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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. The estate lawyers 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.
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 discretion to grant or refuse the request. It will make its decision upon consideration of several factors, including:
Following a contested passing of accounts, the Court may:
The experienced estate lawyers at NULaw regularly advise executors on their duties and obligations, including the passing of accounts. We can help with:
At NULaw in Toronto, our skilled estate lawyers 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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