How Long Should an Alberta Executor Keep Estate Records After the Estate Is Closed?
This answer covers the law of Alberta.
The Surrogate Rules require an executor to give beneficiaries financial statements at regular intervals, and the court may order a professional accounting firm to examine the entries, so your records matter. Keep them until a lawyer or accountant confirms it is safe, especially for tax records and limitation periods.
Creating and maintaining records is listed as a core task of a personal representative. Your ledger and receipts must be able to show debts and expenses paid, property valued as of the date of death, and tax filings and payments. The court may require you to account at any time, and an interested person may apply for an order requiring it, though a beneficiary of only a specific gift can get an accounting only for that gift, and cannot apply once it is received. Records of the notice you gave to claimants also protect you if a claim surfaces after you distribute.
A release from residuary beneficiaries confirming they are satisfied with the accounting can help, but releases do not cancel a bond. Keep the full file, including receipts, statements and tax papers, until a lawyer or accountant confirms the timeline for your estate.
Key takeaways
- Creating and maintaining records is a listed core task of a personal representative, so the file is part of the job and not an afterthought.
- Your ledger and receipts must be able to show debts and expenses paid, property valued as of the date of death, and tax filings and payments.
- A court can order an accounting at any time, and records of notice to claimants protect you if a claim appears after you distribute.
- A release from beneficiaries does not cancel a bond, so ask a lawyer or accountant before destroying anything, especially tax records.