Henry Preisman

 ESTATES

We will assist the Estate Trustee with his duties and responsibilities, some of which are as follows:

• Funeral and burial arrangements. Banks normally allow the Estate Trustee to use funds in the deceased's account to pay any funeral and burial invoices.
• Locate the Last Will and Testament  ("Will") of the deceased and any codicils thereto.  If there is no Will, the estate will be distributed in accordance with Ontario's intestacy laws.  A Codicil is a document amending or adding provisions to a Will previously made by the same person.
• Review the Will as to the distribution and division of the estate and the duties and powers given to the Estate Trustee.
• Determine the value of the estate at the date of death and compile a list of all assets and liabilities.  Any insurance with named beneficiaries or joint bank accounts or jointly owned properties passing to the surviving joint owner will not be included in the value of the estate. 
• Prepare the necessary Applications, Notices and Certificates to be filed with the Court to obtain a Certificate of Appointment of Estate Trustee with or without a Will (also known as "Probate" or "Letters of Administration").     
• Payment of Probate fees (now called Estate Administration Tax) to the Ontario Government when submitting the Application for Certificate of Appointment of Estate Trustee with a Will OR Without a Will.  The fee is based on the value of the Estate.
• Serve all beneficiaries of the estate with Notice of Application by Trustee.
• Determine and pay debts of the deceased.
• File Income Tax Returns for the deceased.
• Notify all banks, etc. to transfer the assets into the name of the Estate in order to liquidate all assets for distribution to the beneficiaries.
• Preparation of any legal documents required to transfer the assets to the estate for distribution to the beneficiaries.
• Maintain a set of estate accounts, recording all receipts and disbursements, in order to provide an accounting to all beneficiaries and the Canada Revenue Agency.
• Obtain Income Tax Clearance pursuant to the Income Tax Act.
• Preparation of releases to be signed by the beneficiaries at the time monies are distributed.
• Preparation of any necessary Transmission Applications pertaining to real estate wherein ownership is transferred to the Estate allowing the Estate Trustee to transfer the real estate property to the beneficiary or, if the property is sold, to the Purchaser.
• Completion of sale transaction of the real estate property by the Estate/Estate Trustee.

Probate fees are $5 per $1,000 on the first $50,000 and $15 per $1,000 over $50,000.00.  For example, if the deceased's Estate is worth $70,000.00 the Probate fees are calculated as follows: