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THE ADMINISTRATION OF ESTATES
PACKET INDEXYou can view and print this packet in PDF format, but in order to submit the forms online, which is easier for you, please use the interactive forms. ABOUT
THIS PACKET
ESTATES
The Administration
of Estates INFORMATION
FORMS
Estate
Information Form ABOUT
LAWRENCE S. PASCOE
Fee
Schedule in Administration of Estates APPENDIX
Client Survey
Contest THE ADMINISTRATION OF ESTATES PACKET The
Administration of Estates Packet is for the benefit of an Executor
(now also called an Estate Trustee) at the time of death of the person
who appointed them as Executor and also for the benefit of future
Executors. The packet contains information about what the Executor’s
responsibilities are, what information is needed and what the costs
are for administrating an estate. As well, the packet contains information
to plan beforehand to ensure the administration of the estate is easier
and less stressful. The
job of administrating an estate can be a very stressful one because
of the emotions that naturally occur on the passing of one’s loved
one, be it a spouse, a parent or a close relative or friend. However,
it is really not an overly difficult job. There are just many aspects
to it. It is a job that can generally be done satisfactorily by the
average person. It is my job, as the lawyer, to advise the executor
exactly what his or her duties are as well as complete the many legal
aspects of administering an estate. In many cases, my staff and I
will take on Executor functions as requested to do by the client. Proper
preparation might substantially reduce legal fees, court processing
fees and taxes. I have counseled my clients to take steps to make
the job of administering estates easier and less stressful. I have
shown them how to leave complete instructions and information for
their executors. I developed a manual for my will clients to record
up to date information and instructions. I have advised them to register
their assets and name their beneficiaries in such a way to reduce
legal and court fees and taxes. I have sent their executors a letter
with an article about the administration of estates and advised them
of the existence of this manual of information. The
packet contains my article ” THE ADMINISTRATION OF ESTATES”
which explains the functions of an executor. There is a short
memorandum ” WHAT TO DO WHEN DEATH OCCURS”
as well as an ” ESTATE INFORMATION FORM” and
” ESTATE ACCOUNTS - ASSETS, DEBTS, BENEFITS” which
asks for basic information necessary to administer an estate. My article
” WILL, POWERS OF ATTORNEY AND ESTATE DEFINITIONS” explains
plainly many of the legal terms that are used in estate matters. To
inform an executor about my fees and what I consider to be my role
as a lawyer I have written the article ” THE LAWYER’s ROLE
AND LEGAL FEES IN THE ADMINISTRATION OF ESTATES” . To let
you know more about me I have included my RESUMÉ.
To advise named executors as to what they might do to ensure their
job is easier and less stressful, I have included my article entitled
” PREPARING FOR AN EASIER ADMINISTRATION OF ESTATES” . I
encourage my clients to give me their opinions. To obtain more feedback,
I have initiated the enclosed CLIENT SURVEY CONTEST.
I invite even non clients to complete the WILL PACKET SURVEY
and CHOOSING A LAWYER SURVEY and enter the
contest. For further information about myself, Wills, Powers of Attorney
and Family Law, I invite you to visit my home page on the World Wide
Web on the internet at http://www.thepascoedifference.com There
is a common misconception among many people that the lawyer who prepared
the will is the lawyer who must be the lawyer with respect to the
administration of the estate. This is simply not so. Any lawyer can
represent the executor, not just the lawyer who prepared the will.
I would be pleased to answer your questions about estate matters.
I would remind you that my articles are not a substitute for obtaining
legal advice but for general information. It is still advisable to
consult a lawyer about estate matters. LAWRENCE
S. PASCOE The
purpose of this article is to explain in a brief way what must be
done to settle properly the affairs of a person who has died. The
first matter that must be resolved is to choose what person or persons
are in charge of administering the estate of the deceased person.
