Probating will after someone passes away
A Probate is a process in which a deceased person’s property is passed to the beneficiaries named in their will. The process includes
- Identifying the deceased property
- Paying taxes and debts
- Distributing the remaining property as stated in the Will
- Proving in court that the deceased person will is Valid
Does every will has to be probated?
The answer is “No”. If the estate is small, then a regular copy of will may be sufficient. On the other hand, if the estate is large, or is someone challenges the will, it will be required to probate the will to provide its validity
What assets are excluded from probate
- Real estate owned outside of Ontario
- RRSPs, RRIFs, TFSAs with a named beneficiary other than the estate
- Jointly owned assets with a right of survivorship (JTWROS)
If an individual dies with multiple wills, does all of them need to be probated?
No. Creating multiple wills is a common strategy to limit the amount of estate administration Tax payable when someone dies. Having multiple wills can allow you to get probate. For example – real property, etc.
If you are looking for a Real Estate Lawyer or require more information, contact us now – 416-221-2221