What duty does an executor have to protect estate assets in Ontario?

From the moment an executor accepts their role, they have a duty to take reasonable steps to identify and protect the estate's assets. This begins even before probate is obtained. If valuable personal property is at risk, the executor can take possession of it to prevent loss, damage, or removal by others.

For real property, the executor should ensure that property insurance is maintained. Some insurance policies lapse or become void upon the death of the homeowner if the insurer is not notified — leaving the estate exposed to an uninsured loss. The executor should contact the insurer promptly and arrange for appropriate coverage for a vacant property.

Investments should be reviewed to confirm they are appropriately held and not at undue risk during the administration period. Business interests should be monitored to prevent value erosion if the deceased was actively involved. Digital assets and online accounts should be secured to prevent unauthorized access. An executor who allows estate assets to deteriorate through neglect can be held personally liable for the resulting losses.