What is Probate
What is probate?
Probate is a process that verifies a will is real under British Columbia laws. It is a judicial process where a will is “proved” in a court of law and accepted as a valid public document that is the true last testament of the deceased. It gives third parties, such as banks and ICBC, assurance that the Will is valid, can be relied on, and that the executor has authority to deal with the deceased’s assets.
What is an example of when probate may be required?
If the deceased kept most of his savings in a local credit union, the credit union may require the executor(s) of the Will to prove the deceased’s will is legitimate under British Columbia law before the executor(s) is able to withdraw funds.
Please note this is just one example of when probate may be required. You may require probate even if this situation does not mirror yours.
How long does probate take in British Columbia?
The probate process can begin immediately after the death of the testator if the executor is able to provide the necessary information to the lawyer. Depending on the complexity of the testator’s estate, the probate process from start to finish can take anywhere from 6-12 months (on average).
What assets are not subject to probate?
This depends on the nature of the assets of the deceased and how those assets were owned at the time of their death. The answer to this question is very dependent on the individual situation. It is best to consult a lawyer who can consider specific circumstances.
How can I avoid probate?
Many executors prefer to avoid probate due to the time and money required. However, it must be noted that do-it-yourself plans may lead to unintended outcomes such as taxes, penalties and fines.
Simply having a will does not negate the need for probate in BC. Probate may be required in situations both where there is a will and where there is not.
What happens after probate is granted?
Once the probate process is completed and the Court has issued the estate grant, the executor now has the legal and fiduciary responsibility to manage and/or distribute the estate on behalf of the deceased person.
Why might I need a lawyer for this process?
Lawyers know the ins and outs of the probate process and can therefore guide an executor as well as explore opportunities to avoid probate altogether or reduce the amount of assets that would have to be probated.
If you have further questions or require personalized advice, don’t hesitate to reach out to one of our probate lawyers.
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© Albert & Co. Law LLP. The contents of this article do not constitute legal advice. Readers should seek legal advice in relation to their own specific circumstances.