures vary so contact eachissuer about their specific requirements. Depending upon the value ofeach bond, redemption charges may apply.

Be sure to consult with a tax accountant or senior financial advisor toensure that the financial assets are transferred in the most tax-advantageousmanner possible.

Real Estate Transfer: In most cases, when property is not jointly owned, aprobate certificate or Letters of Administration is required to transfer title.The complexity of this transfer increases if the property is located outsidethe province.

Joint Tenancy – If the deceased owned a piece of property in joint tenancy,the title passes directly to the joint surviving owner. Therefore probate isnot required to facilitate this transfer since the property does not formpart of the estate. The surviving joint tenant can apply to transfer the titleto their sole name. The application must be accompanied by a Proof ofDeath along with a copy of the title and required fees.

Tenancy in Common – If the deceased owned a piece of property in tenancy in common, the executor or administrator can apply to transferthe land title in accordance with the instructions in the Will or as per theprovincial/territorial intestate succession laws. In this case, probate of thewill is most likely required since the Land Tittles office generally will notrely on the will itself as proof that the executor has the authority to transfertitle on the deceased’s property. Similarly, if the deceased died intestate,an original or court certified copy of the Letters of Administration will berequired along with a copy of the title and required fees.


Sole Ownership – If the deceased was the sole owner of a piece of property,Letters Probate or Letters of Administration will be required along with acopy of the title and required fees in order to transfer the title or sell theproperty and distribute the proceeds according to the provisions of theWill/provincial/territorial intestate succession laws.

Contact the Land Registry office in the region in which the deceased’s realestate property exists to determine whether the executor or administratorcan apply for the transfer of title independent of a lawyer. If so, mostoffices will assist the applicant by providing them with the necessary formsand procedures.

In general, most Land Registry offices require the following documenta-tion to transfer title:

• Death Certificate

• Letters Probate

• Copy of deed, if available

• Transfer Application

• Transfer fee

Vehicles: Before operating a vehicle that was owned or insured by thedeceased, you should contact the vehicle insurance provider to notify ofthe death, change the coverage from the deceased’s name to deceased’sestate (or spouse, etc.) and confirm who is covered to drive the vehicle.Notify the insurance company by phone and ask what documentation isrequired to complete the change. Most insurance companies will need acopy of the Proof of Death and Letters Probate.

You can transfer ownership of vehicles at any Driver and Vehicle LicenceIssuing Office. The procedure may vary from province to province, butgenerally you will need to present:

• Vehicle Ownership & Registration with back portion completed

• Vehicle Insurance

• Notarized copy of the Will

• Copy of the Death Certificate

Transferring the vehicle into the executor’s name generally does notrequire a “safety-check”; however, when the vehicle is sold for fair marketvalue, the safety is required and payment of applicable provincial sales taxwill also be required.

When transferring the ownership, also inquire if the estate is eligible for alicense plate refund if the license plates are not accompanying the vehiclein the transfer.

Personal Effects: Distribute personal effects in accordance with the termsof the Will or personal memorandums. Be sure to obtain a written receiptfrom all beneficiaries as you distribute the deceased’s assets. The receiptdoes not have to include a dollar value but should be signed by both ofyou and indicate the date and location of transfer as well as the itemtransferred.


Firearms: As the executor of an estate with firearms, you are responsiblefor ensuring that the firearms are transferred and registered to a properlylicensed individual or business, or disposing of them in any other safe andlawful manner within a reasonable period of time. Until that time, youmust ensure that the firearms are safely stored. For more information onsafe storage, contact the Canada Firearms Centre at (800) 731-4000 oronline at www.cfc-cafc.gc.ca.

You are also responsible for determining if the deceased had a valid firearmslicence and if each firearm was registered. If you are not sure about thestatus of the deceased owner’s licence and registration certificates, youcan find out by calling (800) 731-4000 and providing proof that the regis-tered owner is deceased and that you are the executor of the estate. If thedeceased did not have a valid firearms licence or registration certificate atthe time of death, the Canada Firearms Centre will work with you toresolve this situation as quickly as possible.

To be able to acquire a firearm through inheritance, an individual must be at least 18 years of age and hold a valid Possession and AcquisitionLicence (PAL) with the appropriate privileges (non-restricted, restricted,prohibited). Individuals who have a Possession-Only Licence (POL) cannotreceive the firearm(s) until they upgrade their licence to a PAL. Businessesneed a valid firearms business licence to acquire firearms.

