Social media is changing the way many of us live our lives, seeping into the way businesses operate and affecting how we communicate. It shouldn’t be surprising to discover that social media is also playing an increasingly prevalent role in the courts, particularly when presented as evidence in family or estate cases. A great example … Continued
Skilled estate lawyers assisting with unopposed passing of accounts in Greater Toronto
An estate trustee, executor, attorney for property or guardian for property has an ongoing fiduciary obligation to the beneficiaries of the estate, including keeping complete and accurate records at each step they take. At any time, an estate beneficiary can request the trustee to complete a passing of accounts.
The passing of accounts is a formal process by which an estate trustee or other personal representative presents their accounts and records in a court-approved format for judicial approval. Undertaking a passing of accounts is very technical, and must follow the correct procedure and format in order to be approved. At Eisen Law, our outstanding estate litigation team has significant experience advising trustees on their responsibilities, and guiding them through this complex process.
Unopposed passing of accounts – legal advice for trustees and beneficiaries
In many cases, such as those where all beneficiaries are competent adults and there are no objections, a formal passing of accounts by the courts is not necessary and a judge will not review the accounts, but will simply sign off on them since all parties have consented.
There are benefits to both beneficiaries and trustees in undertaking an unopposed passing of accounts. An unopposed passing of accounts provides the parties with an update on the status of the administration of the estate, including any unrealized assets or unpaid debts. Beneficiaries can also obtain independent legal advice regarding the accounts to confirm the estate is being managed in a responsible manner.
Obtaining a court order also provides a degree of closure to the estate administration process. Once a passing of accounts is approved by the court, the Trustee is largely discharged of any further accounting obligations with respect to the period of time covered by the accounts.
Experienced estate lawyers helping trustees avoid costly delays and objections
Completing a passing of accounts requires close adherence to timelines for submitting an application and responding documents, and for service on all interested parties. Failure to meet the necessary deadlines will lead to additional expense and delays to remediate the error.
By hiring a member of our experienced estates team at the outset of the process, we can help minimize costly delays. At Eisen Law, our lawyers focus solely on estate litigation and administration. When you ask us to assist with an unopposed passing of accounts, we will ensure that all necessary steps are taken to avoid potential objections.
If objections do arise, our lawyers have extensive experience handling contested passing of accounts matters on behalf of both trustees and beneficiaries. We will be prepared to assist in cases where a passing of accounts is contested unexpectedly.
Contact the Toronto estates team at Eisen Law for advice regarding passing of accounts
Before you begin a complicated passing of accounts, reach out to our experienced lawyers. We offer free initial consultations, and provide discreet services for every step of the process. Contact us online or call 416-591-9997.
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