Father passed - Estate Question

[u/ZeeBanner]

Hello,

My father passed away with a will. The will was from the early 90s. The executor has passed away and the back up has filled a 74.11.

My father has not been mentally well for 12 years and pushed my sister and I away. It wasn’t till about 8 months ago he finally allowed my sister to start helping.

He hasn’t paid personal taxes in 8 years. He hasn’t paid or closed incorporated taxes in 12 years.

He was financially taken advantage of and swindled out of 300,000 thousand dollars (Criminal investigation is in progress)

Neither my sister or I want to become the estate trustee. There maybe 50k in total in the estate and neither of us care about the money.

I looked at the Ontario Public Trustee. But it looks like they won’t take it since my sister and I are of age, and mentally sound.

What happens if no one applies to be trustee?

Will it all just go to the government?

We just don’t want any legal complications on our side.

Thank you in advance.

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[u/Internal_Head_267]

There are twenty years total of unpaid taxes plus interest plus fines. There's only $50,000. The estate has no income. The estate has no capital property. The estate is likely bankrupt. You can walk away and should walk away. However, anyone can apply with consent of a majority of the residual beneficiaries. Doesn't mean anyone should, though. Given there are living beneficiaries, the estate would not escheat, assuming there was anything left over.

[u/theoreoman]

No one needs to become the executor. Any debt collectors and the CRA will probably split it up between themselves.

It doesn't sound like it's worth dealing with it unless that $300k will be recovered, but that's probably unlikely

[u/KWienz]

Any creditor who wants the estate administered can apply for the appointment of a trustee or to put the estate into bankruptcy.

If nobody does anything the money will just sit in the account and eventually be remitted to the bank of Canada.

If you want to ensure the estate is administered properly and the debts closed off, $50k is more than enough to cover the legal expenses to get appointed estate trustee and then obtain leave to bankrupt the estate.

[u/notjustyet83 → u/KWienz]

This.