Sometimes, an estate’s debts and liabilities are greater than its assets. When that occurs, an estate trustee should consider assigning the estate into bankruptcy. This is for the protection of the estate trustee, as he or she may otherwise become personally liable for the estate’s unpaid debts and liabilities. If an estate is successfully assigned […]
Not everyone is well suited or willing to act as an estate trustee – the job can be onerous and family dynamics can make it especially challenging. As a result, the person named as an estate trustee in a will, or who has the first right to act as estate trustee under the Estates Act,
Right to Indemnification of Legal Fees Section 23.1 of the Trustee Act, RSO 1990, c T.23 confirms that estate trustees are entitled to be indemnified for the legitimate costs of carrying out their duties. In other words, estate trustees should not have bear the costs of the estate administration. This includes an estate trustee’s legal
In the legal world, “testamentary intentions” refer to a person’s wishes for the administration of their estate and distribution of their assets after death. The last will and testament (often referred to simply as a “will”) is the document which sets out the testator’s (i.e. the person who signed the will) testamentary wishes. Problems arise
There are many reasons parties may settle a lawsuit: a settlement mitigates the risks of losing in court, and puts an end to the emotional and financial drain of litigation. If all the parties to the litigation are capable adults, there is no barrier to reaching (and implementing) a settlement: once the settlement agreement is
