Hull & Hull are an excellent source of information related to estate planning, estate administration. powers of attorney matters, guardianships, and all related matters. If you are looking for information on topics ranging from estate planning for an art collection to the historical basis of Ontario estate accounting it is to be found here. The range of topics covered in the blog is truly amazing.
This is the estate litigation firm established by Kimberly A. Whalen. It list various categories of resources to help make your search for information much easier, Of particular note in regards to the preparation of estate accounts is the detailed report WEL ON FIDUCIARY ACCOUNTING 2nd Edition, Fall 2016 GUARDIANSHIP, ATTORNEY, ESTATE & TRUST ACCOUNTS which can be downloaded as a PDF. Other than John Jenset's text Estate and Trust Accounting (Carswell), it is apparently the most detailed commentary on fiduciary accounting available . The great strength of the this publication is the detailed review of cases related to passing of accounts.
This text by John Jenset is comprehensive. The particular utility of this text is that it provides a comprehensive treatment of the actual accounting process related to estate accounts, including the accounting for many of the less commonly used financial products now found in the marketplace.
The Ministry of the Attorney General as above, provides very detailed information on the estate process in Ontario (also called the probate process). It provides detailed guidance on the process of obtaining a Certificate of Appointment as Estate Trustee (both with a Will, and Without a Will). The forms themselves are difficult to complete, with obscure references to law. Most people will require some degree of legal assistance to complete them. Unfortunately, if you are faced with the situation where you do need complete estate accounts in the required Court specified format, the guidance provided the Ministry website is minimal.
The Law Society of Ontario (LSO) provides a web-based resource (as above) advising lawyers how to siuccessfully apply for an Application for Certificate of Appointment of Estate Trustee. There is no reason you can't read these instructions as well!
The Rules of Civil Procedure can be accessed at https://www.ontario.ca/laws/regulation/900194 The relevant sections relate to the required Court Format of Accounts appear below:
74.17 (1) Estate trustees shall keep accurate records of the assets and transactions in the estate and accounts filed with the court shall include,
(a) on a first passing of accounts, a statement of the assets at the date of death, cross-referenced to entries in the accounts that show the disposition or partial disposition of the assets;
(b) on any subsequent passing of accounts, a statement of the assets on the date the accounts for the period were opened, cross-referenced to entries in the accounts that show the disposition or partial disposition of the assets, and a statement of the investments, if any, on the date the accounts for the period were opened;
(c) an account of all money received, but excluding investment transactions recorded under clause (e);
(d) an account of all money disbursed, including payments for trustee’s compensation and payments made under a court order, but excluding investment transactions recorded under clause (e);
(e) where the estate trustee has made investments, an account setting out,
(i) all money paid out to purchase investments,
(ii) all money received by way of repayments or realization on the investments in whole or in part, and
(iii) the balance of all the investments in the estate at the closing date of the accounts;
(f) a statement of all the assets in the estate that are unrealized at the closing date of the accounts;
(g) a statement of all money and investments in the estate at the closing date of the accounts;
(h) a statement of all the liabilities of the estate, contingent or otherwise, at the closing date of the accounts;
(i) a statement of the compensation claimed by the estate trustee and, where the statement of compensation includes a management fee based on the value of the assets of the estate, a statement setting out the method of determining the value of the assets; and
(j) such other statements and information as the court requires. O. Reg. 484/94, s. 12.
(2) The accounts required by clauses (1) (c), (d) and (e) shall show the balance forward for each account. O. Reg. 484/94, s. 12.
(3) Where a will or trust deals separately with capital and income, the accounts shall be divided to show separately receipts and disbursements in respect of capital and income. O. Reg. 484/94, s. 12.
Being an estate trustee is not a simple undertaking. There a number of checklists that are available on the internet that will help you work through the process. A number of these are listed below. it might be an idea to review a number of them and then create your own based on the nature of the estate you are administrating.
From Royal Bank
From Retire Happy Website
The Estate Information Return must be filed ninety days after getting probate. The guide provides very useful information concerning completion of the form, particularly about the valuation of the assets of the deceased for the Estate Administration Tax. It could be used as a resource during the actual preparation of Application for Certificate of Appointment to ensure the valuation of the estate assets is correct.