the statement the lawyer shared was that the 'financial' institution gets to decide on the threshold requiring probate orders for essentially cash assets or investments. Why? Is this a regulatory requirement, or are the banks just being difficult about getting lots and lots of extra paper for just in case. The extra admin is a legal services expense and a pretty big one.
I just went through probate in Alberta Nov 2024, cost of court filing was just shy of $700, lawyer fees were North of $3500.00 and that was electronic filed. I don't mind the lawyer fee so much as the Bank having the right to force it to go to probate. You see it was my wife's savings account my name was not on it. Her Will which I am the executor stated that all her assets would go to me. You see we have no children. Period. She had no siblings, being an only child and her parents passed before her. So like I said the Will states the I am the soul benificiary and the executor. Our house, vehical, joint account rrsp, tfsa everything went to me. Except the one bank with her personal savings account. I am literally the only one named as a benificiary and they still wanted it probated. Cost over 4k, which in my opinion the Court should have thrown out the door waste of the system resources and time.
the statement the lawyer shared was that the 'financial' institution gets to decide on the threshold requiring probate orders for essentially cash assets or investments. Why? Is this a regulatory requirement, or are the banks just being difficult about getting lots and lots of extra paper for just in case. The extra admin is a legal services expense and a pretty big one.
I just went through probate in Alberta Nov 2024, cost of court filing was just shy of $700, lawyer fees were North of $3500.00 and that was electronic filed. I don't mind the lawyer fee so much as the Bank having the right to force it to go to probate.
You see it was my wife's savings account my name was not on it. Her Will which I am the executor stated that all her assets would go to me. You see we have no children. Period. She had no siblings, being an only child and her parents passed before her. So like I said the Will states the I am the soul benificiary and the executor. Our house, vehical, joint account rrsp, tfsa everything went to me. Except the one bank with her personal savings account. I am literally the only one named as a benificiary and they still wanted it probated. Cost over 4k, which in my opinion the Court should have thrown out the door waste of the system resources and time.