In Ontario, the term "Estate Trustee" is now used to described executors (persons who "execute" the deceased's wishes set out in a Will), administrators (persons who administer the estate of the person without a Will in accordance with the intestacy rules), and trustees (persons who carry-out the trusts that may be set out in a Will).
The following are the five most important duties of an Estate Trustee
- To obey the directions of the Will;
- To act impartially between beneficiaries;
- To exercise ordinary care and prudence;
- To place trust duties before his or her own interest;
- To be ready to account.
You can’t help but feel honoured when you’re named as an Estate Trustee of the estate of a family member or friend. It’s a sign that you’re trusted and respected.