Probate in Ontario
Probate
Probate is a legal process whereby someone’s will is proved to be valid in order to be able to distribute a deceased possessions amongst family and other beneficiaries. Once the will has been processed then property can be transferred to their heirs.
Probate is a legal process and within a probate court, a will be validated to ensure it is legal and binding. The deceased will have left instructions with the executor of the will to advise him of family and other parties who may have claims against their estate.
Probate comes with a variety of technical aspects as with any other legal proceeding. Paperwork will have to be dealt with by a number of people including creditors and legal notices will need to be published. Any properties belonging to the deceased, whether solely or jointly will have to be addressed and in some cases property will be sold off to cover the deceased debts.
When the estate of the deceased is over a certain amount, , whether in cash or property or other investment types then inheritance tax, gift tax or estate tax may have to be paid. All costs arisen through probate will generally be paid from the deceased estate prior to it being distributed to the heirs.
In some cases the deceased may have had pending lawsuits against him or her following their death and this may well have an effect on how quickly probate can be processed.
In most cases probate lasts several months, and in some instances over a year before all the property is distributed. When large estates are concerned then court and lawyer fee’s can rise into thousands.
Many people have been misled to believe that avoiding probate Ontario avoids estate taxes, however this is not the case and probate fees Ontario should be carried out to avoid other legal costs incurred when acting as an administrator of a living trust or other arrangement.