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The information in this checklist is for informational purposes and intended only as a guide to assist you in administering an estate and should not be considered as income tax or legal advice.
- Locate Will and review to determine whether there are any special funeral directions.
- Assist in making funeral arrangements, if necessary.
- Ascertain whereabouts of beneficiaries.
- Obtain funeral director's statement of death or apply for provincial death certificate.
- List contents of safety deposit box.
- Arrange for safe custody of assets.
- If deceased lived in a rental property, terminate lease or arrange sublet.
- Determine entitlement to and apply for Canada Pension Plan Death Benefits, Survivor's Benefits and Orphan's Benefits.
- Notify Old Age Security and Canada Pension Plan.
- Notify employer or previous employer and determine any death or survivor pension benefits or insurance proceeds.
- Cancel driver's license, magazine and newspaper subscriptions, cable television, club memberships and telephone, and request refunds if applicable.
- Cancel health insurance coverage.
- Confirm outstanding balances and cancel credit cards.
- Request Canada Post to re-route deceased's mail, if necessary.
- Complete or cancel any outstanding securities trade orders.
- Ascertain assets and liabilities by writing to financial institutions, insurance companies, brokers, employers, and RSP/RIF trustees.
- Obtain prior years' tax returns. Prepare and file any Tl returns for previous years.
- Locate and obtain title documents for real property mortgages, share certificates, bonds, debentures, and Guaranteed Investment Certificates.
- Arrange valuations of real estate, securities, personal property and automobiles.
- Review adequacy of insurance coverage and alter if necessary.
- Arrange for a review of the investment portfolio.
- Open an estate bank account.
- Notify dividend and bond disbursing agents to change address of record.
- Prepare an inventory of assets and liabilities.
- Consult with an estates specialist regarding "probate" procedures, notice to beneficiaries, and all other preliminary administrative matters.
- Apply for certificate of appointment with professional assistance.
- When certificate is granted, obtain sufficient notarial copies to transfer assets.
- Report to beneficiaries on progress of administration and provide each residuary beneficiary with a copy of the summary of the estate assets and liabilities.
- Arrange for publication of advertisement for creditors prior to distribution of estate assets.
- Ask an estates specialist to register certificate on title to real estate if necessary.
- Settle all claims and debts.
- Close safety deposit box and take possession of contents.
- Complete all documentation required to transfer securities.
- Close bank accounts and transfer balance to estate bank account. If joint accounts, with right of survivorship, provide financial institution with death certificate and request transfer to surviving joint tenant.
- Invest surplus cash in accordance with terms of Will.
- Review Will and determine the division of estate assets. Consult with beneficiaries regarding form of distribution (distribution in cash or in kind) where appropriate.
- Review with an estates specialist any time periods or restrictions imposed on distribution of estate, e.g. family law considerations or claims/litigation.
- Initiate re-registration and transfer of securities, or arrange for sale of securities if converting to cash.
- Prepare cheques for payment of debts, legacies and interim distributions.
- Deliver personal effects to beneficiaries and obtain receipts.
- Deliver securities to beneficiaries, if distribution in kind, and obtain receipts.
- Deliver legacies to beneficiaries and obtain receipts.
- Arrange rollover or transfer of RSP/RIF proceeds.
- Prepare and file necessary estate tax returns for foreign assets, if any.
- Prepare and file Terminal Tl Tax Return and other returns with the Canada Revenue Agency and request tax Clearance Certificate.
- If Will provides for outright distribution, obtain release for distribution, and transfer assets or funds to beneficiaries provided sufficient funds as a reserve for income taxes and any outstanding accounts (seek professional advice before making interim distributions).
- If Will provides for trusts, set up testamentary trusts and arrange for ongoing review of the investments, and ongoing compliance with the rest of the terms of the trust, e.g. payment of income.
- Prepare and file T3 Trust Information Return.
- Obtain goods and services tax clearance, if applicable.
- Calculate executors' compensation and prepare accounts for passing or approval by beneficiaries. Prepare releases and obtain approval.
- If beneficiaries approve accounts, confirm all releases received.
- If accounts are to be audited by the Court, ask an estates specialist to prepare the application and all necessary notices and to arrange an appointment.
- After obtaining approval from the beneficiaries or the court, charge executor's compensation, maintain holdback/reserve pending receipt of necessary tax clearance certificates, and distribute any remaining funds or deliver assets (seek professional advice before making interim distributions).
- Ensure tax clearance certificate received.
- Arrange for closing of estate bank account after confirming cheques have cleared.
- Write to beneficiaries with final report on all aspects of administration.
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Estate Administration Checklist 