when a lawyer helps you file a probate package, they charge for their time, they are pricy. Why do the banks get to decide that probate is required? If the challenge shows up after they dutifully discharge the instructions of the executor, is that on them or the now 'false' executor?
what triggers probate? I've been an executor in a previous will and probate was not used. i understand if someone was contesting the will it makes sense.
Our understanding is that most wills in Canada are probated. If the estate has to sell property, might be one example. Another, if the deceased has non-registered investments solely in their name. A third example, could be assets in the estate that do not list beneficiaries.
The dollar figure threshold is usually set by the financial firm holding the funds. Most financial institutions have a low threshold as a probated will reduces their liability and ensures they are dealing with a valid will.
@@BeckerOrrWealthManagement thanks for the info. My husband has no will and the bank advised me, needs to probate because the amount will go to the estate account!
In Alberta probate is relatively cheap but the legal fees to get the grant may be terrible. Some lawyers charge several percent on the value of the assets rather than a fixed fee
Realistically, living in Alberta, the probate fees are not my worry. What's more likely to be an issue is the massive tax hits from capital gains on everything that you try to sell or unwind. Because you're forced to take all the income at once, it'll push the estate into a very high tax bracket forcing a huge percentage to go to the government instead of the beneficiaries
If i listed my two children as beneficiaries on my chequing or savings account, is th amount they received taxable, secondly would probate apply Thanks
My understanding is that beneficiaries are only permitted on registered accounts. Bank accounts (savings or chequing) typically do not have beneficiaries. Sometimes folks will list a spouse or child as a joint owner on a bank account, that's different than a beneficiary. We have a video on joint accounts: ua-cam.com/video/LhBSKP87L60/v-deo.html
I am a co-executor with my brother on my mother will. He redacted a lot of the information in her banking accounts paid half her taxes and half of everything else and then expect me to split with him What is left and then pay my half it’s too hard to explain here but I asked the lawyer about going to probate court and it’s gonna cost me $10,000 just to file. The estate is only worth maybe 100,000.
What a load of BS. My sisters and I were placed on our mother’s bank account and investment account as “and or survivor”. This prevent some weasels in her nursing home from presenting a bogus will which gave her money to them! Remember to protect your family from these crooks!
Thank you very much for the video. I know a lot of hard work goes into creating such videos, so merci beaucoup en core! I have some questions. I hope you will be able to answer them. 1) I believe a probate kicks in only when the person writing the will is dead, am I correct? Is it mandatory for the beneficiary of the will to apply for probate? My only child is the sole beneficiary of all my investments, cars and real estate. Is she supposed to apply for probate once I pass away even though she is the sole beneficiary? 2) If no executor is mentioned in the Last Will, does the Will become null and void? I do have a Last Will that says all my belongings will go to my child once I die, but I am not sure if an executor of the will is mentioned in it. If not, can I designate the beneficiary (my child) as the executor in an amendment to the Will? In other words, she will be the executor as well as sole beneficiary. Is it mandatory to have the executor's name in the Last Will? 3) What if an executor dies before the testator? 4) On what grounds can an Ontario court decide if a Will is null and void? I understand that a Will must have witnesses. Is there any other reason owing to which a Will could be deemed null and void by a court? 5) Can a probate be applied for before the testator passes away? That way, the beneficiary will not face any roadblocks or delays once the testator departs and the whole process of transferring all my properties to my daughter will be fast, simple and straight-forward. Thanking you in advance!
Thank you for the kind words. We can help you sort some of those questions, additional context and detail would be required. Perhaps best to have that conversation in private, please reach out to us: beckerorr.com/chat-with-us/, we are happy to chat.
criminal is what it is. someone who is poor can't afford 300 dollars let alone 6000 dollars. so how can a person with little money afford this horse shit process?
The big expense is not Probate fees. It is hiring a lawyer. They will make a dispropotionate and unjust fee from you for the amount of work they do. Most charge 2% of the pre-tax extate value which includes property, investments etc. It is not uncommon for a family to pay $20,000.00 ior more n such fees. Good presentation however this was not mentioned.
In Alberta probate is relatively cheap but the legal fees to get the grant may be terrible. Some lawyers charge several percent on the value of the assets rather than a fixed fee
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thank you so so much I moved from Ontario to Manitoba 😊
when a lawyer helps you file a probate package, they charge for their time, they are pricy. Why do the banks get to decide that probate is required? If the challenge shows up after they dutifully discharge the instructions of the executor, is that on them or the now 'false' executor?
what triggers probate? I've been an executor in a previous will and probate was not used. i understand if someone was contesting the will it makes sense.
