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Planning an estate and trying to determine how difficult it may be for an executor to administer an estate after a death? Or want to know how complicated the administration of an estate will be as the executor?
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Are you appointed an executor and require professional expertise? Our Executor Support Services can fulfill the administrative responsibilities of settling the estate. Our dedicated team of trust professionals provide a turnkey solution to deal with the settlement process from beginning to end.
How we can help.
Our Executor Support team manages the many responsibilities of this challenging and critical role.
There are a number of benefits to an impartial, professional administration. Executor support can relieve the burden on an executor and ensure that the estate is properly administered in accordance with the will. Engaging Solus Trust’s expertise in dealing with an estate, from start to finish, allows an executor to fulfill the obligation entrusted to them in a comprehensive manner and for the benefit of the estate and beneficiaries.
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One of the important decisions a person will make when preparing a will is to choose who will serve as executor. The role of the executor involves many tasks.
The person appointed as executor needs to have a certain skill set and degree of availability. They must be detail-oriented, able to inform themselves of the legal obligations of the appointment, and adept at meeting deadlines. They should be physically close enough to inventory assets, file documents, etc. and be able to support and manage family relationships positively.
If the chosen executor resides in a different province or outside of Canada the estate may be subject to additional costs, the most significant of these potentially being the cost to post a bond or having to pay additional taxes to a foreign jurisdiction where the executor lives. All of these are important factors to consider when selecting an executor.
How we can help.
Appoint Solus Trust as executor in a will and our team will assume a fiduciary responsibility, ensuring the professional and proper administration of the estate.
Our duties include:
- applying for probate
- securing property
- arranging for valuation of assets
- identifying creditors
- notifying and managing relationships with beneficiaries
- recordkeeping
- ensuring taxes are calculated properly and paid on time
- managing assets during the estate period
- distributing assets to beneficiaries
- working in collaboration with your financial, legal and tax advisors
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Trusts can serve a wide variety of functions and can be a vehicle to support legacy, tax and estate planning goals. A trust can help provide asset protection and/or control the disbursement of a legacy to the intended beneficiaries.
A trust could be considered in the following circumstances:
- protecting a vulnerable or disabled beneficiary
- multigenerational gifting
- blended family situations
- spousal support or protection
- tax, succession or incapacity planning
Trusts can be created either through a will, upon the death of the testator (testamentary trusts), or by trust deed, during one’s lifetime (inter-vivos trusts). When choosing a trustee or trustees, you should be confident the trustee understands the duties of the role and has the knowledge and expertise to administer the trust in a timely, efficient way.
Some common trusts (if available in your province):
- Qualified Disability Trusts and Henson Trusts – used to provide support for a disabled individual while taking advantage of preferential tax rates or protecting the beneficiary’s means-tested benefits (Henson trusts)
- Alter Ego and Joint Spousal Trusts – used for estate and probate planning, providing greater privacy than passing assets through an estate on death and saving on probate. Can also assist with incapacity planning
- Spendthrift Trusts – holds assets to provide for an individual who may have significant difficulty managing money on their own
- Trusts for Minors – it is often unadvisable or impossible for minors to inherit funds. These trusts can provide for the assets to be held until the child reaches the age of majority (or beyond)
- Family Trusts – sometimes created in conjunction with an estate freeze, these trusts may provide for some income splitting between family members as well as helping transition assets to subsequent generations
How we can help.
By appointing Solus Trust as sole or co-trustee, the trust will be managed in a way that is impartial and professional and achieve your desired objectives. We provide knowledge of trust law and the required tax expertise to fulfill all of the obligations required of a trustee.
Appointed as trustee and need help?
Solus Trust can act on a trustee’s behalf as an agent. In this capacity, Solus Trust provides guidance on decision-making and performs various administrative tasks on the trustee’s behalf, such as preparing annual trust tax filings or managing disbursements and maintaining proper trust records.
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A power of attorney for property identifies who will step in and be responsible for paying bills, managing finances and property in the event of incapacity.
Selecting the right power of attorney is very important. In many situations, a spouse or adult child can be the right choice, but not always. A power of attorney should be objective, have the appropriate legal, tax and investment knowledge to manage the estate effectively, and ensure continuity.
How we can help.
Solus Trust brings the professional skills and experience necessary to act as power of attorney to a property in the event of loss of capacity, or for any other reason. Whether assets are outside of the province or involve a private corporation, real estate or other complexities, we have the expertise to ensure that property and finances are managed professionally. We also have the independence to act in a truly impartial manner, doing the one thing a power of attorney must do: Make every decision in the client’s best interests.
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An estate plan and the resulting legal documents have numerous technical terms and references that are unique and important for clients to understand. Explore our Resource Centre for useful tools, checklists and articles
