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Wills, Estates and Trusts

What are the duties of an executor?

What are the duties of an executor? 150 150 Jiang Hong Wilkin Business Law

An executor’s obligations are to the beneficiaries and the creditors of the estate. In general, the role, duties and responsibilities that the executor is required to perform for an estate are: Arranging the funeral; Securing and appraising the assets of the deceased; Applying for probate, if necessary; Paying the debts and taxes of the deceased; Accounting to beneficiaries; Distributing the assets of the estate. An Executor must keep accurate financial records, including copies of all receipts, as well as a record of time spent in administering the estate.
The Executor must be able to satisfy the Court and beneficiaries that the estate has been administered properly. Sometimes this is accomplished informally, but formally this requires preparing financial records in proper Court form, and presenting the records to the Court for approval. This process of Court approval is called a Passing of Accounts. Second, the executor is entitled to compensation which depends, in part, on the amount of work done and time spent by the executor.

Are there different types of powers of attorney?

Are there different types of powers of attorney? 150 150 Jiang Hong Wilkin Business Law

In Ontario there are three kinds of Power of Attorney:

(a) A Continuing Power of Attorney for Property covers your financial affairs and allows the person you name to make decisions for you even if you become mentally incapable.

(b) A non-continuing Power of Attorney for Property covers your financial affairs but can’t be used if you become mentally incapable. You might give this Power of Attorney, for example, if you need someone to look after your financial transactions while you’re away from home for an extended period of time.

(c) A Power of Attorney for Personal Care covers your personal decisions, such as housing and health care.

Who gets my property if I die without a will?

Who gets my property if I die without a will? 150 150 Jiang Hong Wilkin Business Law

The rules for distribution of estates with no wills in Ontario are fixed, and often very harsh.

Zero to common law spouses: not legally married, no inheritance;
If married and no issue, 100% to the spouse;

If married and children, the first $200,000 and then a percentage (either 1/2 or 1/3) to the spouse, the balance to the child(ren) equally per stirpes;

If no spouse, but children, then to the children per stirpes;

If no spouse and no issue, then 100% to parents equally;

If no spouse, no issue and no parents, then 100% to siblings per stirpes;

If no spouse, no issue, no parents and no siblings, then 100% to nephews and nieces;

If no spouse, no children, no parents and no siblings, no nephews or nieces, then 100% to the surviving closest level of kin by blood.

If no surviving kin by blood, to the Ontario government.
Subject to claims of someone who is financially dependent on the deceased person

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