When a firearm is transferred to a new owner, there is a specific processthat must be followed. This ensures that: the new owner is eligible to havethe firearm; the Chief Firearms Officer for the province or territory andRegistrar of Firearms are notified of the transfer; and the firearm is registered to the new owner. For more information contact the CanadaFirearms Centre toll free at (800) 731-4000, or online at http://www.cfc-cafc.gc.ca/factsheets/sell_e.asp.

Arrange for transfer or cancellation of general insurance coverage onassets that have been conveyed or sold.

Note: Remind beneficiaries to update, document and reorganize theiraffairs now that the value of their estate may have changed withtheir inheritance. It may also be advisable that they update theirWill and Power of Attorney as these documents may have referred tothe deceased. They should also consider the value of documentingtheir own final wishes.

❏ Secure ReleasesObtaining the release from beneficiaries is one of the most importanttasks for an executor to complete. Generally a lawyer will draft the release.This release is so important that an executor has the right to withholddelivery of the beneficiary’s entitlement until the beneficiary signs therelease. If a beneficiary refuses to approve the estate accounts and signthe executor’s release, the executor should find out why and address thebeneficiary’s concerns. This may require legal assistance. If the beneficiarycontinues to refuse, an application to the surrogate court can be made(costly and may cause delays) to have the accounts approved/reviewed.Once approved by the court, the executor can distribute the remainder ofthe estate without the objecting beneficiary’s signature.


❏ Discard Items

Once all of the assets stipulated in the Will have been distributed, youmay find that there are still many items to be given or thrown away.Before discarding or disposing of certain items, see if they may be of valueto others. Be sure to inquire if the estate is eligible for a charitable dona-tion receipt for the gift. For example:

• China, silverware, antiques, art and collectibles: Consignmentshops and galleries often accept these items and/or buy them fromthe estate. Alternative purchasers can include internet retailers orprivate collectors through advertising.

• Eyeglasses: The Lions Club collects eyewear and sends it to ThirdWorld countries, as do many opticians.

• Hearing aids: The Canadian Hearing Society has a program to collect, refurbish and donate hearing aids to those in need.

• Wheelchairs, walkers and other devices: Seniors’ residences, retirement homes or the Red Cross often can pass these items alongto others in need.

• Medical supplies: New and sealed ostomy supplies, bandages andsyringes, topical medications and other supplies may be accepted byyour local Victorian Order of Nurses, Canadian Cancer Society orthe Red Cross. Note that prescription medication is not suitable fordonation and should be returned to a pharmacy for proper disposal.

• Clothing, linen and furniture: Clean used clothing and linen in goodrepair, as well as furniture, can be donated to a charity or helpingagency in the deceased’s memory. Most charities will arrange to collect items which should be appropriately boxed and/or labelledfor pick-up. Helping agencies include the Salvation Army, women’sshelters, drop-in centres, rooms for the homeless and victims of fires and floods.

• Scrap metal and old vehicles: Yard junk is often carted away at nocharge by scrap metal businesses which then sell it by the pound.Check listings in the Yellow Pages or in community newspapers.

• Theatre and Drama centres: Local theatre troops often gratefullyaccept clothing, house wares and general items as production props.

• Library: Schools and local libraries usually welcome books, videotapes/DVDs, CDs, etc. to add to their collections.

❏ Collect Executor’s Fee

Having now completed your duties as executor, you may be entitled toreceive a fee. If the fee was stipulated in the Will, then that amount iswhat you are entitled to receive. If it wasn’t, then you are entitled to ‘a fairand reasonable allowance’ for your time and effort in settling the estate.What exactly is that sum? Since there is no statute law specifying executorcompensation, it falls to case or precedence which typically equates to roughly5% of the estate value. In Ontario, this is calculated as 2 1/2 percent oncapital receipts plus 2 1/2 percent on capital disbursements and a management fee of 2/5 of 1 percent of the annual estate value. Note thatNewfoundland and British Columbia stipulate maximum values.


The executor’s fee must be approved by the beneficiaries and/or the courtand is usually done so during the Passing of Accounts process. If benefici-aries don’t object to the fee, then the Passing of Accounts is filed with thecourt where it is reviewed and approved by a judge. If a beneficiary objectsto the fee, the estate lawyer will work with the executor and beneficiary to address the dispute and negotiate a reasonable settlement. If there isno Passing of Accounts, then the executor’s fee is usually approved by aninformal consensus amongst the beneficiaries and the executor.

The following criteria are used to determine what is ‘fair and reasonable’for an executor’s fee:

• the value of the trust (if any) that the executor administered

• the level of skill, knowledge and ability the executor demonstratedwhile settling the estate

• the level of care and responsibility the executor undertook while settling the estate

• the amount of time the executor invested to perform all duties.

