Probate is having the Court develop that a Will stands. Most banks, motor vehicle departments, and the Land Title Office require the administrator to probate the Will before they will permit the executor to deal with the properties of the departed accepted them.
In order to get probate, the executor should acquire a Wills Notification search and file various affidavits with the Probate Registry. Among the Affidavits requires the administrator to validate he has actually informed the proper individuals.
It is needed to alert 3 groups of individuals that the executor is getting probate:
1. the recipients under the Will;
2. those persons entitled on an intestacy (where there is no Will); and
3. those individuals entitled to use under the Wills Variation Act (children and spouses).
A court application may be essential and may result in a hold-up in acquiring probate if the administrator is not able to locate one of these people. The Grant of Letters Probate can be obtained in as little as six weeks or it can take lots of months depending on the complexity of the properties in the estate and whether the beneficiaries can be quickly located. It is the administrator’s task to reveal all assets of the deceased as at the date of death and acquiring this info can often take a long time.
If a legal representative is utilized, it is frequently rather a time saver. There is, obviously, a fee for acquiring probate whether you do the documents yourself, or keep an attorney. In British Columbia, the probate fee is determined as follows:
* the very first $25,000.00 ($ 0.00 to $25,000.00) = $208.00.
* the next $25,000.00 ($ 25,000.00 to $50,000.00) = $150.00.
* over $50,000.00 = 1.4% of the estate, or $14.00 per $1,000.00, or part thereof.
Estates that are under $25,000.00 do not generally need probate and some banks will release funds in excess of $25,000.00 without probate if the account is the only property in the estate.
The obtaining of probate is one little part in the settling of an estate. If you need any more information, please call us.