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Estate planning is a meticulous and detailed role taken up by professionals in the field of estate planning and management. If you don't have a well-defined legal plan, the courts will decide how to deal with your entire estate. Whenever someone passes away, their property and assets must be managed and distributed according to their final wishes.
One needs to appoint an executor or estate trustee in Mississauga to manage their estate. If you are a citizen of Mississauga, then you must hire an estate trustee in Mississauga to make the process easier. A major role that an estate trustee must carefully fulfill is the variety of responsibilities that come with the position.
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In this blog, we will discuss the duties and responsibilities of an estate trustee.
What is an estate trustee?
A Trustee is a person who takes care of the assets held in a Trust as a custodian. As per the instructions given, he or she is in charge of supervising and managing a Trust's financial operations. The duties may include keeping track of expenses and earnings, allocating money to beneficiaries, reporting any income the Trust receives, and documenting additional activities. Usually, the person who establishes the Trust serves as the trustee until their inability to do so or their demise. A successor Trustee then takes command.
What is a trust?
A trust is a legal body where a person can legally transfer their assets to the Trust, which will manage and distribute them under their final wishes. The Estate Trust gives the trustor additional control over the distribution of their assets after their demise. These can describe the beneficiaries, the assets' distribution terms, how and when they will get them, and any conditions. This covers clauses for beneficiaries who are minors, donations to charities, and more.
The trust agreement may be modified, assets added or subtracted, or even canceled as long as the grantor is still alive and competent. A revocable living trust is commonly used in estate planning because it prevents court intervention at death and incapacity.
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What are the roles of an estate trustee?
Here are the roles and responsibilities of an Estate Trustee.
Receiving Probate:
After the deceased's death, the estate trustee must submit an application for probate, a legal procedure that certifies the deceased's will. This process includes submitting the will to the court, presenting evidence of the deceased's passing, and paying any expenses required.
Asset identification and valuation:
It is the responsibility of the trustee in Mississauga to locate and evaluate all the property of the deceased person. This includes real estate, jewels, and works of art.
Paying taxes and debts:
All the taxes or debts owed by the deceased person are taken care of by the trustee. This procedure includes locating all creditors and informing them of the deceased's passing and any unpaid debts.
Distribution of assets:
The estate trustee is responsible for distributing the remaining assets according to the deceased person's will after all debts and taxes have been paid.
Keeping beneficiaries informed:
The estate trustee must keep the beneficiaries of the estate informed of the estate's progress. They could also have to respond to any concerns or inquiries the beneficiaries may have.
Tax returns:
The estate and trust accounting in Mississauga is responsible for submitting any necessary tax returns on behalf of the deceased and the estate. This process could include working with an accountant or tax expert to ensure that all tax responsibilities are met.
Maintaining accurate records:
The estate trustee must keep accurate records of all estate transactions, including acquiring and distributing assets and settling debts.
Conclusion
Estate trustee has several responsibilities. It includes carefully managing the estate and ensuring that the deceased's wishes are fulfilled. An estate trustee plays a significant role in managing and distributing the deceased person's assets and property, which is why it is essential to choose an estate trustee carefully. It is always advisable to seek legal and expert guidance.