If the deceased had a valid will, then the will would name the person
in charge. This person is called an estate trustee (formerly called
an executor or executrix). If there is no will, then the law has a
procedure which allows anyone with a close connection to the deceased
to apply to the court to be the person who administers the estate.
Generally the closest relative to the deceased will be chosen. The
person so approved by the court is called an estate trustee without
a will (formerly called an administrator or administratrix). The government’s
Public Trustee does not automatically administer the estate if there
is no will. The Public Trustee will only reluctantly get involved
if there is no proper relative or creditor who will step forward to
apply for the job of administrator. An
estate trustee gets his or her authority to administer the estate
from the will and therefore need not necessarily apply to the court
to get the court’s authority to act in the estate’s name. However,
when the value of the assets of the estate are high (generally assets
over $25,000.00 in value) or for certain types of assets such as stocks,
the estate trustee will have to apply for court authority. If he or
she does not, the people with whom he or she must deal with to transfer
assets will not accept his or her authority. The estate trustee applies
to the Ontario Court (General Division) to obtain “ Certificate of
Appointment of Estate Trustee with a Will” (formerly called letters
probate). The Certificate of Appointment of Estate Trustee with a
Will show to persons dealing with the estate that the will has been
duly proved and registered with the Court and that the estate trustee
has authority to act on behalf of the estate. In a small estate, a
notarial copy of the will (a lawyer certifying that the copy is a
true copy of the original will) will often convince people that the
estate trustee has authority so that the estate trustee will not have
to go to the expense and time of obtaining probate. If
there is no will, the person who wishes to be the “ estate trustee
without a will” applies to the Court for “ Certificate of Appointment
of Estate Trustee without a Will” . Unfortunately in small estates,
if there is no will a Certificate of Appointment of Estate Trustee
without a Will will usually have to be obtained because it is the
only authority people dealing with the estate accept. Sometimes however
those third parties will accept a statutory declaration from a widow
or widower that the estate was only a certain size and that the widow
or widower is the only person entitled to the assets of the estate. The
first obligation of an estate trustee is to make proper funeral and
burial arrangements. Technically, the estate trustee does not have
to follow the wishes of the deceased but will do so unless the deceased
had a strange request concerning his or her burial which would offend
the deceased’s family. The
second obligation of the estate trustee is to determine all of the
assets of the deceased and make an inventory list. He or she must
also manage the assets until they are transferred to the beneficiaries.
Determining the assets would also include determining any monies due
from insurance policies, death benefits and pension plans due not
only to the deceased’s estate but to the beneficiaries. For instance,
Canada Pension Plan pays a death benefit to the estate and pays a
survivor’s benefit to the surviving spouse and dependant children.
The federal government’s superannuation plan pays survivor benefits
based on the deceased’s contribution to the date of death. The
third obligation of the estate trustee is to settle the deceased’s
debts and liabilities. The estate trustee would pay all valid claims
of creditors. He or she would also defend all claims thought not to
be valid. If there is not enough money in the estate to satisfy creditors,
the deceased’s family is not responsible for those debts but the creditors
would get paid less in accordance with the legal rules as to the preference
of creditors. A special liability of the estate which might have to
be resolved is a claim by a spouse or dependant of the deceased under
the Family Law Act for an equalization of assets or for support under
the Dependant Relief provisions of the Succession Law Reform Act or
claims under both acts. The estate trustee would prepare the final
year’s income tax return and make sure that all previous years tax
returns have been filed. He or she would apply for a final tax clearance
certificate. There are no estate taxes or succession duties in Ontario
presently but death may result in additional taxes owing in the year
of death. For instance, if one dies owning a stock which has increased
in value since the time it was bought and the stock is not passed
on to the deceased’s spouse, then in the year of death there is a
deemed disposition, and capital gains tax is payable. Once
all of the debts and liabilities have been paid the estate trustee
can distribute the estate as dictated by the will. If there is no
will, then the estate trustee without a will distributes the estate
to relatives as prescribed by law in the Succession Law Reform Act.
