Being an estate trustee has many serious responsibilities. Some are almost inconsequential and others are quite monumental.
Estate trustees must, among other things, be accountable for their financial dealings with the estate.
You should open an estate account with a bank, yours or with the deceased’s bank as soon as possible after the deceased’s death. Any money received should be deposited into the estate account so you can identify where the money came from. The same applies to any money you spend on behalf of the estate.
You should try to close any other accounts owned by the deceased and transfer the money into the estate account. Be careful however to not close any accounts used for post dates cheques or deposits from other sources until the deposits or withdrawals are no longer needed. Don’t forget to locate any safe deposit boxes!
Do NOT deal in cash with anyone as it might be difficult to account for these dealings later. If you are careful to keep good financial records from the beginning you will be easily able to report to the beneficiaries later on.
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The beneficiaries have a right to ask you to account in writing for your financial dealings and even to have you “pass your accounts” in the Superior Court. It is not always necessary to do so especially if you can show them copies of money received and spent from the estate account.
Keeping good records will go a long way to satisfy any concerns about your financial administration.
Too many estate trustees get themselves in trouble because they are not good records keepers. Do not be one of them!
