What assets are included for probate purposes? Not all assets must go through probate. If you are married and acting as executor for your spouse, you will be relieved to know this. Certain assets are not included in the probate process: 1. Jointly owned assets like joint…
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What is involved when you probate an estate? Probate is a legal process that certifies who is entitled to control the estate as executor. It also decides who shares in the estate (beneficiaries). Technically, a will is probated and an estate is administered. Most people informally refer…
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I know people are paranoid about probate. If I mention the word probate, some people panic. So let’s have some calm for a minute. I’ll explain some new twists on the subject to save you worry and money. I had an email exchange with Ben, an accountant….
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Are you a new Ontario estate trustee appointed after January 1st, 2015? Then be prepared for surprises and new probate dangers. You must comply with new estate tax regulations. I’ll explain the new dangers and penalties you face as executor. I’ll simplify the rules to help you…
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You’ll have to wait for the answer to this question. The Ontario provincial election results may bring some answers. The public and professionals are in the dark. No one knows what is taxed under Ontario’s new probate tax rules. We are waiting for regulations to enlighten us….
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Are you planning your estate or running an estate? What do you know about probate? You don’t need to go to graduate school to be an executor/estate trustee. You do, however, need to have an overview of the probate process. What happens to an estate is everyone’s…
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Suddenly you’re an executor. You are asked to prepare an estate inventory. What do you have to do? The first step is to find out what kind of an inventory is required. I’ll give you a sample checklist for an asset inventory. Like all checklists, it only…
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Are you an executor or estate trustee in Ontario? Probate is a mystery. I’ll try to explain it in this post. Executors want to see the light at the end of the tunnel. You want to know how long it takes to probate an estate. These are…
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You probably did not ask to be placed in charge of an estate. You may have just inherited the executor job title. So, how will you define success as an executor? How will you cope with the realities of your job as executor? Every executor must remember…
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When a person dies with a will in Ontario, what happens? The will usually names executors. In Ontario, executors are called estate trustees with a will. They have authority to deal with estate matters. In some cases, they may not need to probate the will. What does…
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