Sometimes when administering an estate an executor or administrator will discover the testator had an old unpaid debt. One of the obligations of a personal representative is to pay the debts of the estate. What happens if one of those debts is so old that it is statute-barred by limitation of actions legislation? Does the executor have an obligation to … Read More
Role and Duties of Solicitor as an Executor
A caution to lawyers who may agree to act as an executor. Lawyers often agree to be the executor for the estate of a client, friend, or family member. This situation usually only arises if no one else is readily available to act, and the client resists the suggestion of engaging with a trust company (which is common). Acting as … Read More
Tax Treatment of Estate
EXCERPT FROM TAXATION OF TRUSTS: TAX TREATMENT OF AN ESTATE Reprinted from Chapter 2 “Types of Trusts and Planning”, s.2.1.2(b)(vii) “An Estate”, pp. 42-44, in Taxation of Trusts and Estates: A Practitioner’s Guide 2011, by Larry H. Frostiak, John Poyser and Grace Chow, by permission of Carswell, a division of Thomson Reuters Canada Limited. An estate is not a trust,31[] but is afforded … Read More