What is Probate?
Probate is a method of estate administration that allows your debts to be paid and the remainder to be properly transferred to your beneficiaries. It applies to any estate regardless if the individual died with or without a Will.
With a Will, your wishes are followed. Without a Will, the laws will govern who benefits from your estate.
The probate process determines what property and money truly belong to your estate. The residual sum after paying debts, fees, and expenses is distributed to your beneficiaries.
Government Probate Fees?
Probate costs vary per province, and in Alberta it increases based on the estate worth. There is a minimum of $25.00 for estates valued at less than $10,000, and a maximum cost of $400 for estates of $250,000 or more. Legal Fees (fees above and beyond the Government Probate Fees) will also vary per Estate.
In some cases with a Will, where no property is involved, and the estate value is less than $10,000, the bank involved along with the executor of the will may waive probate.
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With a Will, your wishes are followed. Without a Will, the laws will govern who benefits from your estate.
The probate process determines what property and money truly belong to your estate. The residual sum after paying debts, fees, and expenses is distributed to your beneficiaries.
Government Probate Fees?
Probate costs vary per province, and in Alberta it increases based on the estate worth. There is a minimum of $25.00 for estates valued at less than $10,000, and a maximum cost of $400 for estates of $250,000 or more. Legal Fees (fees above and beyond the Government Probate Fees) will also vary per Estate.
In some cases with a Will, where no property is involved, and the estate value is less than $10,000, the bank involved along with the executor of the will may waive probate.
Click Here for More Information on Our Related Services.
What Does It Mean to Be an Excecutor?
If you are unsure about what it means to be an Executor, listen to the clip below!
If you are unsure about what it means to be an Executor, listen to the clip below!
Disclaimer: The information on this web page is meant as general information only. It is not meant to be used as legal advice for specific legal problems. Information is checked for legal accuracy at the time it is posted but may become outdated as laws change.
