ESTATE ADMINISTRATION – ESTATE INVESTMENTS
An Estate Trustee (Executor) is required to be careful with estate investments. If the Last Will and Testament of the deceased person gives specific authority to make certain types of investments, an executor can make those investments. Otherwise, an executor should assume that they will be held liable by beneficiaries of an estate (even though they may not actually be liable) for any losses and invest conservatively.
On the other hand, an executor should not necessarily leave funds in a bank account with a low rate of interest, even if that is where the money was when the person died. Generally, an executor should consider placing the funds in a secure interest bearing investment and ensure the deposits meet the requirements to be insured by the Canadian Deposit Insurance Corporation (CDIC).
Speak to your legal adviser to ascertain appropriate investments for the estate you are the Executor on.
Feel free to contact us at any point for assistance or advice with respect to Estate Law, Estate Planning, Estate Administration or Estate Litigation. We may be reached at 705-435-4339 / 1-877-85LEGAL (1-877-855-3425) or contact us via email.