It is not uncommon for an executor to ask all of the beneficiaries of an estate before receiving their inheritance, to sign a full and final release. The concept is the executor is looking for protection and assurance that the beneficiaries will not complain at a later time over the executors handling of the estate. First of all, this is an important document, and you should use the services of a Will and Estate lawyer to help you understanding the release and whether or not you should be signing it. However, there are a series of important questions that should be asked first. It is not only what is in the four corners of the release but additional information that is usually not included. This is something that Wills and Probate Lawyers will want to know before they can advise you about signing that release. That extra information should include the following;
- Details of any registered assets such as a RIFF, RRSP, TFSA and insurance policy that listed someone as a beneficiary;
- A list of any jointly held assets which are not included as an estate asset; and
- Whether or not the executor used a Power of Attorney while the the willmaker was alive and therefore managed the willmaker’s assets before they died.
All of this assists in determining wider questions as to what assets actually formed part of the estate. Again, not simple but depending on the amount of money involved can be a very worthwhile exercise. This links into the concept of the presumption of resulting trust. We have written extensively on this important area of estate law. This is something that an experienced wills and estates lawyer will want to know about.
