News & Articles: Probate
Probate is the process by which a court certifies the validity of a person’s last will and testament. It is also a commonly used term for the process of liquidating and distributing the estate of a deceased person. In Ontario, a person named as Trustee in a Will applies to the Ontario Court for a Certificate of Appointment of Estate Trustee. If there is no will, an interested party can apply to the court for the Certificate of Appointment. He or she will then distribute the property to next-of-kin according to the provincial law. Once the court grants a Certificate of Appointment, the Estate Trustee has the legal power and obligation to liquidate and distribute the estate and property of the deceased. Fees payable to the court on the granting of a Certificate of Appointment are ½ of one prevent on the first $50,000 of the estate value, and 1.5 percent of the value in excess of $50,000. Property or money which is held jointly, along with the proceeds of RRSPs, insurance policies and some trusts are not included in probate and are exempt from the provincial fees that apply. The whole process is fairly complex, and an experienced estates lawyer can handle it for the Estate Trustee.
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