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Estate planning and Estate settlement advice

Whether you are creating your own Estate plan or settling an Estate for a loved one, we understand the process can feel overwhelming. We’re here to help.

We've laid out two distinct paths below to guide you through the key steps of each scenario to help make the process more clear and less stressful.

The benefits of Estate planning

Setting up your Estate plan can help provide peace of mind for you and your family. The benefits include:

  • Providing clarity to your loved ones regarding your wishes
  • Naming the guardian of your choosing for your dependents
  • Control how and where your assets are distributed
  • Potential to protect the value of your assets from taxes

In the absence of an Estate plan, all the above decisions will be decided by others and may not align with your goals and wishes.

We have a team of Tax and Estate Planning professionals available through TD Wealth who are focused on helping to make sure that your intentions are properly reflected in your documents.

How to approach preparing your Estate plan

We recognize that your needs and assets are unique. To help make this process easier, we've outlined some steps to consider when you're ready to create your Estate plan.

  • Step 1: Get organized

    An important first step is gathering key documents. These may include but are not limited to bank and pension statements, real estate documents, insurance policies, and tax returns. These documents will help identify assets you own and confirm which may have designated beneficiaries such as your registered investments.

  • Step 2: Create your plan

    Based on your needs, TD can recommend different options to assist you in this process. You may choose to seek guidance from legal and tax professionals to ensure your plan is comprehensive. Your Will, the legal document that puts your plan into effect, can be created once you have discussed your wishes and documented your goals.

  • Step 3: Review your plan

    Remember to review and update your plan periodically. Whether you meet a major life milestone, such as the birth of a child, a change in your marital status, or simply some time has passed, it is important to review your Estate plan to ensure it still meets your goals and wishes.

For more information on what is involved in an Estate plan, as well as a checklist to help you get started, please refer to Passing on your Wealth (PDF).

Key terms to know during Estate planning

  • Will

    A legal document that outlines a person’s wishes for the distribution of their Estate upon death.

  • Power of Attorney

    A legal document that allows you to appoint another individual to manage your financial affairs.

  • Estate Plan

    An individual’s strategy for the disposition and administration of their property at their death, incapacity or total disability.

  • Beneficiary

    A person who inherits all or part of the money or property from someone who has died. They can be named on certain assets directly or through your Will.

  • Estate Related Taxes

    Taxes on the Estate may be owed prior to the distribution of assets. Having an Estate plan may help lower the total amount of taxes owed by the Estate.

  • Next of Kin

    Next of Kin is the closest related family member(s) of the deceased, which can include a spouse, a civil partner, and any children.

For more information, refer to our full Glossary of Estate Planning & Settlement Terms.

Frequently asked questions

An Estate plan is essential for Canadians. It may protect beneficiaries, ensure guardianship of minors, lower the tax burden on your Estate and remove complexity for your loved ones.

All taxes are paid from the deceased’s Estate. Generally speaking, the Estate is responsible for all debt and fees associated with settling the Estate. Executors should engage a tax consultant prior to assets being distributed to beneficiaries.

A Will outlines one's assets and property, and how they are to be distributed to each beneficiary. It may also include the testators wishes, location of property, direction of guardianship for minors, and more.

An Estate plan may include a Will. A Will is one part of the Estate plan for purposes of providing clarity to your executor and property disposition.

An Executor is a person or estate professional (trust company) appointed in your Will to administer your Estate after your death. When choosing your Executor it should be someone capable of handling the complexities of settling an Estate, has the availability to carry out the duties, and could manage potentially difficult conversations with beneficiaries.

The value of your RRSP is paid to the beneficiary you have designated. If you have not designated a beneficiary, it is paid to your Estate. In certain cases, including if your beneficiary is your surviving spouse or common-law partner, your RRSP may be transferred to them on a tax-deferred basis. You should consult your District Taxation Office or legal and tax advisors for more specific information.

Articles and tips to help you get started

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How do I settle an Estate?

We are sorry for your loss. When someone close to you passes away, it’s an emotional and difficult experience. If you’ve been named an Executor of a friend or loved one’s Estate, you may feel honoured to be entrusted with carrying out their last wishes. You may also feel overwhelmed and unsure of where to begin.  

Here is an overview of your first steps.

  • Step 1: Notify us of your loss

    If you are the Executor(s) or Authorized Representative(s) for an Estate, visit any TD branch or book an appointment so that we can help. 

    If multiple people have been appointed to settle the Estate jointly, please attend the appointment together if possible.

  • Step 2: Gather the right documents

    Providing the Death Certificate, the Will and your personal identification will start the process. 

    Our first priority is to assist you with any immediate financial needs, such as funeral costs, which may be paid from the Estates funds. 

    If you don't have these additional documents, we’ll guide you.

  • Step 3: Manage the Estate

    Once all required documents are received, the time to settle an Estate can vary depending on the complexity of the Estate or if Probate is required. 

    A representative from our Estates team will provide you with assistance to help you feel confident with settling the Estate. 

