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What Is An Executor
What is an Executor?
An executor is a person who is named in a will. What he needs to do is to gather up all the assets of the estate, pay the debts of the deceased and also divide the remains of the estates of the deceased among the beneficiaries. It is very common to remove an executor in Canada. Most of the time in Canada it is these applications that are quite often commenced by the disgruntled beneficiaries or even frustrated co executors who do believe that the person who is in charge of the administration of the estate is always being dishonest or unfair. The papers do review some of these case laws that are relevant for examination under which circumstances this Ontario court has to remove the executor.
In the country of Canada the Ontario’s courts do have some statutory authority to remove these executors. The beneficiaries who are dissatisfied go to the court so that they can compel the removal of this executor and then go on to force them and pass the accounts. If an application is then successful then the executor is forced to produce all the records that relate to the administration of that estate and also it is seen to that a new executor is appointed in the place of the old one. It may or may not be the fault of the executor to have done something that is wrong. The resentment of the beneficiaries most often stirs the controversy and the frustration, the hostility and the mistrust most of the time resulting in them asking the court to have the estate trustees removed.
On the other hand, going to a court to remove an estate trustee is a very expensive matter and at the same time very serious. Despite the huge temptations to jump into some sort of a conclusion or the other it is a great and a big mistake to treat the case review as a legal advice that is substantive. For all those who are considering this as a serious option, you have to know that there is no sort of a substitute for being able to hire a solicitor who is competent and whose research, judgment and analysis are canvassed much before he goes to the court.
In many cases the family members as well as the close friends of the deceased may take part in performing the services of an executor without any compensation and are sometimes known as the estate trustee. The court has however traditionally allowed such people as well as those of the trust companies to be able to charge their clients with some fees for the services that they are offering. There generally is a fee agreement that is on the will that is generally followed. If not then it depends on the amount of property. Generally 2.5/5 on the capital receipts as well as on capital disbursements is the fee that is given. It is the same for the revenue receipts.
An executor is a person who is named in a will. What he needs to do is to gather up all the assets of the estate, pay the debts of the deceased and also divide the remains of the estates of the deceased among the beneficiaries. It is very common to remove an executor in Canada. Most of the time in Canada it is these applications that are quite often commenced by the disgruntled beneficiaries or even frustrated co executors who do believe that the person who is in charge of the administration of the estate is always being dishonest or unfair. The papers do review some of these case laws that are relevant for examination under which circumstances this Ontario court has to remove the executor.
In the country of Canada the Ontario’s courts do have some statutory authority to remove these executors. The beneficiaries who are dissatisfied go to the court so that they can compel the removal of this executor and then go on to force them and pass the accounts. If an application is then successful then the executor is forced to produce all the records that relate to the administration of that estate and also it is seen to that a new executor is appointed in the place of the old one. It may or may not be the fault of the executor to have done something that is wrong. The resentment of the beneficiaries most often stirs the controversy and the frustration, the hostility and the mistrust most of the time resulting in them asking the court to have the estate trustees removed.
On the other hand, going to a court to remove an estate trustee is a very expensive matter and at the same time very serious. Despite the huge temptations to jump into some sort of a conclusion or the other it is a great and a big mistake to treat the case review as a legal advice that is substantive. For all those who are considering this as a serious option, you have to know that there is no sort of a substitute for being able to hire a solicitor who is competent and whose research, judgment and analysis are canvassed much before he goes to the court.
In many cases the family members as well as the close friends of the deceased may take part in performing the services of an executor without any compensation and are sometimes known as the estate trustee. The court has however traditionally allowed such people as well as those of the trust companies to be able to charge their clients with some fees for the services that they are offering. There generally is a fee agreement that is on the will that is generally followed. If not then it depends on the amount of property. Generally 2.5/5 on the capital receipts as well as on capital disbursements is the fee that is given. It is the same for the revenue receipts.
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