13 Oct What Is Probate (And Probate Tax?)
Actually, in an attempt to clarify and simplify probate, the government has changed the name to applying for a Certificate of Appointment of Estate Trustee (with or without) a Will – much clearer, right?
Anyway, after someone dies, there is a lot to do. It’s not as simple as following instructions in the Will. Information is required, taxes have to be filed and assets have to be transferred legally. Financial institutions or any other organization holding property for the deceased (or any government body that has power over the transfer of that property – i.e. land titles) will require PROBATE before they agree to do anything, such as transfer assets or release information.
Probate is essentially the Estates Court confirming that all of those institutions can take orders from the named estate administrator without liability. In order to obtain that ‘Certificate’ from the Estates Court a tax is payable on the value of the deceased person’s assets (roughly 1.5%).
Applying for probate can be a very long process – it’s usually done by paper filings and there are very specific formalities that have to be followed. It’s best to have a lawyer on your side who is familiar with the process.