2013 ONSC 2691, 2013 ONSC 2691

CITATION : Gicas Estate, 2013 ONSC 2691 COURT FILE NO.: 02-68/12 DATE: 20130507 SUPERIOR COURT OF JUSTICE - ONTARIO RE: IN THE ESTATE OF DEMETRIOS JOHN GICAS, deceased BEFORE: Justice J. M. Spence COUNSEL: Reginald M. McLean , for the Estate Trustee Margaret E.

Rintoul , for the Objectors, Vivi White as Estate Trustee of Constantine Gicas and personally and Elena Floros personally DATE HEARD: March 13, 2013 E N D O R S E M E N T [ 1 ] This is an application to pass the accounts of the Estate for the period July 26, 2005 to March 30, 2012. [ 2 ] The materials which were before the Court at the hearing are: the Notice of Application; the Amended Accounts; the Amended Notice of Objection to the Accounts; the Affidavit of John Gicas, the Estate Trustee, sworn March 8, 2013; transcript of the cross- examination of John Gicas, held October 31, 2012; and the Objectors’ Brief of Authorities. [ 3 ] Some of the issues raised by the Objectors were resolved before the hearing.

The parties seek the determination by the Court of the remaining issues, including the proper allocation of funds between the two beneficiaries, John Gicas and the Estate of Constantine Gicas. [ 4 ] Pursuant to the direction of the Court made at the conclusion of the hearing, the Estate Trustee and the Objectors filed on March 28, 2013 their respective proposed forms for the Judgment on Passing Accounts. [ 5 ] The proposed forms for the Judgment follow the same basic form which is set out in the Estate Trustee’s form. The basic form is acceptable.

Many of the amounts are agreed and therefore require no comment. [ 6 ] The Objectors wish it to be clear that the amounts to be paid out of the U.S. joint accounts are to be paid in U.S. dollars. The Estate Trustee’s form appears to provide for this in paragraphs 7, 8 and 9. [ 7 ] Each form provides for the payment of the costs of the passing of accounts out of the capital of the estate in amounts to be determined. The forms do not make provision for the deduction of such costs in the calculation of the amount available for distribution. [ 8 ] The disputed items are these: Expenses re: Greek property $14,614.00

Walton, Brigham & Kelly: outstanding accounts $25,646.09 Executors Compensation $23,965.55 These items are dealt with below. [ 9 ] Each of the proposed forms deals with disbursements that are disallowed by treating them as a deduction from the amount to be allocated to John Gicas. The Objectors submit that such disbursements represent monies that have been taken by the Estate Trustee and therefore must be returned by him. The Objectors do not identify any other adjustment that needs to be made to give effect to their submission beyond making a deduction from the allocation to John Gicas.

On that basis, the issue is what amount is to be deducted. [ 10 ] None of the disputed items is amenable to analytic quantification. While most of the assets were to be transferred by survivorship, those transfers required attention by someone and from the submissions it is a reasonable inference that a material part of the work represented by the accounts of the Walton firm and the now reduced claim for executors’ compensation dealt with those matters as well as with the Manulife shares. It is also reasonable to infer that a material part of the work the Estate Trustee did in Greece related to such matters.

It would be reasonable to allow about 50% of the total Walton account and 50% of the now reduced executor’s compensation claim and about 30% of the Greek property expenses.

On this basis, the amounts to be allowed for these items (after deducting $9,000 on account of payments already made on the Walton account) are: Expenses re: Greek property $ 4,400.00 The outstanding portion of the Walton, Brigham & Kelly account: ($17,000 - $9,000): $ 8,000.00 Executors Compensation $12,000.00 [ 11 ] These determinations are to be reflected by appropriate changes in the form of Judgment provided by the Estate Trustee, including all necessary consequential recalculations. [ 12 ] Subject to the changes referred to above, the form of Judgment provided by the Estate Trustee is satisfactory. [ 13 ] If necessary, counsel may make written submissions on costs.

The Estate Trustee should make the first submissions within 15 days of the release of these reasons, with any responding submissions from the Objectors to be made within 15 days afterwards, and any reply submissions within 15 days after that. It would be helpful if a copy of any submissions could be sent by e-mail to my assistant. “Spence J.” Spence J. DATE: May 7, 2013