THE INSTITUTE FOR WILLS AND ESTATE EDUCATION

DISTRIBUTIONS, RELEASES AND ESTATE ACCOUNTING

 

Introduction (20 mins)

  • What is estate accounting?
  • Obligations to account to persons with financial interest
  • Types of estate accounting – court format vs. informal
  • Content of accounts- what has to be included?
  • Benefits of accounting

 Releases (20 Mins)

  • When requested?
  • Releases vs Receipts
  • What information should be provided
  • Form of Release (precedent provided)
  • Is ILA required?
  • Is a Release as good as a Passing of Accounts
  • Minors/incapables beneficiaries

 Passing of Accounts (20 Mins) 

  • Procedure
  • Benefits/Disadvantages
  • Compelling a Passing of Accounts
  • New rules on Increased Costs
  • Over the Counter Procedure
  • Order Giving Directions and Trial Issues

 Court Format Accounting (40 Minutes)  (Precedent Provided)

  • Content
  • What information do you need?
  • Form
  • Unusual entries
  • Using Software

 Estate Trustee Compensation (20 mins)

  • Basic calculations
  • Deductions
  • Exclusions
  • Care and Management
  • Pre-taking
  • Taxation / Remittances
  • HST issues

 Reviewing Accounts for Beneficiaries (20 Mins)  (Precedent Provided)

  • Checklist for review of accounts
  • Objections
  • Costs

 Professional and Practice Issues (30 Minutes)

  • Advising clients on Estate Accounting Issues
  • Fees
  • Preparation of Accounts vs. Legal Advice
  • Acting as an estate trustee

 Questions and Answer Period (10 mins)