• Personal
    • Products
    • Services
    • Branches
    •  
    • Contact us
    • Become a member
    • Login
  • Business
    • Products
    • Services
    • Branches
    • Contact us
    •  
    • Become a member
    • Login
  • Caisse
    • Who we are
    • Social Involvement
    • Branches
    • Contact us
    • Become a member
    •  
    • Login
  • Français
Caisse Alliance
Online services
Login
Login
Login
Credit Card
Login
AccèsD
Online services
Login
Login
Login
Credit Card
Login
Online services
Login
Login
Login
Credit Card
Login
  • Personal
    • Products
    • Services
    • Branches
    •  
    • Contact us
    • Become a member
    • Login
  • Business
    • Products
    • Services
    • Branches
    • Contact us
    •  
    • Become a member
    • Login
  • Caisse
    • Who we are
    • Social Involvement
    • Branches
    • Contact us
    • Become a member
    •  
    • Login
  • Personal
    • Products
    • Services
    • Branches
    •  
    • Contact us
    • Become a member
    • Login
  • Business
    • Products
    • Services
    • Branches
    • Contact us
    •  
    • Become a member
    • Login
  • Caisse
    • Who we are
    • Social Involvement
    • Branches
    • Contact us
    • Become a member
    •  
    • Login
  • Blog
  • Career
  • Interest Rates
  • FAQ
  • Students
  • Communications
  • 888 404-2246
  • Book an appointment
  • Interest Rates
  • Français
Search
Blog

Choosing a trustee

Choosing a trustee

A trustee is a person who, upon your death, is responsible for carrying out your wishes and administering your succession. With these important responsibilities, it’s important you choose him or her carefully.

The trustee’s responsibilities

The trustee’s duties include the following:

  • Take into account the legislative provisions pertaining to the liquidation of the succession, division of the family patrimony and matrimonial regime, if applicable, and tax and insurance laws.
  • See to the sound temporary administration of the succession.
  • Make decisions that are in the best interests of the heirs.

A trustee must also:

  • Act prudently and diligently, as they may be held personally liable for errors or omissions.
  • Remain impartial to guarantee that each heir is treated fairly and equitably.

A good trustee

Before making a final decision, make sure your trustee:

  • is trustworthy
  • has the skills and time required to accomplish the task
  • will be able to treat family members fairly and objectively

Given the complex nature of the task, many people prefer to put together a team of trustees. They appoint a private trustee, often someone close to them who will know how to find the deceased’s documents and simplify the inventory of assets. The private trustee works with a professional trustee who has the required tax and legal knowledge, such as a notary, lawyer, accountant or trust company. Even though this means additional costs for the estate, a professional trustee’s valuable expertise could prevent family members from making financial or tax decisions detrimental to them.

Trustee fees

Being trustee of an estate can take up to 1 year, or more if the estate is complex. If the trustee does not live in the vicinity, he or she will have to make frequent trips to your area. Trustees must be available to do the legwork and take part in many meetings. In your will, you can set aside an amount to compensate the trustee for his or her work. For tax reasons, you may want to leave a bequest in lieu of compensation, to prevent the trustee from having to pay taxes on the fees.

To find out more about estate trusteeship, see Settle an estate.

Back
Share this post
Read This Next
Read our blog
Know the tax implications Read article
Estate planning Read article
Why should I invest in an RRSP? I have a pension fund! Read article
Read our blog
Newsletter: Receive the latest news from your Caisse
We are available
Book an appointment onlineBook an appointment online
Call us
888 404-2246Call us
888 404-2246
Find a branchFind a branch
© Caisse Alliance. All rights reserved 2020.
  • Security
  • Privacy
  • Terms of Use and Legal Notes
  • Copyrights
  • DNCL
Réalisation : Absolu
  • Blog
  • Career
  • Interest Rates
  • FAQ
  • Students
  • Communications
  • 888 404-2246
  • Book an appointment
  • Interest Rates