If an executor lives outside of Ontario, or if the deceased left no Will, a bond is required to be posted by the proposed estate trustee before probate is granted. The normal course of action is to ask the court for an order dispensing with a bond. In most circumstances this is granted. The bond’s purpose (usually purchased from an insurance company) is to provide financial protection against an executor’s misdeeds.
The court wants to see Affidavit evidence on the point, which should cover the following issues:
- The identity of all the beneficiaries of the estate.
- The identity of any beneficiary who is a minor or incapable person.
- The value of the interest of any minor or incapable beneficiary of the estate.
- Executed consents from all adult beneficiaries to the appointment of the Applicants as executors and to an order dispensing with a bond. This should be attached as an exhibit.
- The last occupation of the deceased.
- Evidence as to whether all the debts of the deceased have been paid, including any obligations under any support agreement or orders.
- Evidence as to whether the deceased had operated a business at the time of death and if the deceased did, whether any debts that business had been or maybe claimed against the estate and a description of each debt and its amount.
- If all debts of the estate have not been paid, evidence of the value of the assets of the estate, the particulars of each debt, the amount and name of creditor and an explanation of what arrangements have made with those creditors to pay their debts and what security the applicant proposes to put in place in order to protect those creditors.
See decision of Justice Brown in the Henderson Estate.