The government does not get any share of the estate unless there are
no relatives. A spouse does not necessarily get all of the estate
but the children may share depending on the amount of the estate. This
has been a very simplified explanation of what an estate trustee does.
I did not discuss other obligations estate trustees may have such
as administering continuing trusts, tax planning or accounting to
the beneficiaries and the courts. I did not discuss what compensation
estate trustees are allowed to take for their work. The
role of the lawyer is to advise firstly the estate trustee of his
or her duties and all matters in connection with administering the
estate. Secondly, if necessary, the lawyer will prepare the application
to the court to obtain authority. Thirdly, the lawyer will prepare
the documents necessary to transfer assets. And fourthly, the lawyer
will prepare relevant documents to be signed by the beneficiaries. LAWRENCE
S. PASCOE *
This article can only provide a general overview of a legal topic.
Readers should consult a lawyer and not simply act on the information
provided in this article.
**
Copyright Lawrence S. Pascoe, updated March, 1995
Check
the Will Manual for burial instructions, people to notify, location
of documents. Contact
the following: All
Executors (Estate Trustees) named in the Will; Clergy
if applicable; If
parts of the body are to be donated for medical or research purposes,
contact institutions involved. If
death occurs as a result of an accident contact a lawyer and police
if not already notified (as soon as practical). Cancel
deliveries, service calls, subscriptions, appointments, etc., on behalf
of the deceased. Obtain
death certificate — usually from the funeral home. Arrange
to publish death notice in newspaper. Contact
memorial society or funeral home. The deceased should have left specific
instructions regarding mode of burial either in the Will or by memorandum. Contact
a lawyer with respect to administration of the estate. The information
which would assist the lawyer at your first appoint includes: copy
of the Will; List of Assets, Debts and Benefits; Insurance policies;
Death Certificate; Birth Certificate; Marriage Certificate; Social
Insurance Number. You do not need to wait to obtain documents before
your first appointment. Change
mailing address.
Preparing
for an Easier Administration of an Estatete
There
are two main areas in which people can arrange their affairs to allow
their estates to be more easily administered by their estate trustee
(formerly called executor). The first deals with information and instructions
that should be recorded. The second deals with the registration of
assets. What
information should I provide? A
person should put the following information in an easily accessible
location:
For
all the above, the location of all relevant documents and contact
persons also should be clearly noted. This information should be regularly
reviewed and revised. Some people make copies of the information and
send it to the estate trustee. If
such information is not recorded it is possible that the estate trustee
may never locate all the assets and benefits of the deceased. There
are over fifty million dollars on deposit with the Bank of Canada
in unclaimed accounts. With no records left behind the estate trustee
is forced to spend time and perhaps money trying to locate the assets.
There will be work and extra costs if later on or after the administration
of the estate, the assets and liabilities are found. There might be
penalties and interest charges for unpaid taxes. It is also emotionally
hard and frustrating for the estate trustee to try to reconstruct
the deceased’s financial affairs. What
instructions should I leave? One
should leave clear instructions to the estate trustee and family about
one’s funeral and burial arrangements. This can be done by a written
memorandum left with the will, but it is also best to advise the estate
trustee of those wishes beforehand. Do not assume that others know
or will agree with your ideas. If one wishes to donate body organs
then the proper paperwork must be completed. This includes an organ
donor card or the completion of the organ donor section on the driver’s
license. Again the estate trustee and family should be advised beforehand
of those instructions. This gives the best possibility that all the
instructions are followed and no different arrangements are carried
out. It also reduces arguments among the family about what should
be done. A
will allows the parent with custody to name who would have custodianship
of minor children. This designation is not binding on a court, but
will prevail before a court changes it. It is important again that
the estate trustee, family and the person or persons appointed custodians
are aware beforehand of the designation. This allows for less confusion
and less arguments over the children if death occurs suddenly. How
should I register my assets? It
is possible sometimes to arrange one’s assets so that on death they
pass easily, quickly and with little expense to the beneficiaries.
