Hello;
With an aging population, the role of executor is becoming more valuable. Have you or someone you know been asked to act as an executor? Do you see yourself as having to deal with this role sometime in the future? If so, we are here to help! We know the unfortunate truth about the executor role is that it is triggered after the loss of a loved one. So in addition to your executor duties, you will also be grieving.
At Brandon Lindsay, we pride ourselves on helping clients through all of life's challenges. We have a Certified Executor Advisor on the team who can assist our clients navigating the responsibilities of this complex role. We have collected advice from experts on how to manage the process with minimal stress and anxiety. Our advice is not only beneficial to executors but also to heirs expecting to receive and inheritance. Our goal is to ensure a successful transition from generation to generation, helping our client families achieve a happy and harmonious ending.
Did you know that the Ontario Government announced two changes affecting estate adminstration in the 2019 Ontario budget that came into effect on January 1st, 2020?
The first change is a reduction in probate fees (formerly known as the Ontario Estate Administration Tax) to 0% for the first $50,000 of an estate's value. Previously, the fee was 0.5% on the first $50,000 or $250. Executors are still required to file an Estate Information Return irrespective of the size of the estate within a presecribed time frame. Also, for estates with assets values greater than $50,000, the Estate Administration tax will continue to be 1.5% of the estate's asset value in excess of $50,000.
The second change that took effect on January 1, 2020 is an extension to the filing deadline regarding when an Estate Information Return must be received by the Ministry of Finance to 180 days (previously 90 days) from the date a Will has been probated in court. Furthermore, if an amendment to the Estate Information Return is required because items that were missed are discovered after the fact, the time period for submitting an amended Estate Information Return has been extended to 60 days (previously 30 days).
If you or anyone you care about could use our help, please reach out without cost or obligation.
Sincerely,
Mani Fenili
