Can an Executor Refuse to Tell Beneficiaries How Much the Estate Is Worth in Ontario?
How much an executor must tell you directly depends on the facts, but estate trustees must keep accurate records of the estate's assets and transactions. Those records are what show how much the estate is worth.
The clearest formal disclosure comes through a passing of accounts. A first passing must include a statement of assets at the date of death with accounts of all money received and disbursed. Notice goes to beneficiaries and other interested persons, and the estate trustee swears an affidavit verifying the accounts. You can object to the accounts or the compensation claimed; judgment can be given unopposed once the objection period expires and no notice of objection is received. Where a beneficiary is a minor, the Office of the Children's Lawyer must be served on an application to pass accounts, and should also be served for an unborn or unascertained interest.
Separately, the Superior Court of Justice may remove a personal representative on any ground on which it may remove any other trustee, and a beneficiary can apply. Removing trustees chosen by the deceased is a serious matter, though. What an executor must hand over right now depends on the facts, so speak to a lawyer.
Key takeaways
- Estate trustees must keep accurate records of the estate's assets and transactions.
- A first passing of accounts must include a statement of assets at the date of death and accounts of all money received and disbursed.
- Notice of a passing goes to beneficiaries, who can object to the accounts or the compensation claimed.
- A beneficiary can apply to the Superior Court of Justice to remove an executor, though removing a trustee chosen by the deceased is a serious matter.