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1.
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A list of the assets as of the date of death (including accrued interest
on investments).
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| 2. |
That list of assets must be cross-referenced to entries in the accounts
that show the disposition or partial disposition of any of the assets.
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3.
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A list of all money received, whether as Capital Receipts or Revenue
Receipts, including dates, particulars and amounts. (In some cases, it is a
requirement to have separate listings showing Capital Receipts on one list
and Revenue Receipts on another. In any event, separate listings are very
helpful when the time comes to complete the income tax and trust returns.)
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| 4. |
A list of all money paid out, whether as Capital Disbursements or Revenue
Disbursements, including dates, particulars and amounts. (Again, in some
cases, it is necessary to have separate listings showing Capital
Disbursements on one list and Revenue Disbursements on another.)
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| 5. |
All money received by the Estate Trustee, whether in cash, cheque or some
other form, must be deposited into an Estate bank account.
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| 6. |
All payments out of the Estate should be by way of cheque.
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| 7. |
All receipts need to be kept to prove that the payments were necessary.
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| 8. |
If the Estate Trustee makes investments, a list of investments needs to be
kept separate from the above-mentioned lists. |
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| 9. |
If there is a list of investments, there must also be a list of the
following:
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i |
detailed entries showing all money paid out to purchase investments;
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ii |
detailed entries showing all money received by way of repayments or
realization on the investments, in whole or in part;
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iii |
the balance of all of the investments in the Estate at the closing date
of the accounts.
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| 10. |
A statement of all of the assets in the Estate that are unrealized at the
closing date of the accounts.
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| 11. |
A statement of all of the liabilities of the Estate, contingent or
otherwise, at the closing date of the accounts.
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| 12. |
A statement of the compensation claimed by the Estate Trustee, including
how it was calculated.
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| 13. |
The Estate Accounts will have to be approved by all of the residual
beneficiaries of the Estate. Otherwise, a Judge will have to scrutinize and
approve them.
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| 14. |
It is preferable to have the Estate Accounts in a typed format, since they
will have to be photocopied and sometimes circulated to many different
persons and agencies. (In fact, if the Estate Accounts are required to go
before a Judge for scrutiny - and this is something that we will not know
until near the end of the administration of the Estate, they will have to be
typed.) |
Estate Accounts
