What are estate accounts and what must they include in Ontario?

Estate accounts are the written record of what the estate owned, what it received, what it paid out and what remains. Estate trustees must keep accurate records of the assets and transactions in the estate. Accounts filed with the court follow a set list under rule 74.17 of the Rules of Civil Procedure.

On a first passing, the accounts must include a statement of assets at the date of death, an account of all money received, and an account of all money disbursed, including the trustee's compensation. They must also cover investment transactions, unrealized assets, money and investments at the closing date, all liabilities, and a statement of the compensation claimed. Later passings start from the assets at the start of the period. The receipts, disbursements and investment accounts must each show the balance forward.

Where the will or trust treats capital and income differently, receipts and disbursements must be divided into capital and income. Ontario has no requirement to pass accounts at fixed intervals, but a person with a financial interest may move for an order requiring it. Clear records from day one make any of this far easier.