If you have control of estate assets, either as an estate trustee or estate solicitor, or have control of a client's property through the exercise of a power of attorney, you should keep proper records as you would for any trust funds and reconcile your records monthly with the bank accounts. Section 18 of By-Law 9 requires that you keep financial records for all money and other property received and disbursed in connection with your practice.
Your obligations as a trustee and as a solicitor require that you be able to account promptly to clients or beneficiaries. When handling estate assets it is prudent to keep the records in court passing form, listing original assets, capital receipts and disbursements, revenue receipts and disbursements, investments and compensation claimed.
If you are both solicitor and estate trustee, or if you perform any of the estate trustee duties on behalf of the estate trustee, you must distinguish between your services as solicitor and as estate trustee to avoid double charging the estate for the same services. If you are claiming compensation for your services as estate trustee, the case of Re: Knoch (1982), 12 E.T.R. 162 (Ont. Surr. Ct.) states that you must either have the consent of all the beneficiaries who must all be adults and not under a disability, or you must apply for court approval on a passing of accounts.