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Thursday, February 11, 2010

You can hire a trust co to do the executor's work

Earlier this week I met with a client whose mother passed away 6 months ago. This client (let's call him Joe) and his two siblings are the executors of the estate but those two siblings have apparently decided that Joe is capable of doing the estate work on his own and have more or less refused to do anything. Joe works full time and has a family, so he doesn't have much time to take care of things. Since his mom died, all he has really managed to do is pay for the funeral and gather up a group of bank statements. At the rate he is going, the estate is going to take several years to wrap up, which won't make anyone happy.

Joe came to talk to us because he had told his banker that he was overwhelmed with the estate work and didn't really know what to do even if he had time to do it. The banker knew a cry for help when she heard one, and set up a meeting for Joe and me.

The result of the meeting is that Joe is going to hire Scotiatrust to do the executor's work. He is still going to be the executor but now he doesn't have to do all the legwork himself.

Most people don't know that you can hire a trust company (there are others besides Scotia as well) to do the executor's work. We call it "Estate Assist". The fees are reasonable and you get an experienced staff Trust Officer who can guide you through the process. The trust officers map out a plan for the estate and take care of each step as it comes up. The clients who hire us to do this are often at the end of their rope before they meet us, worried and stressed about trying to do something they have no idea how to do. Sometimes they have made it halfway through the estate before it all fell apart, leaving them hanging. They leave the meeting with us feeling relieved and much more relaxed.

Even many lawyers who deal with estates are unaware that trust companies offer this unique and valuable service. If you (or someone you know) are struggling with looking after the estate of a loved one, feel free to give us a call at one of the phone numbers below to talk about what we can do to help. The consultation costs nothing and you might just find an answer for your problem.

Barrie 705-726-1278 or 1-800-341-8627
Calgary 403-299-3057 or 1-888-495-5245
Edmonton 780-413-4345 or 1-866-413-4399
Halifax 902-420-3888 or 1-888-919-0115
Hamilton 905-317-4803 or 1-800-263-9083
Kingston 613-544-3188
Kitchener 519-743-3379 or 1-866-240-7340
Montreal 514-499-4709 or 1-866-992-0991
Ottawa 613-564-6675 or 1-800-550-9953
Peterborough 705-742-3885 or 1-877-848-7969
Toronto 416-933-2267 or 1-866-240-7340
Vancouver 604-718-7144 or 1-888-723-1122
Victoria 250-953-2602 or 1-800-552-6799
Winnipeg 204-985-3123 or 1-800-567-0215

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