Probate. A word that comes up when a loved one passes on.
If you find yourself grappling with what probate will mean, we must start by offering our condolences. It's a tough time. Our aim is to take the worry out of the legal part of what comes next.
Probate enables the legal steps involved in transferring assets from deceased persons to their beneficiaries.
Whether or not the deceased had a Will, probate means someone (or more than one person) must be appointed by a court to take control of assets, distribute them legally, see to the payment of taxes, and so on.
Why is Probate Important?
Probate is important for many reasons. Let's focus on two.
First, it is impossible to deal with many assets left behind by the deceased, such as a house, or bank accounts, without probate.
Second, there are typically taxes due at death. They don't go away simply because they have not been paid. For many loved ones, taxes can be an early shock as they begin tackling the probate process - in some provinces a tax may even have to be paid before probate is granted. Essentially, until paid, it operates to freeze the estate. So, having cash on hand, through the estate or by way of a loan from a beneficiary, becomes important in those provinces.
If you find yourself grappling with what probate will mean, we must start by offering our condolences. It's a tough time. Our aim is to take the worry out of the legal part of what comes next.
Probate enables the legal steps involved in transferring assets from deceased persons to their beneficiaries.
Whether or not the deceased had a Will, probate means someone (or more than one person) must be appointed by a court to take control of assets, distribute them legally, see to the payment of taxes, and so on.
Why is Probate Important?
Probate is important for many reasons. Let's focus on two.
First, it is impossible to deal with many assets left behind by the deceased, such as a house, or bank accounts, without probate.
Second, there are typically taxes due at death. They don't go away simply because they have not been paid. For many loved ones, taxes can be an early shock as they begin tackling the probate process - in some provinces a tax may even have to be paid before probate is granted. Essentially, until paid, it operates to freeze the estate. So, having cash on hand, through the estate or by way of a loan from a beneficiary, becomes important in those provinces.
Our Philosophy: Coffee Cup Simplicity
At probatePRO, we believe legal services can be both convenient and predictably priced; upholding the highest standards while remaining within reach.
We are just a click away - ready to deliver on the promise of coffee cup simplicity - when you are faced with the burden of bereavement compounded by legalese, bills, taxes, court, and multiple documents.
Our philosophy and our promise is this - pour yourself that glorious cup of Joe, then sit down with us in-person or virtually, and you'll be well on your way to regaining your peace-of-mind before you drain the cup.
What's more? Beyond our consultation fee, there are no upfront costs. We get paid once we deliver. That is, once probate grants access to the funds of the estate.
At probatePRO, we believe legal services can be both convenient and predictably priced; upholding the highest standards while remaining within reach.
We are just a click away - ready to deliver on the promise of coffee cup simplicity - when you are faced with the burden of bereavement compounded by legalese, bills, taxes, court, and multiple documents.
Our philosophy and our promise is this - pour yourself that glorious cup of Joe, then sit down with us in-person or virtually, and you'll be well on your way to regaining your peace-of-mind before you drain the cup.
What's more? Beyond our consultation fee, there are no upfront costs. We get paid once we deliver. That is, once probate grants access to the funds of the estate.
Does Every Estate Require Probate?
The word "estate" refers to the assets left behind by the deceased.
The vast majority of estates require probate.
A very small estate, consisting perhaps of a low dollar value bank account and a single vehicle, may be transferred to beneficiaries without the need for probate.
Also, in some provinces, a planned estate may partially sidestep probate if assets are held in a corporation. Sidestepping probate in this manner - which is by no means easy or straightforward for the average person - means that any provincial probate tax which would otherwise be payable is also avoided. However, it does not mean that other taxes, such as the federal capital gains tax, are avoided.
In short, it is safe to assume that, for the vast majority of estates, probate will be required.
Is There A Way To Simplify Probate?
Yes, there is.
Probate is best done when there is clarity in the Will on who will undertake all required tasks and distribute the assets, or when all persons affected agree on who that person (or those persons) will be.
Clarity and agreement saves time and money. On the other hand, estates that get tied up in conflict experience delays in distribution and even reductions in value.
The word "estate" refers to the assets left behind by the deceased.
The vast majority of estates require probate.
A very small estate, consisting perhaps of a low dollar value bank account and a single vehicle, may be transferred to beneficiaries without the need for probate.
Also, in some provinces, a planned estate may partially sidestep probate if assets are held in a corporation. Sidestepping probate in this manner - which is by no means easy or straightforward for the average person - means that any provincial probate tax which would otherwise be payable is also avoided. However, it does not mean that other taxes, such as the federal capital gains tax, are avoided.
In short, it is safe to assume that, for the vast majority of estates, probate will be required.
Is There A Way To Simplify Probate?
Yes, there is.
Probate is best done when there is clarity in the Will on who will undertake all required tasks and distribute the assets, or when all persons affected agree on who that person (or those persons) will be.
Clarity and agreement saves time and money. On the other hand, estates that get tied up in conflict experience delays in distribution and even reductions in value.