A family trust and a testamentary trust serve different purposes and are established at different times. A family trust, or living trust, is created while the settlor is alive, allowing them to benefit from it during their lifetime and providing flexibility in managing assets while typically avoiding probate. In contrast, a testamentary trust is established after the death of the will maker and provides benefits to the beneficiaries named in the will, with no benefits to the settlor during their lifetime.
9 Benefits to Filing a Patent Application
Duties of an Estate Trustee Checklist
Handling the affairs of a loved one's estate can be a complex and overwhelming responsibility. As an estate trustee, you are entrusted with the important task of ensuring the smooth administration of the deceased's estate, adhering to the legal obligations and fulfilling the wishes of the deceased as expressed in their will.
To assist you in navigating this intricate process, this checklist serves as a comprehensive guide to the duties and responsibilities that fall upon an estate trustee in Ontario. By following this checklist, you can systematically manage the estate administration process, while ensuring compliance with the relevant laws and regulations governing estates in Ontario.
Duties of an Estate Trustee
When a loved one passes away, their affairs need to be properly managed and settled. In Ontario, an estate trustee plays a vital role in ensuring the smooth administration of an individual's estate. Also known as an executor or personal representative, the estate trustee is entrusted with the responsibility of carrying out the deceased person's wishes as outlined in their will. This introductory guide aims to shed light on the duties and responsibilities of an estate trustee, providing a comprehensive understanding of their role in the estate administration process.