How Can I Keep Updated On A Parent’s Trust, Especially If The Executor Dies Or Lawyer Retires?

In an increasingly complex world, the Financial Post should be the first place you look for answers. Our FP Answers initiative puts readers in the driver’s seat: you submit questions and our reporters find answers not just for you, but for all our readers. Today, we answer a question from Peter about how to handle a parent’s trust.

Q. My mom showed me her trust and gave me her lawyer’s contact information 10 years ago and we’ve never said anything more about it. Now that I’m handling my father’s probate, I’m realizing I have a lot of questions about how things might have changed with my mom’s trust since her assets and living situation have changed over the years. I used to know where all her accounts were, but I don’t think I know that anymore. How often should parties be updated over time? And what happens if her lawyer retires or her executor dies? —Thanks, Peter

FP Answers: Peter, you are asking good questions, but there are no simple answers. Your mother may be reluctant, as many people are, to discuss what will happen after she is gone. Often, you must wait and see. Where does your mother live? Does she have a spouse or a significant person in her life? They may have now taken over your role.

You mention your mother showed you her “trust.” Did your mother tell you she could trust you and gave you her lawyer’s information, or was this a trust document? It is not clear if you are trusted as a beneficiary, a trustee, an executor, a personal representative or an attorney under powers of attorney.

Your mother may assume that when the time comes, everyone will know what to do. However, you need current information that her lawyer may not have. You have the right to choose your own lawyer, even if your mother’s lawyer is available.

Documents will need to be obtained including tax returns, financial records and perhaps online information. What you must do depends on your mother’s legal documents. Her lawyer may have retired without leaving files. Your mother’s original documents may not be found, which creates more headaches. She must confirm where her originals are.

Peter, you do not mention your mother’s age or if she has a power of attorney for property or one for her health care. Your mother may have named a spouse or other people to fill these roles. This may relieve you of some of your worries.

If you and your mother are not in the same jurisdiction, you may no longer be able to handle her matters. She may have made alternative arrangements, forgetting to tell you.

Speak with your mother so you are not left in the dark. Ask where her original documents are. Find out how you will be involved. Having usernames and passwords for online information is crucial. You may be a backup. You want to know who prepares your mother’s taxes. You are now handling your father’s estate. Use your experience to politely ask pertinent questions.

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You and your mother hopefully reside in the same jurisdiction. You can ask if your mother named a backup person in case you decline or cannot do the tasks she asks you to perform. Has your mother maintained a list of her assets? Will you be able to find her list, along with her original documents, when the time comes?

Edward Olkovich is an Ontario lawyer at MrWills.com. He is certified by the Law Society of Ontario as a specialist in estates and trusts law. This information does not substitute for legal advice.