Probate is the legal process that confirms the validity of a deceased person’s will and grants the executor the authority to manage and distribute the estate. In British Columbia, probate is overseen by the Supreme Court and serves as an official recognition that the will is legitimate and that the named executor has the legal right to act on behalf of the estate. This process protects beneficiaries, creditors, and financial institutions by ensuring that the deceased’s assets are handled according to the law and the wishes outlined in the will.
Probate is typically required when the deceased owned assets solely in their name, such as real estate, bank accounts, investments, or personal property of significant value. Financial institutions and the Land Title Office often require a Grant of Probate before they release assets or transfer property. However, probate may not be necessary in cases where assets are jointly owned with rights of survivorship, as these automatically pass to the surviving owner. Similarly, registered accounts such as RRSPs, TFSAs, and life insurance policies that have designated beneficiaries do not usually require probate because they are transferred directly to the named beneficiaries.
The probate process in British Columbia involves several steps. The executor must first prepare an application that includes the original will, a death certificate, and an inventory of the deceased’s assets and liabilities. This application is submitted to the Supreme Court, and notices must be sent to all beneficiaries, heirs, and creditors. Once the court reviews and approves the application, it issues a Grant of Probate, which allows the executor to access and manage the estate. The executor is responsible for paying any outstanding debts and taxes before distributing the remaining assets according to the will. This process can take several months, depending on the complexity of the estate and whether there are any disputes.
Probate comes with associated costs, including court fees, legal fees, and probate taxes. In British Columbia, probate fees are calculated based on the value of the estate. There is no fee for the first $25,000, but any amount above that is subject to fees of $6 per $1,000 for the next $25,000 and $14 per $1,000 for estates valued above $50,000. Many individuals seek to reduce probate costs by structuring their estate in ways that avoid probate, such as joint ownership, trusts, or designating beneficiaries on registered accounts. Understanding probate and its requirements is essential for executors and beneficiaries to ensure the deceased’s estate is handled efficiently and according to the law.
At Northam Law, our legal team can help answer your queries on probate as well as offer services to assist you in handling the tasks related to the probate process. Contact us today to learn more on how we can help you.
Related articles:
Navigating the Complexities: Issues Concerning Multiple Wills in British Columbia
Estate Planning FAQs: Pros and Cons of Changing Your Property Title
