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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.
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.
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
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
Articles and tips to help you get started
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