It is not necessary always to have a will approved by the Court and
obtain from the Court a “ Certificate of Appointment of Estate Trustee
with a Will” . Applying for the certificate of appointment is really
only necessary where the institution holding the asset (such as bank
in the case of a savings account) will not allow the estate trustee
to deal with the asset without the certificate of appointment. Obtaining
the Certificate of Appointment of an Estate Trustee results in greater
legal fees and court fees. It may slightly prolong the administration
of the estate. It is therefore desirable to arrange one’s financial
affairs to avoid the necessity of applying to the Court. Depending
on the assets this can be done in several ways. First,
especially for a husband and wife on good terms, the assets should
be registered in joint ownership. This means that on death the ownership
automatically goes to the surviving joint owner. A certificate of
appointment is not necessary for that asset. As the court fee is determined
by the value of the estate, that estate value does not include jointly
owned assets even if the certificate of appointment of an estate trustee
is necessary for other assets or considerations. Second,
if possible all insurance policies and RRSPs should have somebody
named as beneficiary. This results in those assets going directly
to the beneficiaries, thereby reducing the assets to be included in
the application for certificate of appointment of an estate trustee
with a will. It is also easier for a spouse to have an RRSP automatically
“ rolled over” on death so that it does not go through the estate
to be “ rolled over.” Third,
as most stock companies require proof of a certificate of appointment
it is advisable that those stocks be registered in joint names or
if they have minimal value that they be sold. This, of course, is
an investment decision but often a person dies holding a lot of old
stock certificates that are worth little or nothing at all. Their
value should be determined during one’s lifetime. I believe that joint
ownership with one’s spouse is a good idea, but not with one’s children
or other beneficiaries. One should keep control of one’s assets until
death as we never know what the future may bring. CONCLUSION
There
are, therefore, several ways of better preparing the administration
of one’s estate. The information procedures should always be used,
whereas the registration of assets should be analyzed for each individual
case. *This
article can only provide a general overview of a legal topic. Readers
should consult a lawyer and not simply act on the information provided
in this article.
WILL, POWERS OF ATTORNEY & ESTATE DEFINITIONS Administrator: An administrator is a person appointed by
the Court to administer the estate when there is no will, the will
did not name an executor, an executor has died, or an executor is
unwilling to act. A female administrator, is called the “ administratrix”
. This person is now technically called the “ Estate Trustee Without
a Will” but the term administrator is still used. Attorney: The person appointed to look after the donor’s
financial affairs in the case of a Continuing Power of Attorney for
Property or the donor’s medical affairs in the case of a Power of
Attorney for Personal Care. An attorney does not have to be a lawyer. Beneficiary: A person who receives a benefit or gift
under a will, or a person for whose benefit a trust is created. Certificate
of Appointment of Estate Trustee with a Will: The Court document, which includes a certified
copy of the will, whereby the Court confirms the executor named in
the Will is entitled to administer the estate. This document was previously
called “ Letters Probate” . Certificate
of Appointment of Estate Trustee without a Will: This Court document, confirms a person,
formerly called an administrator, now called the estate trustee without
a will, has the authority to administer the estate. This document
was previously called Letters of Administration. Children’s
Lawyer: The Ontario Government official responsible
to look after the interests of children under the age of 18 for all
legal matters, but not generally the management of a child’s money.
