BY PAUL B. ADAM, ASSOCIATE LAWYER
A common practice in Ontario that has allowed an Estate Trustee to get going with the management of an Estate, before the precise value of each asset is known, is to file an application for a certificate of appointment with best estimate values of certain assets.
Such an Application is accompanied by a sworn statement, known as an "Undertaking," that the Estate Trustee will file another sworn statement shortly with updated values, and either request a refund of the tax already paid, or pay up anything owed.
A common practice in Ontario that has allowed an Estate Trustee to get going with the management of an Estate, before the precise value of each asset is known, is to file an application for a certificate of appointment with best estimate values of certain assets.Such an Application is accompanied by a sworn statement, known as an "Undertaking," that the Estate Trustee will file another sworn statement shortly with updated values, and either request a refund of the tax already paid, or pay up anything owed.
This practice has had the benefit of getting the estate up and running, even if all necessary numbers are not yet available.
This can free up Estate funds that may then be necessary to pay for appraisals and other documentation necessary to establish actual, rather than estimated values for estate assets.
This can free up Estate funds that may then be necessary to pay for appraisals and other documentation necessary to establish actual, rather than estimated values for estate assets.
- Paul B. Adam, Toronto
Visit our Toronto Law Office website: www.wiselaw.net
No comments:
Post a Comment
Readers are solely responsible for the content of the comments they post here. Comments are subject to the site's terms and conditions of use and do not necessarily reflect the opinion or approval of Wise Law Blog and the writers thereof. Readers whose comments violate the terms of use may have their comments removed without notification.