I READ RECENTLY of the problems Colin Hinkson was having winding up his father’s estate and how frustrated he was after four years. Let me share with you my problem of winding up an estate and dealing with trust companies and banks over a period of 21 and a half years.
A distant relation of my mother died in 1995 and left her and another distant cousin equal shares in his estate. The executors of the estate were a trust branch of a Canadian bank. Probate was quickly obtained and within three to four years the majority of the estate was distributed to the beneficiaries. After about ten years all that was left were two items.
One was six loans that had been made by a local firm of solicitors (who happen to be the lawyers for the Canadian bank’s trust company who are the executors of the will). This was a common practice in those times when the loans were made to persons who probably could not have approached a bank for a loan.
No payments had been made to pay off these loans for many years; one account had been inactive for 15 years. We made it abundantly clear that we had no intention of taking old poor people to court to collect the debt and suggested to the trust company that the loans be written off. They agreed with our suggestion and ten years later, absolutely nothing has ever been done.
The second item was that the estate possessed a tenantry. Most of it had been sold and all that remained was four lots. Two of the tenants had never expressed any interest in purchasing, one lot had a squatter and the other lot was tenanted by the children of a previous tenant.
We, the beneficiaries, suggested to the executors that the lots be transferred to the tenants for $1 and we would pay all expenses incurred in the transfer.
I have never forgotten the look on the face of the trust officer when we made our suggestion. As you can expect, nothing has ever come of that suggestion either.
The trust company has been silent for the last two years but the parent Canadian bank is no longer offering trust services after the end of 2016, so the Lord alone knows what will happen at yearend.
I will end by mentioning that the trust company never fails to deduct its yearly fee from the cash account of the estate. Be thankful, Mr Hinkson, for your blessings.
– STEPHEN COLLINS