September 8, 2014

Estate Settlement

Estate Settlement

Are you the Executor of an estate and find yourself over your head in terms of time, knowledge, or geography? Has a loved one passed away and you are too overwhelmed to deal with all there is to do? The death of a loved one is a trying and emotional time. Unfortunately, it is also a time when the surviving spouse and/or family member is required to deal with the finalizing of the deceased’s estate. Canada Retirement’s Estate Settlement Service offers a professional service that assists executors in handling the multiple responsibilities of estate settlement after the death of a loved one. We will assist you in both Estate Planning or Settlement.

The Canada Retirement Information Centre’s long standing emphasis on both professional and personal relationships is fundamental to what we do within the community. We believe this new Estate Settlement Service is unique and know you will agree after an initial meeting with our specialists. Even the settlement of a simple estate requires specific actions to be taken to satisfy financial, legal and governmental requirements. Based on over 30 years of small, medium and large estate-settlement experience, Pat Howe, our Senior Tax Consultant, is ideally qualified to provide individualized and professional estate settlement expertise in a timely and cost-efficient manner.

Your needs come first, because we believe that client service is central to everything we provide. We work in partnership with other business professionals in providing you this service. These relationships are built on trust and integrity which is what we offer you. If life has presented a transitional time for you and you are the executor of an estate, we would welcome the opportunity to talk with you about how we can alleviate some of the burdens in settling the estate.

 

Whether you are an executor of a will or planning for the smooth transition of your own estate, you will retain control and we will do the work. There is a great deal to do. Some examples of the tasks required by an executor which we can assist in completing include:

  • Read and interpret the Will and meet with beneficiaries when required.
  • Determine and assemble all required information & documents pertaining to the assets and liabilities of the Estate.
  • Prepare a Statement of Assets and Liabilities.
  • Submit claims & applications to the necessary agencies.
  • Arrange to have Real Estate valued.
  • Notify brokers, bankers, etc.
  • Apply to banker/broker for release of the funds to pay for probate/legal fees.
  • Complete claims for life insurance, RRSPs, government benefits, etc.
  • Instruct lawyer to apply for Probate.
  • Assist in closing bank/brokerage accounts and safety deposit boxes.
  • Assist in having assets re-registered into estate or beneficiaries’ names
  • Prepare and file the final tax returns to Date of Death, including special returns that reduce taxes and the T3 filing for the Estate (post death).
  • Obtain a Clearance Certificate from the Canada Revenue Agency.
  • Prepare a partition statement of the assets among beneficiaries so that distributions can be made effectively.
  • Prepare a Final Statement of Accounts for the beneficiaries and obtain releases, when required.
  • Perform other services that may be required in connection with the settlement of the Estate.

In many cases, where only the spouse, or surviving children are the beneficiaries, the settlement is less complicated. However, there are potential tax savings that may be lost where the executor is not familiar with income tax and estate settlement regulations. Our service focuses on disinheriting Revenue Canada and planning for the beneficiaries’ future tax and estate planning to preserve their inheritance. We will offer a free review of their current will and provide an analysis of potential tax savings for the beneficiaries and their families.

Fees:  Please call the Canada Retirement Estate Settlement Service office at 613-225-2020 or email Pat Howe, Senior Tax Consultant pat@canretire.com for a free estimate.