That is done by the Public Guardian and Trustee. Codicil: An amendment to a will which makes changes
or additions. A codicil must be executed with the same formalities
that a will is executed. Continuing
Power of Attorney for Property:
A written document allowing a person (the donor) to name another person
(the attorney) to make financial decisions on behalf of the donor,
including if the donor is physically or mentally disabled. Custodian: The person named in a will to look after
one’s minor children in case of death. This appointment is not binding
upon the Court. The custodian used to be known as the guardian. Donor: The person appointing an attorney in powers
of attorney. Estate
Trustee: The person named in a will to represent
the estate of the deceased person. Also known as executor. Estate
Trustee Without a Will:
A Court appointed person to administer the estate of a person, where
that person died without a will, the executor died, the executor is
unable to act, or an executor was not named. The person is also known
as an Administrator. Executor: A person or trust company named in a will
to be responsible to manage the winding up of the deceased’s estate.
Since January of 1995, this person is technically called the Estate
Trustee though the term executor is still used in wills. A female
executor is called an executrix and more than one female are called
executrices. Family
Law Act: The Ontario Governments law that deals with
rights of spouses during marriage, separation and upon death. Intestate: A person who dies without a will. A partial
intestacy is where a valid will does not dispose of the whole of the
estate. Issue: All persons who have descended from a common
ancestor. It is a broader term than children which is limited to one
generation. Joint
Tenants: A form of joint ownership in which the death
of one joint owner results in the immediate transfer of ownership
to the surviving joint owner or owners. See Tenancy in Common. Letters
of Administration: This is the old term for what is now called
“ Certificate of Appointment of Estate Trustee without a Will” . Letters
Probate: This is the old term for what is not called
“ Certificate of Appointment of Estate Trustee with a Will” . Notarial
Certificate: A certificate which a notary public signs
and attaches to a copy of a document to certify that the copy is identical
to the original. All lawyers are also notaries. Notarial
Copy: A copy of a document to which a notarial
certificate is attached. Official
Guardian: This person is now called the “ Children’s
Lawyer” . Per
Stirpes: Division of an estate on the basis of representation
of the same lineal stock, or the same family. The beneficiary takes
a share to which his or her deceased parent would have been entitled.
Therefore, if there are three children of a deceased person, with
each child having two children (therefore six grandchildren), then
if one child is not alive, each grandchild would get 1/6th of the
estate, being 1/2 of 1/3. Power
of Attorney for Personal Care: A
written document allowing a person (the donor) to appoint another
person (the attorney) to look after the donors personal and medical
matters if the donor is unable to. Probate
Of Will: Formal proof before the proper officer or
court that the will offered is the last will of the testator and confirming
the Executor(s) named. This is now called an Application for Certificate
of Appointment of Estate Trustee with a Will. Public
Guardian and Trustee: The
Ontario Government official who, in the absence of a named executor,
administrator or attorney, is responsible to administer an estate,
or the affairs of an incompetent person. This official also manages
the money of children when no trustee was appointed. Settlor: A person who establishes a trust. Succession
Law Reform Act:
The Ontario Government Act which deals with many issues of estate
law, including support of dependants, what happens when a person dies
without a will and the rules governing the making of wills. Survivorship
Application: A document a surviving joint tenant registers
in the land titles system to transfer the deceased’s share of the
property to his or her name only. Tenancy
in Common: A form of joint ownership in which the death
of one owner does not result in the immediate transfer of ownership
to the surviving owner but the deceased’s interest becomes part of
the deceased’s estate. Testator: A male person who makes a will. Testatrix: A female person who makes a will. Transmission
Application: A document filed in the land titles office
to have title transferred to the name of the personal representative
of a deceased owner to enable the personal representative to deal
with the property. Trust: A legal arrangement in which one person
(the settlor) transfers title to a person (trustee) to manage the
property for the benefit of a person or institution (the beneficiaries).
When the trust takes effect on death it is called a “ Testimary Trust”
. When the trust takes effect during the settlor’s lifetime, it is
called a “ Inter Vivos Trust” . Trustee: The person or trust company that manages
property according to the instructions in the trust agreement and
the laws governing trustees. Will: A legal document, prepared by a person, called
a testator or testatrix if female, in compliance with formal requirements,
which takes effect on his/her death and which states what he/she wants
to happen to his/her property on death. The will also decides who
manages the property. The will may discuss custody of minor children
and the funeral arrangements, though custody is not binding upon the
Court and the funeral arrangements do not technically have to be followed
by the executor.
