Telling the beneficiaries
Beneficiaries named in the will are entitled to know they are beneficiaries and, in time, to see an accounting of the estate. There is no single required form of notice, but a clear letter early on, explaining the estate trustee's role and roughly what to expect, prevents most of the misunderstandings that later turn into disputes.
Where the estate is intestate, the same notice generally goes to whoever the Succession Law Reform Act makes a beneficiary, which is not always who the family assumed it would be.
Opening the estate account
A dedicated estate bank account, opened once the certificate issues, keeps estate money separate from the trustee's own funds, a separation the Trustee Act and the general law of trusteeship both require. All estate income, and every payment out, should pass through that account, both to protect the trustee and to make an eventual accounting straightforward.
We can help you open that account and set up the record-keeping the Trustee Act expects.
Collecting what the estate owns
Using the certificate, the trustee closes or transfers bank and investment accounts, notifies pension and insurance providers, and deals with real estate, a vehicle or a business interest according to the will's instructions. Property should be insured and secured until it is sold or transferred; an empty house with a lapsed policy is a common and avoidable loss.
Some assets, an RRSP or life insurance with a named beneficiary, pass directly to that person and never enter the estate account at all, though the trustee may still need to report on them for tax purposes.
The estate trustee's duty while holding the assets
The Trustee Act requires an estate trustee to act with the care a person of ordinary prudence would use in managing their own property, to avoid conflicts of interest, and to keep the assets productive rather than idle where that is practical. A trustee who mixes estate money with their own, or who is careless with an asset's value, can be held personally responsible for the loss.
Your steps
Who's involved
Entitled to notice that they are beneficiaries and, eventually, to an accounting of the estate.
Act on the Certificate of Appointment to release, close or transfer accounts into the estate's name.
Pay named beneficiaries directly, outside the estate, once shown proof of death and identity.
Documents you will need
Tools for this stage
Guides to download
Questions people ask
Do beneficiaries have a right to see the estate's bank statements?
Not automatically as the estate is administered, but they are entitled to a formal accounting eventually, and most estate trustees share reasonable information along the way to avoid disputes. A beneficiary who is refused information can apply to compel a passing of accounts.
Can the estate trustee use their own bank account for the estate?
No. The Trustee Act and general trust law require estate money to be kept separate from the trustee's own funds. Mixing the two is one of the more common grounds for a court to remove a trustee or deny compensation.
What if an asset is worth less than expected once we look closer?
Update the estate's records and, if the Estate Information Return has already been filed, consider whether it needs to be amended. Values are based on the date of death, not on what an asset later sells for, though a sale soon after death can be evidence of that value.
Who pays the deceased's ongoing bills while the estate is being administered?
The estate does, from estate funds, once the trustee has access to them. Utilities, property tax and insurance on estate property are estate expenses and should be paid from the estate account, not the trustee's own pocket.
Also in this centre
Read more
Related centres
Other Learning Centres for the same transaction.
Sources
General information about Ontario law as of 5 September 2026, not legal advice. It does not create a lawyer–client relationship.
Start a file online in about seven minutes, or ask a lawyer first. Flat, published fees.