• the degree of success the executor achieved in administering the estate

These criteria are taken into consideration in order to account for ‘usualpercentages’ that can result from unique situations or extremely large orsmall estate values. For example, in a very large but relatively simple estate,the five factors may suggest that the compensation be reduced. On theother hand, in a small but unorganized or contested estate, the criteriamay warrant increasing the amount of compensation.

In summary, an executor usually claims compensation as per the case orprecedence percentages (roughly 5% of the estate value), but the abovecriteria provide discretion to adjust compensation depending on individual circumstances.

Additional compensation beyond the standard executor’s fee may be per-mitted if the estate is particularly complex or if there is difficult litigationinvolved. Unlike the executor’s fee, this amount is normally calculated onan hourly basis.

What happens to an executor’s fee if they hire a lawyer, accountant orother advisor to help settle the estate? If the professional was hired tocomplete part of the executor’s duties, then the fees that were incurredshould be deducted from the executor’s compensation. On the other hand,if the professional was hired to provide advice on issues outside of theexecutor’s area of expertise, the fees incurred are charged to the estate.

Generally, most legal fees can be charged against the estate unless they arefees for standard work that the executor could have done. However, if theexecutor hired the lawyer for advice on how to maximize their executor’scompensation (i.e. for their own personal benefit) then the executorwould pay the lawyer personally. Fees for accountants to prepare the ter-minal tax returns and for investment advisors to provide advice in assetmanagement are typically charged against the estate and not deductedfrom the executor’s fee given that most executors do not have adequateexpertise to undertake this on their own.


If there is more than one executor, is each executor entitled to the ‘usualpercentage’ (5%) executor fee? No. The executor’s fee is usually dividedequally amongst all executors, unless agreed or court-appointed other-wise. Given the level of responsibility and liability associated with being anexecutor, entitlement to equal compensation applies even if there was notequal division of duties performed.

However, given the criteria used to determine ‘fair and reasonable’ com-pensation, few executors are remunerated for doing nothing. That said, itis a good practice for an executor to document their activity and recordthe time spent on each task. This record can be very useful to substantiatean executor’s claim for compensation, especially where special or addi-tional compensation is being claimed.

Ultimately, an executor must wait until the end of the estate settlementprocess before receiving their compensation unless they have received priorconsent from the beneficiaries or a court order.

In the end, an executor may be better off simply not taking their fee at all.How can that be? Well, executor’s fees are deemed taxable income andmust be declared on the executor’s personal income tax return. In somecases, it may be more tax-advantageous, if the executor is also a benefici-ary, to waive the executor’s fee and increase the amount inherited directlyfrom the estate since inheritances are received tax-free. Of course, theother beneficiaries must support this option.

Note that executors are not allowed to pay themselves before winding-upthe estate (with the exception of petty cash reimbursements from theestate account) unless they have beneficiaries’ approval or court approval.

❏ Administer Testamentary Trusts

It is possible that the executor and trustee of a testamentary trust may bedifferent people. Continue your ongoing obligations (if any) to administerany testamentary trusts. If the estate was complex enough to involve a testamentary trust, you will most likely be working with a lawyer to complete this task. Generally, the executor should pass accounts every 3-5 years when trusts are involved for children or incapable people.

Shred documentation that is not required for historical filing and maintainsensitive estate related documentation for 7 years.


ASSET INVENTORY

34 Asset Inventory

Ownership Beneficiary Ownership Beneficiary Current Sole (S) or Named (N) or Current Sole (S) or Named (N) or

Asset Value Joint (J) Residue (R) Asset Value Joint (J) Residue (R)

