Examination and approval of trusteeship accounts

Overview

A trustee has a responsibility to keep – at a minimum, starting from the date the trustee is appointed – the following financial records for the adult:

• inventory of assets, debts and liabilities – such as money owed by the adult, credit card debts, loans, lines of credit, ongoing or potential lawsuits
• record of income and expenditures
• a complete record of all transactions – including:
  • date of transaction
  • payee or payer
  • amount
  • description of transaction
• record of amounts transferred between accounts, if there is more than one account
• description of any terms, services or property acquired or disposed of
• record of gifts, including charitable donations
• receipts or invoices for all transaction involving payment of $500 or more
• verification of incurring or discharging a liability
• verification and details of entering into a contract
• certificate of title for any land
• income tax records

If an adult has a trustee, the court may require a review of the adult’s financial records. This process is called an examination and approval of trusteeship accounts.

The court is looking to see that the trustee:

• is fulfilling their role by properly managing the adult's estate
• keeps accurate financial records

When to do an examination and approval of trusteeship accounts

A review must happen when it is required by the court order.

You can apply for an examination and approval of accounts at any time.

Court ordered examination

If the court requires you to submit an examination and approval of trusteeship accounts, it:

• will say so on the court order
• will list a deadline for submission
• is important you complete it before the deadline

Sometimes, the court requires a trusteeship review at the same time as an examination and approval of accounts. If that’s the case, it will say so on the court order.

Trustee requested examination

A trustee can apply for an examination and approval of accounts at any time. This happens most commonly when:

• the estate has changed substantially
• a new trustee is taking over – the current trustee’s accounts will need to be submitted and approved by the court so the new trustee has an up-to-date record of the adult’s financial holdings
• the adult has passed away and a final accounting is to be provided to the executor

Some trustees apply for examination and approval of their accounts on a regular basis for:

• their own peace of mind
• court confirmation that the adult’s financial accounts are in order

Other's concerns

If someone has concerns about how the trustee is managing the adult’s financial affairs, they can:

• make a complaint, or
• apply to the court for an order directing the trustee to provide their trusteeship accounts to the court for examination – by completing Form 39: Notice of Application and Hearing

The applicant will also need to include any other documents that they intend to rely on in support of their application.

How long it will take

An examination and approval of accounts usually takes 6 months – from the time your paperwork is ready to be submitted to court – before the court makes a decision.

Apply for an examination and approval of trusteeship accounts as the trustee

To apply for this – and to ensure you follow the correct process and complete the correct paperwork – you need to consider which way to apply:

• without a hearing (desk application)
• with a hearing

After the accounts are examined

If the accounts are approved by the court

The trustee is legally responsible to provide a copy of the court order to:

• the adult
• all other interested parties
• the OPGT

The order will say whether or not you are expected to apply for another examination and approval of accounts in the future.

If the accounts are not approved by the court

Either the court or the OPGT will let you know if the court:

• has any questions about your accounts, or
• if the court isn't prepared to approve your accounts

Contact

Find an OPGT office near you