What is probate?
Probate is a process where a court validates a Will and confirms the executor’s legal authority to manage an estate. To apply for a grant of probate, the original Will is filed with the Surrogate Court of Alberta along with a probate application. If the Will is not contested, a grant of probate is issued by the Court either digitally or in paper form.
What is an executor/personal representative?
An executor is the person appointed in the Will to carry out the testator’s wishes. (A testator is the person who makes a Will i.e. the deceased person.) In Alberta, the executor is referred to as the Personal Representative.
The Will may appoint more than one person as executor. If there is more than one person, their liability is joint and several. Joint and several liability means that each executor is individually responsible and any person taking action against the executors can take action against all of them and hold them individually or collectively responsible for their actions as executors.
Do you need to probate a Will?
If all assets are owned in joint tenancy, the executor may not need to probate the Will.
If the deceased person had real estate in their name which is not jointly owned, the Land Titles Office of Alberta will require a grant of probate to transfer the property into the executor’s name or to transfer the property into a purchaser’s name.
Banks and investment companies will also require a copy of the grant of probate before they will give access to the executor to the deceased person’s bank accounts or before they transfer assets such as stocks or before the executor can sell or liquidate investment accounts. A financial institution will require a grant of probate as that ensures that they are taking instructions from the person who has authority to administer the estate. Financial institutions are protected from liability if they act on instructions received from an executor that has been confirmed in the grant of probate.
How long does it take to obtain a grant of probate?
Alberta now allows most grants of probate to be applied via the Surrogate Digital Service. This has streamlined the application process considerably. Depending on the number of applications the Court is receiving in a given period, a grant of probate may be issued in three to four weeks.
How much does it cost?
The Surrogate Court charges fees based on the value of the estate:
$10,000 or less $35
$10,001 -$25,000 $135
$25,001 - $125,000 $275
$125,001 -$250,000 $400
Over $250,001 $525
How do you apply for a grant of probate?
An executor or personal representative can apply to the Court of King’s Bench (Surrogate) for a grant of probate directly. Currently, any non-lawyer applying for a grant of probate must apply using the paper forms and will need to serve all beneficiaries with a copy of the application. Lawyers can apply using the Surrogate Digital Service and beneficiaries may be served digitally (via e-mail). To apply for a grant of probate, you can employ an estate lawyer (probate lawyer).
If you are looking for an estate lawyer, or probate lawyer call Kazmi Law Office today.