Bringing clarity and confidence to the realm of Estate Administration.
Estate administration is the legal process of managing the affairs of a deceased individual and distributing their assets among beneficiaries. The person, people, or sometimes company, appointed to handle that process legally are called trustees, executors, or administrators.
The executor’s role is extensive, involving responsibilities such as paying debts, filing tax returns, safeguarding assets, collecting assets, and distributing the estate to lawful heirs. An improperly managed estate can lead to complications and costly outcomes.
Aion Law Partners offer expert guidance on estate administration. Our experienced lawyers possess the knowledge necessary to navigate you through the process while ensuring that all legal requirements are met. Regardless of whether you are an executor, beneficiary, or any other interested party, we will provide you with a clear understanding of your rights and obligations, allowing you to make informed decisions and protect your interests.
Please contact us or visit one of our offices in Toronto, Danforth, North York, Durham, or Chatham-Kent. Our dedicated team is ready to assist you with all your estate administration needs.
Estate Administration Services
Drafting a Will
Planning for the future is important, especially when it comes to ensuring that our possessions are passed on to our loved ones. A family estate lawyer can help you prepare your affairs in advance to ensure that your friends and descendants are able to benefit.
Establishing Trusts
It’s important to ensure that your capital is well-managed and passed to your beneficiaries in a way that preserves your wealth and minimizes tax issues. A trust is an ideal solution that allows you to establish a long-term plan for your family or business and direct asset administration according to your wishes. They are vehicles where you put your assets in, for the benefit of someone, which are used to avoid probate, maintain confidentiality, and maximize tax exemptions in some cases. Some commonly used Inter Vivos (established while you are alive) trusts are Family Trust, Alter Ego Trust, Joint Partner Trust or Spousal Trust and Disability Trust. Testamentary Trusts are created through a Will where assets under a Will are directed into a trust. Testamentary Trusts can also be useful, including Qualified Disability (Henson) Trust, Lifetime Benefit Trust, and Spousal or a Common-law Partner Trust.
Business Succession
If you own a business in Canada, you need to plan ahead and prepare for succession. Your business is in many respects a part of you, and it’s essential to ensure that you arrange for a smooth and orderly transfer of leadership. A business succession plan provides peace of mind and tools to set sale prices, exit dates, and handle administrative and tax issues in advance. Aion Law Partners’ estate lawyers in Toronto specialize in creating business succession plans that cater to your specific needs. We can set up Secondary Wills or Multiple Wills to assist with your business planning. We will also help you fill in gaps your corporation may have, such as missing Shareholder Agreements, Partnership Agreements, and Powers of Attorneys. Lastly, an important part of business succession planning is establishing and updating the corporate minute books, which we can assist you with.
Estate Administration
Administering a loved one’s estate can be a challenging experience. The trustee, also called executor or administrator, must ensure that all assets are distributed, collected, or preserved. Our Wills and Estates lawyers in Toronto can help you navigate potential problems in estate administration and fulfill your duties with care and love. We will also assist you in calculating the probate fees owed. This process is commonly referred to as the Probate process.
Estate Planning
Mastering estate administration with personalized legal guidance.
The realm of estate administration is fraught with legal complexities that demand attention to detail and a thorough understanding of the law. By partnering with Aion Law, you benefit from personalized legal guidance, assuring the accurate and efficient execution of executor duties. We’re committed to helping you uphold your loved one’s legacy while safeguarding your interests throughout the process.
Frequently asked questions.
What is estate administration?
Estate administration refers to the process of managing and distributing a deceased person’s assets, settling their debts, and fulfilling any legal obligations after their death. This process ensures that the decedent’s estate is distributed according to their will or, if there is no will, according to state law.
Who is responsible for estate administration?
The responsibility typically falls on the executor named in the will. If no executor is specified or if there is no will, the court will appoint an administrator. This person has the legal duty to ensure that the estate is properly managed and distributed according to the law.
What are the main tasks involved in estate administration?
The main tasks include gathering and valuing the deceased’s assets, paying off any debts or taxes, and distributing the remaining assets to beneficiaries. It may also involve probating the will, if necessary, and addressing any legal challenges to the estate or the will.
What is probate, and is it always required?
Probate is the legal process of verifying the validity of a deceased person’s will. It’s not always required; its necessity depends on the state laws and the specific assets within the estate. Some assets, like life insurance payouts or jointly owned property, typically bypass the probate process.
How long does the estate administration process take?
The duration of estate administration can vary based on the complexity of the estate, the clarity of the will (if one exists), and any potential legal disputes. Simple estates might be settled within a few months, while more complex situations can take a year or more, especially if litigation is involved.
Words from our valued clients.
Effortless estate planning with Aion Law.
When I first considered drafting my will and setting up trusts, the process seemed daunting and filled with complex legal jargon. Aion Law simplified everything, guiding me and ensuring that my family’s future was secure. Their genuine care and expertise made all the difference. I now have peace of mind, knowing my legacy is in safe hands.
Richard Simms
Client
Aion was the missing piece of the puzzle.
For years, I struggled to find a law firm that truly understood my needs and vision. Enter Aion Law, and suddenly everything fell into place. Their expertise filled the gaps in my business’s legal framework, providing clarity and stability in uncertain times. They’re more than just lawyers; they’re partners in success
Kate Schadler
Client