Probate is a procedure when court intervenes to authenticate deceased’s will and grant the right to execute and administer the estate of the deceased. Probate also confirms the authority of the executor named in the will. Probate includes everything from the appointment of an executor to the final distribution of assets to appropriate beneficiaries.
When Probate Becomes Mandatory?
It is pertinent to note that probate is not mandatory in all estate matters. There are different circumstances when one need to apply to the court for probate:
- When the deceased has passed away without a will
- When there is no estate trustee for administration of will
- When there’s dispute as to appointment of executor of the will
- When there are uncertainties regarding the validity of will
- When the estate is not transferred by means of right of survivorship (i.e. not between the spouses)
- Disputes regarding consent may occur as well. When some beneficiaries in the will are not giving consent, probate becomes necessary in that situation.
One must note that in case of dispute regarding validity of the will, financial institution does not let you acquire assets of the deceased as they require authenticity of the will.
Overview Of Probate Method
While filing for probate, an individual needs these two things:
- Original Will – if the deceased has left a will
- Proof of death i.e. death certificate of a deceased
Other documents such as; proof of ownership of assets or real estate deeds are also submitted along with original will and death certificate.
Submission Of Will And Probate Application
The process begins with the submission of the original will, along with the necessary documents, to the Superior Court of Justice in the jurisdiction where the deceased person resided at the time of their death. Remember that only original will is approved only. Copy of original will would not be sufficient in order to start probate process. The executor, as named in the will, typically files an application for a Certificate of Appointment of Estate Trustee or Probate Certificate with a Will with the court.
Court Approval
The court reviews the submitted documents to ensure the will is valid and meets the legal requirements. If the court is satisfied with the authenticity and validity of the will, it issues the Certificate of Appointment of Estate Trustee with a Will.
Estate Administration Taxes
One significant aspect of probate in Ontario is the payment of probate fees, also known as Estate Administration Tax and the executor is required to pay estate administration taxes, commonly referred to as probate fees. The tax is calculated based on the value of the estate’s assets and is payable when applying for probate.
Grant Of Certificate By Court
Once the court approves the application and the necessary fees are paid, it issues the Certificate of Appointment of Estate Trustee with a Will. This certificate grants the executor the authority to administer the estate according to the terms of the will.
Asset Distribution And Administration
With the grant of probate, the executor can proceed with the administration of the estate. This includes identifying and valuing assets, paying debts, filing tax returns, and distributing the remaining assets to the beneficiaries in accordance with the terms of the will.
It is of note that a person sometimes passes away without a will, in that situation the distribution of estate of a deceased is determined according to the provisions of Succession Law Reform Act (SLRA). When there’s no will, an estate trustee is appointed. The probate process without a will is similar to probate with a will.
Contact The Lawyers At Ayaz Mehdi Professional Corporation!
Probate is most crucial aspect of estate administration and can be time-consuming. If you need assistance for a smooth probate process in Ontario, get in touch with the lawyers at Ayaz Mehdi Professional Corporation.
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