Our understanding is that most wills in Canada are probated. If the estate has to sell property, might be one example. Another, if the deceased has non-registered investments solely in their name. A third example, could be assets in the estate that do not list beneficiaries.
Also tax free savings account have to be probated no as beneficiary cannot be assign, apparently law changed
Is it necessary to probate the less than 50 thousand dollars? What are the other options to claim that amount without probate?
The dollar figure threshold is usually set by the financial firm holding the funds. Most financial institutions have a low threshold as a probated will reduces their liability and ensures they are dealing with a valid will.
@@BeckerOrrWealthManagement thanks for the info. My husband has no will and the bank advised me, needs to probate because the amount will go to the estate account!
In Alberta probate is relatively cheap but the legal fees to get the grant may be terrible. Some lawyers charge several percent on the value of the assets rather than a fixed fee
Are there lawyer costs along with the probate fee?
If you decide to hire a lawyer to manage the estate and probate process, there will legal costs.
I was told in BC that the legal fee for a 500K estate will be equal to the probate fee.
Realistically, living in Alberta, the probate fees are not my worry. What's more likely to be an issue is the massive tax hits from capital gains on everything that you try to sell or unwind. Because you're forced to take all the income at once, it'll push the estate into a very high tax bracket forcing a huge percentage to go to the government instead of the beneficiaries
If i listed my two children as beneficiaries on my chequing or savings account, is th amount they received taxable, secondly would probate apply Thanks
My understanding is that beneficiaries are only permitted on registered accounts. Bank accounts (savings or chequing) typically do not have beneficiaries. Sometimes folks will list a spouse or child as a joint owner on a bank account, that's different than a beneficiary. We have a video on joint accounts: ua-cam.com/video/LhBSKP87L60/v-deo.html
TFSA and RSP allowed to have beneficiary but not in chequeing account.
I am a co-executor with my brother on my mother will. He redacted a lot of the information in her banking accounts paid half her taxes and half of everything else and then expect me to split with him What is left and then pay my half it’s too hard to explain here but I asked the lawyer about going to probate court and it’s gonna cost me $10,000 just to file. The estate is only worth maybe 100,000.
What a load of BS. My sisters and I were placed on our mother’s bank account and investment account as “and or survivor”. This prevent some weasels in her nursing home from presenting a bogus will which gave her money to them! Remember to protect your family from these crooks!
Thank you very much for the video. I know a lot of hard work goes into creating such videos, so merci beaucoup en core!
I have some questions. I hope you will be able to answer them.
1) I believe a probate kicks in only when the person writing the will is dead, am I correct? Is it mandatory for the beneficiary of the will to apply for probate? My only child is the sole beneficiary of all my investments, cars and real estate. Is she supposed to apply for probate once I pass away even though she is the sole beneficiary?
2) If no executor is mentioned in the Last Will, does the Will become null and void? I do have a Last Will that says all my belongings will go to my child once I die, but I am not sure if an executor of the will is mentioned in it. If not, can I designate the beneficiary (my child) as the executor in an amendment to the Will? In other words, she will be the executor as well as sole beneficiary. Is it mandatory to have the executor's name in the Last Will?
3) What if an executor dies before the testator?
4) On what grounds can an Ontario court decide if a Will is null and void? I understand that a Will must have witnesses. Is there any other reason owing to which a Will could be deemed null and void by a court?
5) Can a probate be applied for before the testator passes away? That way, the beneficiary will not face any roadblocks or delays once the testator departs and the whole process of transferring all my properties to my daughter will be fast, simple and straight-forward.
Thanking you in advance!
Thank you for the kind words. We can help you sort some of those questions, additional context and detail would be required. Perhaps best to have that conversation in private, please reach out to us: beckerorr.com/chat-with-us/, we are happy to chat.
criminal is what it is. someone who is poor can't afford 300 dollars let alone 6000 dollars. so how can a person with little money afford this horse shit process?
The big expense is not Probate fees. It is hiring a lawyer. They will make a dispropotionate and unjust fee from you for the amount of work they do. Most charge 2% of the pre-tax extate value which includes property, investments etc. It is not uncommon for a family to pay $20,000.00 ior more n such fees. Good presentation however this was not mentioned.
Just another way to stick it to you .
In Alberta probate is relatively cheap but the legal fees to get the grant may be terrible. Some lawyers charge several percent on the value of the assets rather than a fixed fee