What Exactly Is Probate and Why Do I Need It?
The administration of an estate is referred to as probate. We concentrate on assisting clients through the probate process. If a loved one has died and left a Will identifying you as the Personal Representative (also known as an Executor), you will almost certainly require the assistance and counsel of a lawyer. Shazia Umer at Umer Law can assist you with your Probate application.
What Is Probate?
Probate is a court order that grants the Personal Representative of the Will legal authority to administer the Estate and carry out the Deceased's desires. At Umer Law, we prepare all of the paperwork required to file an application for Probate.
What is the Purpose of Probate?
You cannot transfer or sell real property owned by the Estate (a home or other land or dwellings) unless Probate is obtained. Most financial organizations, such as banks, will not let you manage the deceased's accounts until you get Probate. This varies based on the conditions, such as the account amount, who and how many beneficiaries are involved, and the bank in question. Probate also permits you to deal with the Canada Revenue Agency.
Have you been appointed as a Personal Representative in a Will?
Shazia Umer is available to answer any questions you may have.
What Am I Expected To Do As A Personal Representative?
Personal Represntatives have a number of responsibilities to an estate's beneficiaries, including acting in good faith and to the standard of a reasonably competent person, keeping an equal hand amongst the beneficiaries, protecting the assets, and ensuring that taxes and obligations are paid.
As Personal Representative, you are in charge of ensuring that income tax returns are submitted and paid (as long as the Estate has sufficient cash). (You are not personally liable.) The Public Trustee must be notified if there are children or other dependents who have an interest or may have an interest in the Estate. A Notice must be sent to each Beneficiary listed in the Will, together with the application forms. The Deceased's debts must be paid from the Estate assets. Insurance proceeds, registered accounts like as RRSPs and TFSAs, and joint assets must all be addressed, and Umer Law can advise you and your family on how to proceed.