Private Trust

What's my role as an Executor or Trustee?

What will be required of me as Executor or Trustee?

What help is available to Executors and Trustees?

What areas am I likely to need help in?

Why is TD Waterhouse Private Trust a good choice for Executors and Trustees?

Where can I find out more about being an Executor or Trustee?

How is TD Waterhouse Private Trust compensated for assisting Executors and Trustees?

What's my role as an Executor or Trustee?

The Executor of a Will has two key duties.

First, you must make sure that the deceased's wishes are carried out exactly as stated in the Will.

Second, the Executor is responsible for meeting all the legal and financial requirements of settling an estate and managing the assets until they are distributed or placed in a trust.

A Trustee is responsible for all aspects of operating a trust. This includes managing the assets, banking, record keeping, and distributing the income and capital to the beneficiaries.

What will be required of me as Executor or Trustee?

A simple list of an Executor's duties includes over 40 different tasks required to settle an estate and they generally take about a year to complete.

The responsibilities may include meeting with the beneficiaries, lawyers, and accountants, as well as liaising with appraisers, real estate agents, the Canada Revenue Agency, insurance companies, and pension providers.

You must also locate and then regularly monitor all property, review financial records, manage the assets, file tax returns, and obtain confirmation that all tax matters are resolved. And that's all before you actually distribute the estate and do the final accounting to the beneficiaries.

A Trustee's responsibilities focus primarily on asset management and decision-making, record keeping, and distribution of the trust's assets. However, as a trust may last for years, even decades, your role requires a long-term commitment.

What help is available to Executors and Trustees?

It's an honour to be named Executor or Trustee, but no one expects you to do it all by yourself. You have complete authority to appoint Private Trust as your "Agent", or to assist you in administering a trust. We'll take care of any of the duties you don't feel qualified to do, don't have time to do, or just don't want to do by yourself.

Our goal is to make your job a great deal easier and to give you the peace of mind that comes with knowing that specialists in all areas of estate and trust administration are helping you meet all of your obligations.

What areas am I likely to need help in?

The answer here really depends on how much time you have to work on the estate or trust and how comfortable you are with the various tasks involved.

The areas most people ask for our help include -

• Tax preparation - filing up to four income tax returns and providing tax planning options on all special rules, designations, as well as planning ways to minimize taxes for the estate and beneficiaries - our Tax Service team is highly regarded in this complex area
• Administration - completing the considerable amount of bookkeeping and paperwork that's required
• Asset management - making sure the estate or trust assets are protected and invested effectively

As Agent for the Executor, we're also often involved in obtaining probate, settling debts, obtaining The Canada Revenue Agency final tax assessments and clearances, and managing any business interest that is part of an estate. Our Business Advisory Services team can help pass a business on to future generations or sell it on behalf of the estate.

You simply choose to take advantage of as many, or as few, of our full range of services as you wish.

Why is TD Waterhouse Private Trust a good choice for Executors and Trustees?

We have been providing assistance to Executors and Trustees for over one hundred years. The knowledge and experience we have accumulated means that you can depend on us to be efficient, reliable, and up to date on all estate and tax legislation.

You'll also have the convenience and advantages of working with a team that includes specialists in all aspects of estates and trusts. We have the resources to address complex estate matters.

We can save you time and provide you with the reassurance of knowing that the details have been taken care of.

Where can I find out more about being an Executor or Trustee?

A good place to start is with our Executor and Trustee Assistance Guide. It's a comprehensive and practical reference for Executors, Trustees, beneficiaries, and family members.

You can download a copy or pick one up at any of our TD Waterhouse Private Trust branch, or at any TD Canada Trust local branch.

How is TD Waterhouse Private Trust compensated for assisting Executors and Trustees?

Our fees are usually paid by the estate or trust and vary with the amount and type of work we perform for you. Estimates of our fees are reviewed with you before any work is undertaken. In many cases, we find that providing investment options and savings in taxes, more than offsets our fees.

Resources for Executors

• Estate Complexity - Executor's Tool (What level of assistance do you require?)
• Duties of an Executor
• Checklist for Executors
• Tax Planning and Preparation

Our Estate and Trust Specialists would be happy to answer any questions you may have. If you would like to learn more about our services or arrange a meeting with one of our Specialists, please contact the TD Waterhouse Private Trust branch nearest you by consulting our Private Trust Branch Directory.