Real Estate

Principal Residence $

Cottage, condo $

Rental Property $

Investment Property $

Vacant Land $

Farmland $

Time Share $

Burial plot, columbarium $

Other $

Subtotal $

Financial

Bank Account $

Bank Account $

Bank Account $

GICs and Interest $

Savings Bonds $

Term Deposits $

RSP/RRIF/LIF/LIRA $

RHOSP $

Stocks/Debentures $

Dividends/Interest Income $

Shareholdings $

Tax Shelters $

Mortgage Investment $

DPSP $

RPP/IPP $

Stock Options $

Other $

Subtotal $

Personal Property

Valuables/Collections $

Artwork/Furnishings $

Firearms $

Jewlery/Antiques $

Other $

Subtotal $

Vehicles

Automobile(s) $

Recreation Vehicle $

Boat $

Mobile Home $

Aircraft $

Other $

Other $

Subtotal $

Final Entitlements

Final Salary $

Income Tax Refund/

Credits $

Driver's Licence Refund $

Insurance Refund $

Loans Receivable $

CPP Death Benefit $

Refund of pre-payments $

Other $

Other $

Subtotal $

Life Insurance

Personal Life Insurance $

Corporate Life Insurance $

Group Benefits Insurance $

Mortgage Life Insurance $

Annuities $

Accident Insurance $

Credit Card Insruance $

Bank/Loan Life Insurance $

Other $

Other $

Subtotal $

Notes

LIABILITY INVENTORY

35Liability Inventory

Liability Outstanding Value Liability Outstanding Value

Real Estate

Principal Residence Mortgage $

Cottage Mortgage $

Rental Property Mortgage $

Investment Property Mortgage $

Vacant Land Mortgage $

Other $

Other $

Other $

Subtotal $

Personal Property

Bank Loan $

Bank Loan $

Line of Credit $

Line of Credit $

Credit Card Debt $

Credit Card Debt $

Credit Card Debt $

Department Store Card Debt $

Department Store Card Debt $

Other Credit Card Debt $

Other Credit Card Debt $

PAC Withdrawals $

PAC Withdrawals $

Merchandise Leases $

Merchandise Leases $

Other $

Other $

Other $

Subtotal $

Life Insurance

Personal Life Insurance Loan $

Corporate Life Insurance Loan $

Other $

Other $

Other $

Subtotal $

Investments

Investment Loan $

Investment Loan $

Investment Loan $

Margin Account $

Margin Account $

Other $

Other $

Other $

Subtotal $

Vehicles

Automobile Lease/Loan $

Automobile Lease/Loan $

Recreation Vehicle Lease/Loan $

Boat Loan $

Other Lease/Loan $

Other Lease/Loan $

Other $

Other $

Other $

Subtotal $

Accounts Payable

Salary Advance $

Income Tax Due $

Other Tax Due $

Personal Guarantees $

Personal Guarantees $

Personal Loans $

Personal Loans $

Outstanding Cheques $

Outstanding Contracts $

Other $

Other $

Other $

Other $

Other $

Subtotal $

PROFESSIONAL ADVISORSLawyer: ______________________________________________________________________________

E-mail: ______________________________________________________________________________

Phone: ______________________________________________________________________________

Fax: ______________________________________________________________________________

Cell: ______________________________________________________________________________

Address: ______________________________________________________________________________

Accountant: ______________________________________________________________________________

E-mail: ______________________________________________________________________________

Phone: ______________________________________________________________________________

Fax: ______________________________________________________________________________

Cell: ______________________________________________________________________________

Address: ______________________________________________________________________________

Investment Advisor: ______________________________________________________________________________

E-mail: ______________________________________________________________________________

Phone: ______________________________________________________________________________

Fax: ______________________________________________________________________________

Cell: ______________________________________________________________________________

Address: ______________________________________________________________________________

Insurance Broker: ______________________________________________________________________________

E-mail: ______________________________________________________________________________

Phone: ______________________________________________________________________________

Fax: ______________________________________________________________________________

Cell: ______________________________________________________________________________

Address: ______________________________________________________________________________

Banker: ______________________________________________________________________________

E-mail: ______________________________________________________________________________

Phone: ______________________________________________________________________________

Fax: ______________________________________________________________________________

Cell: ______________________________________________________________________________

Address: ______________________________________________________________________________

36 Professional Advisors

Funeral/Cemetery: ______________________________________________________________________________

E-mail: ______________________________________________________________________________

Phone: ______________________________________________________________________________

Fax: ______________________________________________________________________________

Cell: ______________________________________________________________________________

Address: ______________________________________________________________________________

Real Estate: ______________________________________________________________________________

E-mail: ______________________________________________________________________________

Phone: ______________________________________________________________________________

Fax: ______________________________________________________________________________

Cell: ______________________________________________________________________________

Address: ______________________________________________________________________________

Service CanadaRepresentative: ______________________________________________________________________________

E-mail: ______________________________________________________________________________

Phone: ______________________________________________________________________________

Fax: ______________________________________________________________________________

Cell: ______________________________________________________________________________

Address: ______________________________________________________________________________

Appraiser: ______________________________________________________________________________

E-mail: ______________________________________________________________________________

Phone: ______________________________________________________________________________

Fax: ______________________________________________________________________________

Cell: ______________________________________________________________________________

Address: ______________________________________________________________________________

Other: ______________________________________________________________________________

E-mail: ______________________________________________________________________________

Phone: ______________________________________________________________________________

Fax: ______________________________________________________________________________

Cell: ______________________________________________________________________________

Address: ______________________________________________________________________________

37Professional Advisors

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