WHAT IS PROBATE?
Probate is the process of “proving” a Will by applying to court for an order granting the executor the power to deal with assets in the estate of the Deceased, so that such assets can be distributed to the beneficiaries of the estate.
WHAT IS THE DIFFERENCE BETWEEN PROBATE AND ESTATE ADMINISTRATION?
When a person dies with a Will, the named executor(s) of the Will apply to court for a “Grant of Probate” to manage and distribute the estate in accordance with the Will.
When a person dies without a Will (intestate), an interested person, usually a family member such as a spouse or child applies to court for “Estate Administration” to manage and distribute the assets of the estate in accordance with the Wills Estates and Administration Act, BC (WESA).
WHAT DOCUMENTS DO I NEED TO TAKE TO MY LAWYER?
– The Original Will (if one exists) and any codicils of the Deceased
– Death Certificate
– Bank statements showing the balances as at the date of death. If unknown, contact information of the banks with which the Deceased had accounts. If banks are unknown, a list of financial institutions where the Deceased may have had accounts
– Addresses of any real estate owned by the Deceased
– Details of any other assets and liabilities of the Deceased including any mortgages
– Details of all immediate family members of the Deceased
– Information about the Deceased and the Executor including full legal names and addresses
WHAT DOES THE PROCESS INVOLVE AND HOW LONG DOES IT TAKE?
The process of obtaining an Order for Probate can take anything from a month to several months depending on the complexity of the Estate and how busy the court registry is. A Wills Search must first be conducted, the results of which takes approximately three (3) weeks to receive. Notices in prescribed form must then be sent out to each person who is a beneficiary under the Will or would have an entitlement to the estate under WESA. Thereafter, once all assets and liabilities of the Deceased are gathered, an application is submitted to court for an order.
HOW MUCH ARE PROBATE TAXES?
The basic fee payable for the application for probate is $200. The basic fee is waived if the gross value of the estate does not exceed $25,000. The $25,000 threshold is calculated based on the gross value of all the property of the deceased situated in British Columbia.
In addition to the basic application fee, the probate fees depend on the value of the estate:
1. For the first $25,000-$50,000 in value, $6 for each $1,000 (or part of $1,000), plus
2. For any value over $50,000, $14 for each $1,000 (or part of $1,000).
DOES EVERY ASSET IN AN ESTATE HAVE TO GO THROUGH PROBATE?
Not necessarily. If the Deceased had assets for which there are named beneficiaries, these typically do not go through probate. Similarly, if the Deceased was the owner of a property with another person as a “joint tenant” in B.C, an automatic right of survivorship applies to the other named owner, without going through probate.
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