| Estate Management

When a loved one passes away, it can be overwhelming to deal with the many tasks that need to be completed in order to settle their estate. One important responsibility that may fall on your shoulders is the role of Estate Trustee (formerly known as executor), particularly if there is real estate that needs to be sold as a part of the estate settlement process. With the right approach and guidance, it can be a smooth undertaking.

The Role of an Estate Trustee

First, it is important to understand what an Estate Trustee is and their role. An Estate Trustee is a person or organization appointed to carry out the wishes of a deceased person as outlined in their will. The Estate Trustee is responsible for managing the estate’s assets, which may include but are not limited to; arranging an appraisal, hiring a real estate agent, listing the property for sale, assisting in negotiating offers and overseeing the process of closing.

When you are named as the Estate Trustee, your first step is to obtain a Certificate of Appointment of Estate Trustee (probate court order). This order will give you the legal authority to act on behalf of the estate. The court will also oversee the distribution of the estate’s assets. If you are not named as the executor, you are able to petition the court to be appointed as the executor.


What happens if one of your responsibilities is to sell real estate? A little knowledge about the market will help:


Selling Property as an Estate Trustee

Hiring a real estate agent who specializes in such delicate transactions is imperative when handling an estate sale. They can help determine fair market value, prepare the home for sale, connect you with a network of industry professionals, market the property and ultimately aid toward a successful sale.

Before selling any property, it is crucial to ensure any outstanding debts, taxes or mortgages on the property are paid off. This can be done using the estate’s funds or through the sale of the property. As an estate trustee (executor), it is important to keep accurate records of all financial transactions and distribute the funds in a timely manner to the beneficiaries.

Becoming an estate trustee for real estate purposes requires a thorough understanding of the responsibilities of such a role, the legal processes and the local real estate market. However, having a specialized real estate agent can help to navigate the process with the right support and guidance to ensure the settlement process runs smoothly.

Do you have questions about conducting an estate sale in Toronto? Call 416-402-0787 or send us an email and we will be happy to help.