Click
here
to fill out our Estate Information Form on-line.
Click
here
to fill out our Estate Accounts Form on-line. Fee Schedule in Administration of Estates Lawyers generally charge a fee based upon the size of the estate. Some lawyers charge estate work on a time basis. If charging on the size of the estate the common formula is 3% of the first $10,000, 2% on the next $90,000, 1.25 % on the next $200,000, 0.5% on the next $400,000. I used to charge on that basis with my formula slightly lower. Some lawyers charge extra for the executor work they do on behalf of the executor. If the lawyer is named as an executor or does a lot or all the executor work, he or she will often charge up to the high 5% of the value of the estate. 5% is what an executor is normally allowed to charge. The amount upon which the fee is calculated is the probate value. Therefore, jointly held assets, life insurance and pensions are not included in determining the fee. The advantage of having a set fee is that clients know what the cost will be. If it takes more time because of difficulties then the lawyer bears that cost, though usually the lawyer will be allowed to charge more. However the formula is based upon the size of the estate and not upon the time taken or the amount of work done. An estate could be one or two large bank accounts which may produce a large account for little work. Work on joint assets, pensions and life insurance may not be recognized if there were few other assets. Times have changed as to the lawyer's role and work to be performed. Some clients like to do some of the legal work themselves and some of the executor work lawyers have generally done. Some clients want the lawyer to do a lot of the executor work. The latter is often the case where one child is doing most of the work on behalf of the siblings and does not want to be compensated so it is decided the lawyer might as well do the work. I believe the fairest way to now set a fee is not based upon the size of the estate but upon the work requested to be done. I therefore have developed an Estate Fee Schedule where I have set out the tasks to be done (it is also a good checklist of what has to be done). I have set out who would be responsible for each task, some of which can be done by either the client or the lawyer. The cost for each task is set out. The cost is not based upon the value of the asset but on the work that generally must be done to complete the task. Therefore, at the beginning of an estate file, my client and I can decide who is doing what and calculate the cost. The following are the steps. 1. Initial Contact and Consultation : Obtain information, answer questions and advise as to all the tasks that must be done to administer the estate and advise of compensation issues. Determine whether an application to the court is necessary (this might not be known at this time). Assign which tasks will be done by the client and which tasks will be done by the lawyer. The initial consultation usually takes one hour or more (but less if the client comes prepared with the information and documents requested in the Estate Packet). Cost is $350 but is subject to an increase if more than an hour consultation, then will be based upon time taken at $275 per hour. (Lawyer's task) 2. Setting up the Estate Bank Account: Either changing an existing bank account to an estate bank account or setting up a new one to receive estate assets and pay estate bills. The estate trustee, not the lawyer, should be the person controlling the payment of all estate monies. (Client's task) 3. Application for Appointment of Estate Trustee: Involves making a list of assets and their values that are subject to the probate fee; preparing the documents to apply for appointment; preparing and sending the notices required by law to the beneficiaries. Cost is $850 but subject to increase if there are more than five beneficiaries or estate trustees to deal with, if a guarantee bond needs to be obtained or dispensed with, or there are changes to the estate trustees originally appointed. There will be a charge of $50. for each beneficiary over five. If there is no Will, the cost of applying is $950. because of the extra work involved. If the Will needs to be obtained from Quebec, the cost of applying is $950. Hourly rate of $275 applies if unusual problems obtaining the appointment.(Lawyer's task). 4. Application for Canada Pension Plan Benefits: Complete the forms with required documents to obtain CPP Death benefit and survivor's benefit. Cost $100. The Department of Human Resources responsible for CPP will help client complete the application. (Lawyer's or client's task) 5. Transfer of Real Estate to Beneficiaries: Prepare, sign and register land registry documents: Cost $250 for legal fees plus $72 for disbursements, per property. (Lawyer's task). 