Peter was a widower who lived alone and continued to work the Alberta family farm until his sudden death in the middle of winter. Upon realizing that her father had died without a Will, Peter’s daughter, Linda, went into his RBC branch to enquire about gaining control of his accounts. She was referred to a Royal Trust advisor, who assisted Linda in applying to the court to be appointed executor of her father’s estate.
Once appointed, Linda opted to have RBC Royal Trust handle much of the administrative work associated with her father’s farm and other assets. They quickly assumed their duties and proceeded to protect the assets, which included a house, barn, vehicles and various pieces of farm machinery. As part of the process, all farm equipment was inspected, appraised and photographed by an auctioneer, and storage insurance was placed on the assets to protect them until a spring auction could be held.
Unfortunately, an accidental fire completely destroyed the barn and its contents in late winter. Linda’s Royal Trust advisor immediately made an insurance claim and followed up until they were awarded an insurance settlement of $22,000, payable to the estate. The remaining farm property was sold at auction, and all final tax returns were then quickly prepared and filed, allowing Linda to settle her father’s estate in less than eight months.
Relieved at having expert help with all of the paperwork involved in the estate settlement, Linda was also grateful that her Royal Trust advisor had the foresight to protect her father’s property — which would not have been adequately covered by his existing insurance policy — and the tenacity to pursue the sizeable claim.
Contact one of our skilled RBC Royal Trust professionals to find out more about the right services for you.