We assist both estate trustees and their legal counsels in avoiding personal liability issues.
We have close friends and family members from time to time place significant trust in us to look after their respective wishes once they pass on. As such, acting as an executor or executrix in Gravenhurst, Ontario is a humbling honour, but can be fraught with issues surrounding beneficiaries and personal liability responsibilities which we had not envisaged when we accepted the responsibility.
Being an executor or executrix is a fiduciary duty that a lot of us do not necessarily comprehend when we accept that task. At times, as an estate trustee, we are asked to finalize financial transactions that may or could put our personal assets at risk.
We at Morgan & Partners Inc. can help. If a deceased estate has fewer assets than liabilities, then as an estate trustee, you are not at law able to perform your duties without transgressing your statutory responsibilities under various Provincial and Federal Acts. By considering putting the estate into bankruptcy, this will avoid those statutory responsibilities.
We have over the years assisted both the estate trustees and their legal counsels in avoiding this personal liability issue, and we are confident that we can deal with the issues at hand based on the wishes of the deceased and complete the deceased estate in an orderly and complete manner.
The Bankruptcy and Insolvency Act is there to assist this situation, and our professionals at Morgan & Partners Inc. have the knowledge and the experience to accommodate this issue if it arises.