6. Transfer of Monetary Assets: Write banks, credit unions, investment companies, Bank of Canada (Savings Bonds), to advise of death, to confirm amount held in deceased's name and to attain procedure to transfer the asset to the estate bank account or to a beneficiary. Prepare, sign and arrange to transfer the assets. Cost $125 per institution or $25 for each notarial copy made if client is dealing with bank. (Lawyer's or client's task though some forms to transfer may need to be done by the lawyer) 7. Transfer of Automobile: Advise client as to how to transfer the registration of an automobile. No charge except $25 for each notarial copy made if client is dealing with car transfer. (Client's task to attend at Motor vehicle License Bureau). 8. Arrange for Payment of Life Insurance: Write insurance companies advising of death and prepare documentation to obtain payment of life insurance: Cost $100 per institution. (Lawyer's or client's task). Some Insurance companies' agents will help the client with the application. 9. Arrange for Transfer of RRSP's: Write financial institutions advising of death and prepare documents to transfer the funds. Cost $125 per institution. (Lawyer's or client's task). 10. Arrange for Receipt of Pensions and Annuities: Write institutions advising of death and prepare documents to obtain the pension or annuity. Cost $125 per institution. Most employers and institutions will help the client with the application and provide a letter explaining all the benefits the surviving spouse has. (Lawyer's or client's task) 11. Sale of Property or Business: This task is done by a real estate or commercial lawyer at the regular fees charged for such services. 12. Advertise for Creditors: Arrange for the a creditor's notice to be placed in a local newspaper. This is generally only necessary when the executor is concerned there are unknown debts and wants to protect him or herself from being personally liable. Cost $75 for lawyer $200 for newspaper. (Lawyer's task). 13. Payment of Debts: Write all financial institutions and persons to whom money is owed to ascertain amount owed and whether debt was life insured, and then arrange to pay the debt. Cost $75 per institution. (Lawyer's or client's task). 14. Defending a Claim against the Estate: If the estate is sued by a person claiming to be a dependant under the Succession Law Reform Act, a spouse under the Family law Act or anyone contesting the validity of the will the cost would be based upon the normal costs of a litigation lawyer defending a law suit. 15: Income Tax: Arranging and providing accountant with information to prepare the terminal tax return and if required, a trust tax return. Cost $75 (Lawyer's or client's task) 16. Obtaining Final tax Clearance Certificate: Preparing the application for a final tax clearance certificate. Cost $150 (Lawyer's, accountant's or client's task) 17. Keeping the Accounts of the Estate: Recording all the transactions of the estate in proper court form. Calculating the amounts payable to beneficiaries. Cost $225 for the interim distribution to the beneficiaries (if there is one) and $225 for the final distribution to the beneficiaries, subject to an increase if complicated. (Lawyer's or client's task) 18. Reporting and Obtaining Releases from the Beneficiaries: Advising the beneficiaries of the accounting and distribution scheme of the estate, drafting and obtaining from the beneficiaries a Release of the Estate Trustee and indemnification in case of further income tax. Cost $100 per beneficiary, or extra on a time basis if I have to deal with a beneficiary contesting the amount of their payment. There will also be an extra charge if there is an interim distribution of $100. per beneficiary.(Lawyer's task) 19. Passing The Accounts Before the Court: If a beneficiary requests the estate trustee to have the estate accounts approved by the court, a "passing of accounts" must take place. Cost is charged on a regular hourly basis. (Lawyer's task ) 20. Reporting to the Client: Confirming with the client in writing after the first consultation as to what has to be done to administer the estate and who will do it. Advising the client in writing at various stages of the administration of the estate of the results of all the tasks performed. $100 (except if only initial consultation or transferring property only)
Resume of Lawrence Stephen Pascoe
Seminar leader,
My Service Principles
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