Toronto Estate Lawyer assisting with Passing of Accounts

Estate administration can be a challenging task. Indeed, executors, trustees, and attorneys for property have numerous obligations towards the estate that they are responsible for administering. One of their primary obligations is the duty to maintain the assets of the estate and keep accurate records of this maintenance.

When a request is made for a formal passing of accounts, all records kept by the executor, trustee, or attorney must be submitted to the court for approval.

In Ontario, passing of accounts is governed by the Trustee Act, the Substitute Decisions Act, and case law. This is quite a technical process requiring specialized advice from an estates lawyer with significant experience in the area. At NULaw can help protect you, the estate, and the beneficiaries during a passing of accounts. We take pride in our commitment to building strong relationships with each of our clients and understanding their specific needs and concerns. Our empathetic and compassionate approach, along with our many years of experience guiding clients through this complicated process, allow us to provide exceptional legal services.

Passing of Accounts in Ontario

A request for passing of accounts must be formally made through an Application to Pass Accounts. The Application must be served on all individuals who have an interest in the estate, and be filed with the court.

Anyone who receives an Application can then file an objection to the accounts, which then requires a contested hearing before the court to review the accounts.

Generally, upon receipt of an Application to Pass Accounts, the Court has the discretion to grant or refuse the request. It will make its decision upon consideration of several factors, including:

  • The terms in the will or another estate document;
  • The size of the estate;
  • How complex the administration of an estate is
  • Whether there has been any prior litigation regarding the estate.

Following a contested passing of accounts, the Court may:

  • Approve the submitted accounts;
  • Temporarily suspend the powers of the executor, trustee, or attorney;
  • Terminate the powers of the executor, trustee, or attorney;
  • Adjust compensation for the executor, trustee, or attorney.

How Can NULaw Help with Passing of Accounts?

At NULaw we regularly advise executors on their duties and obligations, including the passing of accounts. We can help with:

  • Reviewing accounts and ensuring accounts and records are in proper condition;
  • Preparing the documents that must be filed in court when a passing of accounts is necessary
  • Representing executors at hearings where needed;
  • Responding to any objections;
  • Filing a Notice of Objection if required

Contact the Toronto Estate Lawyer at NULaw for Practical and Valuable Guidance with Passing of Accounts

At NULaw in Toronto, our skilled estate lawyer can walk you through the technical and complex passing of accounts process. We can ensure that your duties and obligations are being met and that all accounts are in order. Contact us online or at 416-481-5604 to book a consultation today.

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Contact

NULaw
509 Davenport Road
Toronto, ON M4V 1B8

Tel: +1 416 481 5604 Fax: +1 416 481 5829

NULaw proudly services clients in Toronto and throughout Ontario