One is never emotionally prepared to lose a loved one. However, the right estate plan can prepare those left behind by providing clarity and instruction. Understanding probate is essential to the estate planning process – especially if it is your responsibility to execute a loved one’s will.
At Verhaeghe Law Office, our estate lawyers can assist you with aspects of wills, probates, and estate planning. Contact us today to schedule a consultation.
What Is Probate?
Probate is the process by which a will’s validity is legally confirmed. It allows for the management of the estate as deemed by the will, and may grant an executor’s authority. Probate can provide protection and structure, ensuring that affairs are settled efficiently.
When a person passes away, an application is filed with the Surrogate Court (the probate court, which is a division of the Court of the King’s Bench in Alberta). Documents like the will, death certificate, affidavit of the executor, and inventory of assets and liabilities will be submitted to the Surrogate Court. They may then issue a Grant of Probate, which allows an executor to administer the estate as the will dictates.
A Grant of Probate is different from a Grant of Estate Administration. The former is issued when there is a valid will and named executors. In contrast, the latter is issued when there is no valid will. For further information about these differences or to discuss the details of your unique situation, you may want to consult with an Edmonton estate administration lawyer.
When Is Probate Required in Alberta?
Certain factors can help determine whether probate is necessary:
- The Estate’s Value: The higher in value, the more likely that the estate will have to go through probate. Financial institutions and other organizations may request a Grant of Probate to release assets to the executor.
- Real Estate: If the real estate portfolio of the deceased was solely in their name, or as tenants in common with others, probate is usually necessary. The Land Titles Office will require a Grant of Probate to transfer properties.
- Assets in Financial Institutions: If the bank account(s) of the deceased has a substantial balance or large investments, probate may be required to relinquish assets. Every financial institution has its own threshold for requiring a Grant of Probate.
Not all estates will need to go through probate. If the estate is relatively small, or held jointly or in trust, executors may bypass this step and certain assets can pass directly to beneficiaries. That being said, going through probate is a common process. It is required in Alberta when a deceased person owns assets solely in their name at the time of their death. Working with a lawyer may help you better understand how probate applications work in Alberta and how probate may be relevant to your situation.
Contact Our Edmonton Estate Lawyers Today to Schedule a Consultation
In Alberta, probate is an important legal process that validates the will and oversees the distribution of assets. It ensures that a deceased person’s wishes are carried out and allows for the settling of their estate to commence. If you would like to schedule a meeting with our estate lawyers at Verhaege Law office to learn more, contact us today via phone or email.
Please note, this article is intended as a general overview on the subject of estate law and is not intended to be legal advice. If you are seeking legal advice, please consult with an Alberta estate lawyer.