First meeting checklist

Please bring the following to your appointment:

  • One piece of valid government-issued photo ID for each Executor/ Authorized Representative
  • The funeral director’s Statement of Death, or Attestation/ Declaration of Death (Quebec), or provincial Death Certificate
  • The original or notarial copy of the last Will or Will Search (Quebec). If there is no Will, notify TD with the Statement of Death.
  • Any bills related to funeral expenses or household expenses associated with the Estate (i.e. property utilities)

For steps on how to get started with settling TD assets, please refer to our Executor Quick Start Checklist (PDF).

               For a comprehensive guide on Executor responsibilities, including both financial and non-financial matters, please refer to our Executor Assist Kit (PDF).

What is an Executor?

The Executor (also known as a Liquidator in Quebec) is a person who is appointed to carry out the wishes of the deceased, distribute assets, file tax returns, protect property and pay expenses. Some additional responsibilities of an Executor may include:

  • Making funeral arrangements 
  • Locating, identifying and preparing a detailed statement of assets and liabilities valued at the date of death 
  • Ensuring all property such as real estate, investments, businesses, etc., are managed, protected and insured if necessary during the estate administration 
  • Applying to the court for probate, which may involve retaining a lawyer 
  • Updating beneficiaries as the Estate settlement progresses, and addressing any questions or concerns as they arise 
  • Paying bequests and distributing gifts of property according to the Will
  • Retaining sufficient cash to settle debts and/or final expenses of the Estate
  • Preparing and filing final tax return(s), paying any outstanding taxes and obtaining tax clearances from Canada Revenue Agency

What is the Estate settlement process when there is no Will?

Despite the best of intentions, a number of people die 'intestate', meaning without having a valid Will. In the event there is no Will, please notify us of the passing and provide the death certificate. A court may have to appoint someone to administer the Estate. We encourage you to seek legal advice for next steps on appointing an administrator(s). 

Key terms to know when settling an Estate 

  • Estate Administrator

    A legal term referring to a person appointed by the court to administer the Estate of an individual who died without making a Will.

  • Estate Account

    An account registered in the name of the Estate that can be used to consolidate assets, manage transactions, and disburse funds to beneficiaries.

  • Probate

    Probate is the official confirmation of the validity of the Will by the courts, confirming the legal authority of the Executor.

  • Death Certificate

    Also known as a funeral director’s certificate, statement of death or provincial certificate of death. It is a copy of the entry for the deceased in the province’s death register.

  • Will

    A legal document that outlines a person’s wishes for the distribution of their Estate upon death.

  • Letters of Direction

    Letters of Direction are provided by the Executor/ Authorized Representative as instructions on how to disburse an Estate.

For more information, refer to our full Glossary of Estate Planning & Settlement Terms.

Frequently asked questions

We recognize that this is a big responsibility — it’s emotional and difficult to get through at times. Speak to your lawyer to review your responsibilities. TD provides Executor services if this is something you want to explore.

The Estate's Executor(s) must apply to the Provincial courts (either with or without a lawyer) to begin the process to have a Will probated.

Probate establishes that the Will presented to the court is in fact the final Will of the deceased and it confirms the appointment and authority of the person(s) named as Executor(s) in the Will.

Note: The process for validating a Will differs in Quebec. It involves executing a search of the mandatory Will Registry for any notarial Wills that have been filed by the deceased.

All debt, excluding joint debts, should be settled with TD Bank prior to the Estate being disbursed to the beneficiaries.

Receiving an inheritance can bring a range of responsibilities and emotions when grieving the loss of a loved one. When you’re told that you will be receiving money from an Estate, especially if it’s a significant amount, it’s a good idea to take some time before making any decisions on what to do. We have a team of advice professionals that can help you when you’re ready and have various investment options available where you can keep your money until you are prepared to make further decisions.

Any questions or concerns about the Will should be discussed with the Executor as their responsibility is to administer the Estate according to the Deceased’s wishes. If you’re named in the Will, you are entitled to get updates from the Executor until the Estate administration is completed.

For joint credit accounts, surviving individuals should visit a branch to have products changed to their name only; in some cases, reapplication may be required and limit reductions may be applied.

For other accounts (excluding Quebec) and accounts set up as Joint with Rights of Survivorship (JWROS), all accounts are transferred to the survivor.

If a joint account isn’t set up as a JWROS, additional documentation may be required.

In Quebec, documents are required to change accounts to the survivor’s name and will be disbursed based on terms found in the Will. If the joint account holder is a spouse or common law partner, the disbursement of the account will be based on the percentage disclosed in the Disclosure and Declaration Form.

While a Will is being probated, TD is able to accept instructions from the Estate’s Executor, or Authorized Representative(s) to liquidate securities and/or purchase money market of ‘near-cash’ securities to preserve the Estate’s capital. We will need the following documents to proceed:

  • An original or notarized copy of the death certificate
  • An original or notarized copy of the Will
  • A letter of direction signed and dated by all Executors or Authorized Representatives

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