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In this era, having a Professional Executor/Estate Trustee should be considered an effective insurance policy. A Professional Executor/ Estate Trustee is accountable for ensuring the estate is administered in a manner consistent with the testator’s wishes and as per the terms and conditions in the will. This includes the proper identification, compiling and valuation of assets, safeguarding assets, compliance with all regulatory and tax-related matters, ensuring estate accounting records are effectively maintained and recorded, and ultimately distributing the estate to the beneficiaries and heirs.in accordance with the will.
Appointing a professional executor/ estate trustee in Mississauga for estate and trust accounting Mississauga matters helps to ensure that assets are properly recorded and accounted for and given this record-keeping approach is an effective means to minimize disputes among beneficiaries. Additionally, should a dispute arise an effective real estate and trust accounting reporting and communication protocol can be leveraged and assist in resolving the dispute and ideally minimizing legal costs.
Why Choose a Professional Trustee for Estate and Trust Accounting in Mississauga?
Here are 5 factors one should consider when appointing a Professional Executor/Estate Trustee in Mississauga Expertise:
Professional Executors/Estate Trustees in Mississauga should have the financial and legal expertise to manage the assets and be cognizant of tax and regulatory issues associated with an Estate. The need for financial and tax acumen is enhanced when the estate is complex (i.e. ownership of a business or real property) and involves significant assets or is subject to special rules, or regulations. While selecting a Professional Executor/Estate Trustee in Mississauga one must ensure that the appointed individual is willing to dedicate their time to the estate administration and regularly communicate with the beneficiaries.
1. Objectivity:
A Professional Executor/ Estate Trustee ideally is an objective professional and is able to handle confrontational family dynamic situations. Their proactive communicative approach will hopefully mitigate any kind of disputes among family members. Frequently parents give the task of managing their estate to a single child or a group of children and the non-appointed children e become agitated and s the duty of partiality begins to be questioned.
An unbiased executor/ estate trustee will make sure that the estate is distributed in accordance with the will and ideally preserve relationships among the beneficiaries. Professional trustees have a fiduciary and legal duty to act in the best interest of the estate and its beneficiaries. This means that they must act with the highest level of care, loyalty, and good faith. Additionally, they must avoid conflicts of interest that could compromise their objectivity.
Liability:
A Professional Executor/Estate Trustee is legally liable to manage estate assets in a responsible manner. If the Professional Executor/Estate Trustee fails to comply with these duties, he or she may be personally held liable for any resulting losses or damages. The fact that the Professional Executor/Estate Trustee is legally liable should provide a level of assurance to the family members and confidence that the person accepting the appointment realizes their exposure while acting as a Professional Executor/Estate Trustee in Mississauga.
2. Time commitment:
Managing an estate is a time-consuming process. Professional Executor/Estate Trustee realizes the time commitment and is willing to devote significant time and attention to their duties.
3. Co-executor:
For personal reasons, one may want to have a close family member be their executor/estate trustee even though they may not have the required skills. Consequently, it might be best to have a Professional Executor/Estate Trustee in Mississauga be appointed as a co-executor. Certainly, having a professional executor/estate trustee acting as a co-executor ensures that all complex financial and legal matters are taken care of. As well, having a close family member or friend working alongside the professional executor/estate trustee ensures that family values and desires are communicated, accurately reflected and sustained during the estate process.
Conclusion
Selecting a professional executor/estate trustee in Mississauga demands consideration of various factors. It is always beneficial to consult a professional and make a determination if they will add value to the process and or eliminate or mitigate your concerns. As denoted previously, view the appointment as an insurance policy if matters go away a Professional Executor/Estate Trustee can steer the estate to a successful and effective distribution.